The Receipts and Payments Account of ABC Club for the year ended March, 31,2025 was as follows: (Figures are in ‘₹ 000) Receipts Amount ₹ Payments…
CA Foundation · Accounting · PYQS · May 2025
The Receipts and Payments Account of ABC Club for the year ended March, 31,2025 was as follows: (Figures are in ‘₹ 000) Receipts Amount ₹ Payments Amount ₹ Cash in hand 150 Ground man’s Fee 1,125 Balance at Bank as per Pass Book: Moving Machine 2,250 - Deposit Account 3,345 Ground Rent 375 - Current Account 900 Cost of Teas 375 Bank Interest 45 Fares 600 Donations and Subscriptions 3,900 Printing & Office Expenses 420 Receipts from teas 450 Repairs to Equipment 750 Contribution to fares 150 Honorarium to Secretary and Treasurer of 2024 600 Sale of Equipment 120 Balance at Bank as per Pass Book: Net proceeds of Variety Entertainment 1,170 - Deposit Account 4,635 Donation for forthcoming Tournament 1,500 - Current Account 225 - Cash in hand 375 Total 11,730 Total 11,730 You are given the following additional information: (Figures are in ‘₹ 000) Particulars April, 1,2024 ₹ March, 31,2025 ₹ Subscription due 225 150 Amount due for printing, etc. 150 120 Cheques unpresented being payment for repairs 450 390 Estimated value of machinery and equipment 1,200 2,625 Interest not yet entered in the Pass book 30 Bonus to Ground man outstanding 450 For the year ended March, 31,2025, the honorarium to the Secretary and Treasurer are to be increased by a total of 3,00,000. Prepare the Income and Expenditure Account and Balance Sheet for the period ending March, 31,2025.
Suggested Answer and Working Notes:
Income and Expenditure Account of ABC Club for the year ending 31 st March, 2025 (all figures in thousand) Expenditure Amount ₹ Income Amount ₹ To Ground’s man fee 1,125 By Donations and Subscription: To Rent of Ground 375 As per Receipt and Payment A/c 3,900 To Fares’ Expenses 600 Add: Outstanding as on 31 st March, 2025 150 Less: Contribution (150) Less: Outstanding as on 1 st April, 2024 (225) 450 3,825 To Printing & Office Expenses (₹ 420 +120 -150) 390 By Receipts from teas 450 To Repairs (₹ 750 +390 -450) 690 Less: expenses (375) 75 To Depreciation on Machinery By Proceeds of Variety Entertainment 1,170 Opening balance 1,200 By Interest (₹ 45 +30) 75 Add: Purchases 2,250 Less: Closing Balance (2, 625) 825 Less: Sale (120) 705 To Honorarium to Sect. & Treasurer (₹ 600 +300) 900 To Bonus to Groundsman 450 To Excess of Income over Expenditure 60 5,145 5,145 Balance Sheet of ABC Club as on 31st March, 2025 Liabilities Amount ₹ Assets Amount ₹ Capital Fund Opening (WN - 1) 4,620 Machinery & Equipment’s 2,625 Add: Surplus for the year 60 Interest Due 30 4,680 Subscription Due 150 Tournament Fund (Donation) 1,500 Cash in hand 375 Outstanding Expenses: Cash with Bank in Deposit A/c 4,635 Groundsman Bonus 450 Printing 120 Honorarium 900 Bank Overdraft (₹ 390 - 225) 165 7,815 7,815 Working Note 1: Balance Sheet of ABC Club as on 1 st April, 2024 Liabilities Amount ₹ Assets Amount ₹ Capital Fund (Balancing Figure) 4,620 Machinery 1,200 Outstanding Expenses: Subscription Due 225 Honorarium 600 Cash in hand 150 Printing & Stationery 150 Cash with Bank in Deposit A/c 3,345 Cash with Bank in Current A/c 450 5,370 5,370
Topics: Financial Statements of Not-for-Profit Organisations
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