[ISC] Q 36 Non-Trading Organisation Solution TS Grewal Class 11 (2023-24)

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Solution of Question number 36 Non Trading Organisation (NPO) Chapter TS Grewal class 11 ISC Board for 2023-24 Session?

From the following Receipts & Payments Account of City Club and additional information, prepare the Income & Expenditure Account for the year ended 31st March, 2023 and the Balance Sheet as at that date:

Receipts & Payments Account for the year ended 31st March, 2023

ReceiptsPayments
To Balance b/d
To Subscriptions
2021-22
2022-23
2023-24
To Rent received from the Use of Hall
To Profit from Entertainment
To Sale of Old Newspapers
500
2,000
400
700



2,900
1,400
800
200
By Salaries
By General Expenses
By Electricity Charges
By Books
By Newspapers
By Balance c/d
2,800
600
400
1,000
800
400
6,0006,000

(i) The club has 50 members each paying an annual subscription of ₹ 50. Subscriptions Outstanding on 31st March 2022 were ₹ 600.

(ii) On 31st March 2023, Salaries Outstanding amounted to ₹ 200. Salaries paid in the year included ₹ 600 for the year 2023-24.

(iii) On 1st April, 2022, the Club owned Building valued at ₹ 20,000, Furniture ₹ 2,000 and Books ₹ 2,000.

(iv) Provide depreciation on Furniture at 10%.

Solution:-

Working Notes:-

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