Balance sheet as on 31'1 March, 2019

Liabilities	Rs	Rs	Assets
Capital fund		80,000	Sports equipment	30,000
(Balancing figure)			Computer	25,000
Subscription received in			Subscription outstanding	5,000
advance		8,000	Prize fund investments	10,000
Prize fund		10,000	Cash in hand	7,000
			Cash at bank	21,000
		98,000		98,000

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 of Vedaranyam sports club Cr

Expenditure	Rs	Rs	Income	Rs
To Stationery			By Sale of
consumed (bat & ball)			bats and balls	2,000
Opening stock	3,000
Add: Purchases	17,000
	20,000
Less: Closing stock	4,000	16,000

Balance Sheet of Vedaranyam Sports club

Liabilities	Rs	Assets	Rs
		Stock of bats and balls	4,000

Dr Income and Expenditure Account for the year ended 31^st March, 2019 Cr

Expenditure	Rs	Rs	Income	Rs
To Sports materials
consumed:
Opening stock	16,000
Add: Purchased in the current year	84,000
	1,00,000
Less: Closing stock	10,000	90,000

Balance Sheet as on 31^st March, 2019

Liabilities	Rs	Assets	Rs
		Stock of Sports materials	10,000

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

Income expenditure A/c for the year ended 31.12.18

Particulars	Rs	Rs
By Subscription	45,000	45,000
Add: Outstanding 31.12.18	5,000
	50,000
(-) O/s sub. 1.1.2018	3,000
	47,000
(-) Subscription received in advance 31.12.18	7,000
	40,000
(+) Sub.Received. Adv. 1.1.2018	4,000	44,000

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

Expenditure	Rs	Income	Rs	Rs
		By Subscription	40,000
		Less:
		Subscription for the year
		2015-2016	5,000
			35,000
		Less:
		Subscription for the year
		2017-2018	3,000
			32,000
		Add:
		Outstanding subscription
		for the year 2016-2017	1,000
				33,000

Balance sheet as on 31^st March, 2017

Liabilities	Rs	Assets	Rs
Subscription received in advance for the year 2017-2018	3,000	Outstanding subscription for the  year 2016 - 2017	1,000

Dr Income and Expenditure Account for the year ended 31^st March, 2019 Cr

Expenditure	Rs	Income	Rs	Rs
		By Subscription	50,000
		Add:
		Outstanding for the year
		2017-2018	30,000	80,000

Total subscription due for current year (2018 - 19) (\(200 \times 400\))	= 80,000
Less : Amount received for the current year (2018-19)	= 50, 000
Outstanding subscription for the current year (2018 - 19)	Rs. 3000

Balance sheet as on 31^st March, 2019

Liabilities	Rs	Assets	Rs	Rs
Subscription		Outstanding subscription
rceived in advance		2017 - 2018	2,000
for the year 2019-20	5,000	2018 - 2019	30,000	32,000

In the books of kurunji sports club Receipts and Payments Account for the year ended 31^st December 2018

Receipts	Rs	Payments	Rs
To Balance bid		By Salaries paid	3,000
Cash in hand	4,000	By Printing charges paid	2,500
To Life membership fees received	10,000	By Tournament expenses	10,500
To Subscription received	15,000	By Investment purchased	25,000
To Rent received	2,000	By Balance cld Cash in hand	5,000
To Lockers rent received	1,000
To Tournament receipts	14,000
	46,000		46,000

(a) Sale of sports materials :
(i) Consumable items such as sports materials, stationery, medicines, etc., consumed during the year will appear on the debit side of income and expenditure account.
(ii) Opening stock + the current year - Consumption Purchases during Closing stock
(iii) Closing stock will appear on the assets side of the balance sheet as at the end of the year.
(iv) If there is any sale of old sports materials, etc., that will be shown on the credit side of income and expenditure account or can be subtracted from the respective items consumed on the debit side of income and expenditure account.
(b) Life membership fees:
Amount received towards life membership fee from members is a capital receipt as it is nonrecurring in nature.
(c)Tournament fund : If there are any specific funds such as tournament fund, prize fund, etc., these funds should be shown on the liabilities side of the balance sheet separately.

(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 31st December, 2018 Cr

Expenditure	Rs.	Income	Rs.	Rs.
		By Subscription received during the year	16,000
		Less: Subscription received for 2017	3,000
			13,000
		Less: Subscription received for 2019	5,000
			8,000
		Add: Subscription due for 2018	4,000
			12,000
		Add: Received in advance in 2017 for 2018	2,000	14,000

(b) Treatment of consumable items such as sports materials, stationery items, medicines, etc.
(i) Consumable items such as sports materials, stationery, medicines, etc., consumed during the year will appear on the debit side of income and expenditure account.
(ii) Consumption = Opening stock + Purchases during the current year - Closing stock
(iii) Closing stock will appear on the assets side of the balance sheet as at the end of the year.
(iv) If there is any sale of old sports materials, etc., that will be shown on the credit side of income and expenditure account or can be subtracted from the respective items consumed on the debit side of income and expenditure account.

Calculation of income from subscription for the year 2018

Particulars	Rs.	Rs.
Subscription received during the year 2018		1,50,000
Add: Subscription received for 2018 in 2017	3,000
Subscription outstanding for 2018	7,000	10,000
		1,60,000
Less: Subscription outstanding in 2017	10,000
Subscription received in advance in 2018	5,000	15,000
Income from subscription for the year 2018		1,45,000

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. Income and Expenditure Account for the year ended 31st March 2019 Cr.

Expenditure	Rs.	Income	Rs.	Rs.
		By Subscription	48,000
		Add: Outstanding	12,000	60,000

Balance sheet as on 31st March, 2019

Liabilities	Rs.	Assets	Rs.	Rs.
		Outstanding subscription
Subscription received in		2017 – 2018	1,000
advance for the year 2019-20	3,000	2018 – 2019	12,000	13,000

Tutorial note

Total Subscription due for current the year (2018-19) 300 x Rs. 200	= Rs. 60,000
Less: Amount received for the current year (2018-19)	= Rs. 48,000
Outstanding subscription for the current year (2018-2019	= Rs. 12,000

In the books of Ooty Recreation Club

Dr. Income and Expenditure Account for the year ended 31st March, 2018 Cr

Expenditure	Rs.	Income	Rs.
To Sports materials purchased	10,000	By Rent received	10,000
To Stationery paid	7,000	By Subscription received	54,000
To Salaries	20,000
To Surplus	27,000
(Excess of income over expenditure)
	64,000		64,000

Dr.
In the books of Trichy Educational Society Receipts and Payments Account for the year ended 31^st December, 2018 Cr.

Receipts	Rs.	Payments	Rs.
To Balance b/d		By Investments made	80,000
Cash in hand	20,000	By Honorarium paid	3,000
To Donation received	80,000	By Audit fees	2,000
To Locker rent received	12,000	By General expenses	7,000
To Sale of furniture	5,000	By Postage	1,000
To Subscription	10,000	By Balance c/d
		Cash in hand	34,000
	1,27,000		1,27,000

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