[ISC] Q 43 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Solution of Question number 43 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

Sweet Valley Sports Club gives you the following Receipts & Payments Account for the year ended 31st March, 2022:

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

ReceiptsPayments
To Balance b/d:
Cash
Bank
To Subscriptions
To Tournament Receipts
To Life Membership Fees
To Entrance Fees
To Donations for Pavilion
3,000
30,000
65,000
20,000
30,000
6,000
25,000
By Rent
By Salaries to Coaches
By Tournament Expenses
By Office Expenses
By Sports Equipment Purchased
By Mowing Machine Purchased
By Balance c/d:
Cash
Bank
6,000
30,000
10,000
20,000
15,000
12,000


16,000
70,000
1,79,0001,79,000

Subscriptions include ₹ 5,000 for the year ended 31st March, 2021 and ₹ 4,000 were still due in respect of subscriptions for the current year.

Sports Equipment in hand on 31st March, 2021 were ₹ 10,000. The value of the equipments in hand on 31st March, 2022 was ₹ 21,000.

The Mowing Machine was purchased on 1st October, 2021 and is to be depreciated @ 10% p.a.

Income from Tournament should be credited to a newly opened Tournament Fund and the Entrance Fees are to be capitalised.

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

Solution:-

Working Notes:-

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