The values highlighted are
(i) Social responsibility towards society.
(ii) Sensitivity towards cleaner environment

The value involved are Respect for women and women empowerment.

Balance sheet of Karaikudi sports club as on 31 stMarch, 2019 Liabilities Rs Rs Assets Rs Tournament fund 90,000   Tournament fund investment  90,000 Add: Interest received         on tournament fund         investment 9,000       Add: Donation to         to 10,000         1,09,000       Less: Tournament         expenses 60,000 49,000    

Dr Income and Expenditure Account for the year ended Cr

Expenditure	Rs	Income	Rs	Rs
		By Subscription	2,350
		(+) outstanding sub. (10 \(\times\) 25)	250
			2600
		(-) Subs. Received Adv. (4 \(\times\) 25)	100	2,500

Dr.              Balance sheet                          Cr.

Liabilities	Rs	Assets	Rs
Subscription received in advance	100	Outstanding subs	250

(A) Treatment in income and Expenditure account:
When subscription received for the current year, previous years and subsequent period are given separately, subscription received for the current year will be shown on the credit side of Income and Expenditure
Account after making the adjustments given below:
(i) Subscription outstanding for the current year is to be added.
(ii) Subscription received in advance in the previous year which is meant for the current year, is to be added.When 'total subscription received during the current year is given, that total subscriptions received during the current year will be shown on the credit side of Income and Expenditure Account after making the following-adjustments: (i) Subscription outstanding in the previous year which is received in the current year will be subtracted. Subscription outstanding for the current year is added.
(iii) Subscriptions received in advance in the previous year which is meant for the current year, is added and subscriptions received in advance in the current year which is meant for the subsequent year must be subtracted.
(B) Treatment in Balance Sheet
(i) Subscriptions outstanding for the current year and still outstanding for the previous year will be shown on the assets side of the balance sheet.
(ii) Subscriptions received in advance in the current year will be shown on the liabilities side of the balance sheet.

(i) Income and expenditure account is a summary of income-and expenditure of a not-for-profit organisation prepared at the end of an accounting year.
(ii) It is prepared to find out the surplus or deficit pertaining to a particular year.
(iii) It is a nominal account in nature in which items of revenue receipts and revenue expenditure, relating to the current year alone are recorded.
(iv) It is just like preparing a profit and loss account. In this account, incomes are shown on the credit side and expenses are shown on the debit side.
(v) Apart from cash items, non-cash items such as income accrued but not received, loss or gain on sale of fixed assets, depreciation, etc. will also be recorded

Dr. Income and Expenditure Account for the year ended 31^st March, 2017 Cr

Expenditure	Rs.	Income	Rs.	Rs.
		By Subscription	25,000
		Less: Subscription for the year 2015-16	2,000
			23,000
		Less: Subscription for the year 2017-18	1,500
			21,500
		Add: Outstanding subscription for the year 2016-17	500	22,000

Balance sheet as on 31^st March, 2017

Liabilities	Rs.	Assets	Rs.
Subscription received in advance for the year 2017-18	1,500	Outstanding subscription for the year 2016-2017	500

Dr. Receipts and Payments Account for the year ended
31^st March, 2019 Cr

Receipts	Rs.	Payments	Rs.
To Balance b/d		By Rent paid	6,000
Cash in hand	18,000	By Scholarship given	15,200
To Entrance fees	18,500	By Building purchased	2,10,000
To Subscription received	2,65,000	By Staff salary	55,000
		By Balance c/d
		Cash in hand	15,300
	3,01,500		3,01,500

S.NO.	Basis	Receipts and Pa ments Account	Income and Expenditure Account
1.	Nature of account	It is a real account. Cash receipts are recorded on the debit side and cash payments are recorded on the credit side.	It is a nominal account. Expenses are recorded on the debit side and incomes are recorded on the credit side.
2.	Basis of accounting	It is based on cash system of accounting. Non-cash items are not recorded	It is based on accrual system of accounting. Non-cash items like outstanding expenses, depreciation etc. are also recorded
3.	Opening and closing balance	It commences with an opening balance of cash and bank and ends with closing balance of cash and bank.	There is no opening balance. It ends with surplus or deficit.
4.	Nature of items	It contains actual receipts and payments irrespective of revenue or capital items in nature	It contains only revenue items,that is, only revenue expenses and revenue incomes.
5.	Period	All cash receipts and payments made during the year pertaining to the past period, current period and subsequent period are recorded	It contains only the items relating to the current period

Dr Income and Expenditure Account for the
year end 31.12.18 Cr

Expenditure	Rs	Income	Rs	Rs
	-	By Subscription	1,72,000
		Add:
		Outstanding Subscription for 2018	8,000	1,80,000