[ISC] Q 42 Non-Trading Organisation Solution TS Grewal Class 11 (2023-24)

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Solution of Question number 42 Non Trading Organisation (NPO) Chapter TS Grewal class 11 ISC Board for 2023-24 Session?

From the following Receipts & Payments Account and other information given, prepare the Income & Expenditure Account and the Balance Sheet of the Modern Social Club:

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

ReceiptsPayments
To Balance b/d
To Subscriptions
To Profit on Dance Show
To Collections (Matches)
To Competition Fees
To Sales of Refreshments
7,000
24,000
14,800
2,500
1,800
8,200
By Prizes
By Games Equipment
By Rent
By Rates
By Printing
By Stationery
By Postages
By Secretary’s Expenses
By Repairs (Equipment)
By Salary
By Refreshments
By Balance c/d
2,200
2,000
10,500
3,000
1,600
2,200
1,900
1,400
2,700
12,000
5,100
13,700
58,30058,300

The following matters should be taken into account:

(i) Capital Fund as at 1st April, 2022 ₹ 42,000.

(ii) Fixed Assets owned by the Club as at 1st April, 2022 – Furniture and Fittings ₹ 15,000; Games Equipment ₹ 20,000. These are to be depreciated @ 10% on opening values.

(iii) Amounts outstanding as at 31st March, 2023 – Printing ₹ 400; Refreshments ₹ 700.

(iv) On 31st March, 2023 – Rent paid in advance ₹ 1,500; Subscriptions due ₹ 1,200; Subscriptions in advance ₹ 500.

Solution:-

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Anurag Pathak

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