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Accounting For Not-For-Profit Organisation

Question

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.

Details                                                                               Amount Rs.

Match expenses (paid during the year 2009 - 2010)                                      30,000

Match Fund (as on 31-3-2009) 17,000

Donation for Match Fund (Received during the year 2009-2010                         9,000

Proceeds from the sale of match tickets (Received during the year 2009-2010) 3,000

Solution

Balance sheet as on 31-3-2010

Liabilities	Amount (Rs)	Assets	Amount (Rs)
Match fund as on 31-3-2009 Add Donation received during the year 09-10 Proceeds from sale of match ticket during 09-10 Less Match expenses during the period Transfer to income and expenditure account.	17000 9000 3000 29,000
	30,000
	(1000)

Income and Expenditure a/c for the year ended 31-3-2010

Dr Cr

Expenditure

Amount (Rs)

Income

Amount (Rs)

Match Expenses

1,000

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