[ISC] Q 36 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Are you looking for the solution of Question number 36 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

The North Sports Club gives you the following Receipts & Payments Account for the year ended 31st March, 2021:

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

ReceiptsPayments
To Balance b/d
To Entrance Fees
To Subscriptions
Current Year
in Advance
To Profit on Refreshments
To Locker Rent
To Interest on Deposits
27,000
16,000

2,20,00
24,000
53,000
12,000
2,000
By Purchase of New Lockers
By Wages
By Printing and Postage
By Stationery
By Miscellaneous Expenses
By Lighting and Fuel
By Match Expenses
By Balance c/d
32,000
1,50,000
36,000
3,000
8,000
19,000
54,000
52,000
3,54,0003,54,000

Of the subscriptions due for the current year, ₹ 21,000 are in arrears; Locker rent in arrears ₹ 2,000; Printing bill unpaid ₹ 2,000; Stationery Account unpaid ₹ 3,000. There is a sum of ₹ 2,00,000 on deposits at abnk and the Club House Equipments are valued at ₹ 12,00,000.

Prepare Income & Expenditure Account and the Balance Sheet as at 31st March, 2021.

Solution:-

Working Notes:-

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