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Present the Following Information for the Year Ended 31st March, 2018 in the Financial Statements of a Not-for-profit Organisation. - Accountancy

Ledger

Present the following information for the year ended 31st March 2018 in the financial statements of a not-for-profit organisation.

Particulars (₹)
Opening balance of Match Fund 5,00,000
Sale of Match tickets 3,75,000
Donations for Match Fund received during the year 1,24,000
Match expenses 10,00,000
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Solution

Balance Sheet of a Not-for-profit organisation As on 31st March 2018 
(An Extract) 

Liabilities  

Amount (₹)

Assets Amount (₹)
Match Fund 5,00,000      
Add: Receipts from sale of Match Tickets 3,75,000      
Donations 1,24,000      
Chandan 9,99,000      
         
Less: Match Expenses (To the extent of available funds) (9,99,000) NIL    
         

Income and Expenditure Account
For the year ended 31st March 2018
(An Extract)

Expenditure

Amount (₹)

Income  Amount (₹)
To Match Expenses      
(Excess of expenses over Match Fund) 1,000    
(10,00,000 – 9,99,000)      
       
Concept: Preparation of Income and Expenditure Account
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