CA Foundation Questions – NPO

  1. The Income and Expenditure Account of the Young Boys Club for the year 2022 is as follows:
    Expenditure Amount (Rs.) Income Amount (Rs.)
    To Salaries 3,750 By Subscription 8,500
    To General Expenses 1.500 By Entrance Fees 250
    To Audit Fee 250 By Contribution for Annual Dinner 1,000
    To  Secretary’s Honorarium 1,000 By Annual Sports meet receipts 750
    To Stationery and Printing 450
    To Annual Dinner Expenses 1,500
    To Interest and Bank Charges 150
    To Depreciation 400
    To Surplus 1,500
    10,500 10,500

    This Account has been prepared after the following adjustments :
    Subscription outstanding on 31st December, 2021 Rs.700
    Subscription received in advance on 31st December, 2021 Rs.550
    Subscription received in advance on 31st December, 2022 Rs.370
    Subscription outstanding on 31st December, 2022 Rs. 750
    Salaries outstanding at the beginning and at the end of 2022 were respectively Rs. 600 and Rs. 450. General Expenses include insurance prepaid to the extent of  Rs.150. Audit fee for 2022 is still unpaid. During 2022 audit fee for 2021 was paid amounting to Rs.200.
    The club owned a freehold lease of ground valued at Rs.20,000. The club had sports equipment on 1st January, 2022 valued at Rs. 2600. At the end of the year, after depreciation, the balance of equipment amounted to Rs.3,600. In 2021, the club raised a bank loan of  Rs.5,000, This was outstanding throughout 2022. On 31st Decemher, 2022 cash in hand amounted to Rs.1600.

    You are required to prepare :
    (i) Receipts and Payments Account for 2022
    (ii) Balance Sheet as on 31st December, 2022
    (iii) Balance Sheet as on 31st December, 2021.

    [2022 December 10 Marks]

  2. The following is the Receipts and Payments Account of Mumbai Club for the year ended March 31, 2021 :

    Receipts and Payments Account of Mumbai Club

    Receipts Amount (Rs.) Payments Amount (Rs.)
    Cash in hand 80,000
    Balance at Bank as perPass Book:
    Saving Account
    Current Account
    Bank Interest

     

    This Account has been prepared after the following adjustments :

    Amount

    ( )_