Summary of Receipts and Payments of ABC Society for the year ended 31st March, 2025 are as follows: Receipts Amount Payments Amount Subscription…
CA Foundation · Accounting · MTP · April 2025
Summary of Receipts and Payments of ABC Society for the year ended 31st March, 2025 are as follows: Receipts Amount Payments Amount Subscription Received 12,50,000 Payment for Medicine Supply 7,50,000 Donation Raised for meeting revenue expenditure 3,75,000 Honorarium to Doctors 2,50,000 Salaries 7,00,000 Sundry Expenses 25,000 Interest on Investments @9% p.a. 2,25,000 Equipment Purchase 3,75,000 Charity Show Collection 3,12,500 Charity Show Expenses 37,500 Additional Information: Particulars 01.04.2024 31.03.2025 Subscription due 37,500 55,000 Subscription received in advance 30,000 17,500 Stock of medicine 2,50,000 3,75,000 Amount due for medicine supply 2,25,000 3,25,000 Value of equipment 5,25,000 7,50,000 Value of building 12,50,000 12,00,000 Cash Balance 2,00,000 2,25,000 Opening Balance of Capital Fund 45,07,500 You are required to prepare Income and Expenditure Account and Balance Sheet for the year ended 31st March, 2025.
Suggested Answer and Working Notes:
Income and Expenditure Account for the year ending 31st March, 2025 Expenditure Particulars ₹ Income Particulars ₹ To Medicine 7,25,000 By Subscription 12,80,000 To Honorarium 2,50,000 By Donation 375,000 To Salaries 7,00,000 By Interest on investment 2,25,000 To Sundry expenses 25,000 By Charity show 3,12,500 To Depreciation Less: Charity show expenses (37, 500) 2,75,000 Equipment 1,50,000 Building 50,000 2,00,000 To Surplus 2,55,000 21,55,000 21,55,000 Balance Sheet of ABC society as on 31st March, 2025 Liabilities Particulars ₹ Assets Particulars ₹ Capital Fund: Equipments 5,25,000 Opening balance 45,07,500 Add: Purchases. 3,75,000 Add: Surplus 2,55,000 47,62,500 9,00,000 Adv subscription 17,500 Less: dep. (bal. fig) (₹ 1,50,000) 7,50,000 Creditors (medicine) 3,25,000 Building 12,50,000 Less: dep. (bal. fig) (50, 000) 12,00,000 Investment (₹ 2,25,000/9%) 25,00,000 Closing outstanding subscription 55,000 Closing stock (medicine) 3,75,000 Cash 225,000 51,05,000 51,05,000 Working Note: (i) Subscription for the year ended 31st March, 2025 Particulars Amount Subscription Received during the year 12,50,000 Less: Subscription outstanding as on 1st April, 2024 (37, 500) Add: Subscription outstanding as on 31st March, 2025 55,000 Add: Subscription received in advance as on 1st April, 2024 30,000 Less: Subscription received in advance as on 31st March, 2025 (17, 500) Total 12,80,000 (ii) Medicines purchased during the year ended 31st March, 2025 Particulars Amount Opening due for medical supply 2,25,000 Less: Payment made during the year (₹ 7,50,000) Less: Closing due for medical supply (₹ 3,25,000) Medicines purchased during the year 8,50,000 (iii) Medicines consumed during the year ended 31st March, 2025 Particulars Amount Opening stock 2,50,000 Add: Purchase during the year 8,50,000 Less: Closing Stock (₹ 3,75,000) Medicines consumed during the year 7,25,000 (iv) Depreciation on Equipment Particulars Amount Opening Balance 5,25,000 Add: Purchase during the year 3,75,000 Less: Closing Balance (₹ 7,50,000) Depreciation for the year 1,50,000
Topics: Financial Statements of Not-for-Profit Organisations
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