FINANCIAL STATEMENTS OF NOT FOR PROFIT ORGASWATION
0.16. Following is the Receipt and Payment Account of Chennai Sports Club
the year ended 31.3.2014
year
Payments
3,000 Salary
20,000 Purniture
4,000 Office Expenses
15,000 Tournament Expenses
2,000 Sports Equipment
35,000 Balance eld
87,000
Balance /
Subscriptions
Entrance fee
Tournament Fund
Sale of old newspapers
Legaey
21
Other information
On 31-3-2014 subscription outstanding was 24,000 and on 31-3-2013 subscription
outstanding was $3,000, Malary outstanding on 31-3-2014 was 22,000,
On 1.4.2013 the club had building +80,000, furniture +20,000, 10% investment
$45,000 and sports equipment 425,000, Depreciation charged on these items
including purchases was 10%
Prepare Income and Expenditure Account of the Club for the year ended
31.3.2014 and ascertain the Capital Pund on 31-3-2013. Also prepare a Balance Sheet
as at 31st March, 2014,
An Opening Capital Pund 1,78,000; Deficit $6,000; Balance Sheet Total
2,09,000
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