What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations. 

What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations. 

From the following information of a club, show the amounts of match expenses and match fund in the Financial Statements of the Club for the years ended on 31st March, 2009 and 31st March, 2010.

From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.

                                                                                                                                                                                                                                                                        Rs.

Salaries paid                                                                                              50,000

Lighting and Heating                                                                                 5000    

Printing and Stationery (including Rs. 500 for the previous year)             3500                  

Subscriptions received (including Rs. 2,000 received in advance
and Rs 5,000 for the previous year)                                                          40,000                            

Net proceeds of Refreshment Room                                                          45,000

Miscellaneous expenses                                                                            16,000

Interest paid on Loan for half year                                                            1,200                                    

Rent and Rates (including Rs. 1,000 prepaid)                                         7,5000                                                                                     

Locker rent received                                                                                  4,500                                                                                                                                 

Additional Information:

Subscriptions in arrears on 31-3-2010 were Rs. 8,000 and Half year's interest on loan was also outstanding.