[ISC] Q 32 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Solution of Question number 32 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

Following is the Receipts and Payments Account of Megha Amusement Club:

Receipts and Payments Account for the year ended 31st March, 2022

ReceiptsPayments
To Balance b/d
To Subscriptions:
2020 – 21
2021 – 22
2022 – 23
To Rent for Hall
To Sale of Old Newspapers
35,000

10,000
2,60,000
20,000
4,500
500
By Salaries
By General Expenses
By Electricity Charges
By Sports Materials
By Newspapers
By 10% Investment (31st March, 2022)
By Balance c/d
45,000
10,000
15,000
1,00,000
2,000
1,00,000
58,000
3,30,0003,30,000

Additional Information:

(i) The club has 3,000 members,each paying an annual subscription of ₹ 100.

(ii) On 31st March, 2022, salaries outstanding ₹ 5,000. Salaries paid also included ₹ 3,000 for 2021 – 21.

(iii) On 1st April, 2021, the club owned building valued at ₹ 1,00,000, furniture at ₹ 50,000 and books at ₹ 20,000.

(iv) Depreciation on building and furniture was provided @ 10% per annum.

Prepare the Income & Expenditure Account for the year ended 31st March, 2022 and the Balance Sheet as on that date.

Solution:-

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