Summary of Receipts and Payments of Natures Beauty Society for the year ended 31st March, 2024 are as follows: Receipts Amount Payments Amount…
CA Foundation · Accounting · MTP · January 2025
Summary of Receipts and Payments of Natures Beauty Society for the year ended 31st March, 2024 are as follows: Receipts Amount Payments Amount Subscription Received 5,00,000 Payment for Medicine Supply 3,00,000 Donation Raised for meeting revenue expenditure 1,50,000 Honorarium to Doctors 1,00,000 Interest on Investments @9% p.a. 90,000 Salaries 2,80,000 Charity Show Collection 1,25,000 Sundry Expenses 10,000 Equipment Purchase 1,50,000 Charity Show Expenses 15,000 Additional Information: Particulars 01.04.2023 31.03.2024 Subscription due 15,000 22,000 Subscription received in advance 12,000 7,000 Stock of medicine 1,00,000 1,50,000 Amount due for medicine supply 90,000 1,30,000 Value of equipment 2,10,000 3,00,000 Value of building 5,00,000 4,80,000 Cash Balance 80,000 90,000 Opening Balance of Capital Fund 18,03,000 You are required to prepare: (i) Income and Expenditure Account for the year ended 31 st March, 2024. (ii) Balance Sheet as on 31 st March, 2024.
Suggested Answer and Working Notes:
In the books of Natures Beauty Society Income and Expenditure Account for the year ending 31st March, 2024 Expenditure ₹ Income ₹ To Medicine 2,90,000 By Subscription 5,12,000 To Honorarium 1,00,000 By donation 1,50,000 To Salaries 2,80,000 By Interest on investment 90,000 To Sundry expenses 10,000 By Charity show 1,25,000 To Depreciation Less: Charity show expenses (15, 000) Equipment 60,000 1,10,000 Building 20,000 To Surplus 1,02,000 8,62,000 8,62,000 Balance Sheet of Natures Beauty Society as on 31 st March, 2024 Liabilities Particulars ₹ Assets Particulars ₹ Capital Fund: Equipment 2,10,000 Opening balance 18,03,000 Add: Purchases. 1,50,000 Add: Surplus 1,02,000 19,05,000 3,60,000 Advance subscription 7,000 Less: dep. (bal. fig) (60, 000) 3,00,000 Creditors (medicine) 1,30,000 Building 5,00,000 Less: dep. (bal. fig) (20, 000) 4,80,000 Investment (₹ 90,000/9%) 10,00,000 Outstanding Subscription 22,000 Closing stock(medicine) 1,50,000 Cash 90,000 20,42,000 20,42,000 Working Note: (i) Subscription for the year ended 31 st March, 2024 Particulars Amount Subscription Received during the year 5,00,000 Less: Subscription outstanding as on 1 st April, 2023 (15, 000) Add: Subscription outstanding as on 31 st March, 2024 22,000 Add: Subscription received in advance as on 1 st April, 2023 12,000 Less: Subscription received in advance as on 31 st March, 2024 (7, 000) Total 5,12,000 (ii) Medicines purchased during the year ended 31 st March, 2024 Particulars Amount Opening due for medical supply 90,000 Less: Payment made during the year (₹ 3,00,000) Less: Closing due for medical supply (₹ 1,30,000) Medicines purchased during the year 3,40,000 (iii) Medicines consumed during the year ended 31 st March, 2024 Particulars Amount Opening stock 1,00,000 Add: Purchase during the year 3,40,000 Less: Closing Stock (₹ 1,50,000) Medicines consumed during the year 2,90,000 (iv) Depreciation on Equipment Particulars Amount Opening Balance 2,10,000 Add: Purchase during the year 1,50,000 Less: Closing Balance (₹ 3,00,000) Depreciation for the year 60,000
Topics: Financial Statements of Not-for-Profit Organisations
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