The following information of M/s. Sanyam Club are related for the year ended 31st March, 2024: (1) Balances As on 01-04-2023 (₹) As on 31-3-2024 (₹)…
CA Foundation · Accounting · RTP · September 2024
The following information of M/s. Sanyam Club are related for the year ended 31st March, 2024: (1) Balances As on 01-04-2023 (₹) As on 31-3-2024 (₹) Stock of Sports Material 75,000 1,12,500 Amount due for Sports Material 67,500 97,500 Subscription due 11,250 16,500 Subscription received in advance 9,000 5,250 (2) Subscription received during the year 3,75,000 (3) Payments for Sports Material during the year 2,25,000 You are required to: (A) Calculate the amount of Subscription and Sports Material that will appear in Income & Expenditure Account for the year ended 31.03.2024 and (B) Also show how these items would appear in the Balance Sheet as on 31.03.2024
Suggested Answer and Working Notes:
Subscription for the year ended 31.3.2024 Particulars ₹ Subscription received during the year 3,75,000 Less: Subscription receivable on 1.4.2023 11,250 Less: Subscription received in advance on 31.3.2024 5,250 (16, 500) 3,58,500 Add: Subscription receivable on 31.3.2024 16,500 Add: Subscription received in advance on 1.4.2023 9,000 25,500 Amount of Subscription appearing in Income & Expenditure Account 3,84,000 Sports material consumed during the year end31.3.2024 Particulars ₹ Payment for Sports material 2,25,000 Less: Amounts due for sports material on 1.4.2023 (67, 500) 1,57,500 Add: Amounts due for sports material on 31.3.2024 97,500 Purchase of sports material 2,55,000 Sports material consumed: Particulars ₹ Stock of sports material on 1.4.2023 75,000 Add: Purchase of sports material during the year 2,55,000 3,30,000 Less: Stock of sports material on 31.3.2024 (₹ 1,12,500) Amount of Sports Material appearing in Income & Expenditure Account 2,17,500 Balance Sheet of M/s Sanyam Club for the year ended 31st March, 2024 (An extract) Liabilities ₹ Assets ₹ Unearned Subscription 5,250 Subscription receivable 16,500 Amount due for sports material 97,500 Stock of sports material 1,12,500
Topics: Financial Statements of Not-for-Profit Organisations
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