[ISC] Q 44 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Solution of Question number 44 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

Following is the Receipts & Payments Account of Semond Football Club:

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

ReceiptsPayments
To Balance b/d
To Subscriptions
To Tournament Fund
To Interest (Investments)
To General Donations
To Sale – Concert Tickets
1,82,000
1,80,000
1,64,000
65,000
1,12,000
2,47,000
By Salaries paid to Coaches
By Printing and Stationery
By Rent
By Telephone Expenses
By Sports Material
By 6% Investments
By Miscellanous Expenses
By Concert Expenses
By Balance c/d
1,66,000
32,000
48,000
8,000
78,000
5,00,000
24,000
58,000
36,000
9,50,0009,50,000

Additional Information:

(i) Subscriptions include ₹ 12,000 for 2021 – 21 and ₹ 18,000 for 2022 – 23.

(ii) Stock of stationery on 31st March, 2021 and 2022 was ₹ 7,200 and ₹ 5,400 respectively.

(iii) Stock of Sports Material at the beginning and end of the year was ₹ 12,000 and ₹ 21,000 respectively.

(iv) Rent includes ₹ 4,000 paid for March, 2021. Rent for March, 2022 is outstanding.

(v) Telephone expenses include ₹ 3,000 as quarterly rent up to 31st May, 2022.

(vi) The value of Building as on 31st March, 2021, was ₹ 8,00,000 and you are required to write off depreciation at 10%.

(vii) The value of investments on 31st March, 2021 was ₹ 10,00,000 and the club made similar additional investments during the year on 1st October, 2021.

Prepare the club’s Income & Expenditure Account for the year ending on 31st March, 2022.

Solution:-

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