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Question 39 Chapter 1 of +2-A
39. Following is the information is given in respect of certain items of a Sports Club. Shows these items in the income and Expenditure Account and the Balance Sheet of the Club 31st March 2019:
| Particulars | Rs. |
| Sports Fund as on 1st April 2018 | 3,50,000 |
| Sports Fund Investments | 3,50,000 |
| Interest on Sports Fund Investments | 40,000 |
| Donations for Sports Fund | 1,50,000 |
| Sports Prizes Awarded | 1,00,000 |
| Expenses on Sports Events | 40,000 |
| General Fund | 8,00,000 |
| General Fund Investments | 8,00,000 |
| Interest on General Fund Investments | 80,000 |
Income and Expenditure Account (for the year ended 31st March 2019)
| Expenditure |
Amount | Income |
Amount | ||
|---|---|---|---|---|---|
| By Interest on General Fund Investments | 80,000 | ||||
| 2,81,300 | 2,81,300 | ||||
BALANCE SHEET (AN EXTRACT) (as on 31st March 2019)
| Liabilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Sports Fund | 4,00,000 | Sports Fund Investment | 3,50,000 | ||
| General Fund | 8,00,000 | General Fund Investments | 8,00,000 | ||
Working Note: -
Calculation of Closing Balance Sports Fund as on 31st March 2019
| Particular | Details | Amount |
|---|---|---|
| Opening Balance of Sports Fund as on 31st March 2018 | 3,50,000 | |
| Add: - Interest on Sports Fund Investment | 40,000 | |
| Donation for Sports Fund | 1,50,000 | 1,90,000 |
| 5,40,000 | ||
| Less: - Sports Prizes awarded | 1,00,000 | |
| Expenses on Sports Events | 40,000 | |
| 1,40,000 | ||
| Closing Balance Sports Fund as on 31st March 2019 | 4,00,000 |
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Accounting & Commerce Educator
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