[ISC] Q 42 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Solution of Question number 42 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

From the following Receipts and Payments Account of Kolkata Art Club and additional information, prepare Income & Expenditure Account for the year ended 31st March, 2021 and Balance Sheet as at that date:

ReceiptsPayments
To Balance b/d
To Subscriptions:
2019 – 20
2020 – 21
2021 -22
To Donations
To Proceeds of Drama Tickets
To Sale of Newspapers (Old)
10,250

400
20,500
600
5,400
9,500
450
By Salaries
By Expenses
By Drama Expenses
By Newspapers
By Municipal Taxes
By Charity
By Investments
By Electricity Charges
By Balance c/d
6,000
750
4,500
1,500
400
3,500
20,000
1,450
9,000
47,10047,100

Additional Information:

(i) There are 500 members, each paying an annual subscription of ₹ 50 and ₹ 500 are still in arrears for the year ended 31st March, 2020.

(ii) Municipal Taxes amounted to ₹ 400 per year have been paid up to 30th June, 2021 and ₹ 500 are outstanding of salaries.

(iii) Building stands in the books at ₹ 50,000.

(iv) 6% interest has accrued on investments for five months.

(v) Donations are to be capitalised.

Solution:-

Working Notes:-

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