[ISC] Q 30 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Are you looking for the solution of Question number 30 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

Following is the Receipts & Payments Account of Leo Club for the year ended 31st March, 2021:

Receipts & Payments Account for the year ended 31st March, 2021

ReceiptsPayments
To Balance b/d
To Donation for Building
To Life Membership Fees
To Match Fund
To Subscriptions
To Locker Rent
To Interest on Investments
To Sale of Furniture (Book Value ₹ 8,000)
To Entrance Fees
1,800
50,000
4,000
8,000
5,200
400
1,000
10,000
5,000
By Building
By Match Expenses
By Furniture
By 10% Investments
(Purchased on 1st July, 2020)
By Salaries
By Insurance
By Sundry Expenses
By Balance c/d
40,000
9,000
12,100
16,000

7,000
350
470
480
85,40085,400

Addtional Information:

(i) During the year 2020 – 21, the Club had 550 members and each paying an annual subscription of ₹ 10.

(ii) Donation for Building includes 10% general donations.

(iii) Salaries Outstanding as at 1st April, 2020 were ₹ 1,000 and as at 31st March, 2021, were ₹ 500.

Prepare the Income & Expenditure Account of the Club for the year ended 31st March, 2021.

Solution:-

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