[ISC] Q 44 Non-Trading Organisation Solution TS Grewal Class 11 (2023-24)

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Solution of Question number 44 Non Trading Organisation (NPO) Chapter TS Grewal class 11 ISC Board for 2023-24 Session?

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

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

ReceiptsPayments
To Balance b/d (Cash)
To Balance b/d (Bank)
To Donations
To Subscriptions
To Entrance Fees
To Interest on Investments
To Interest Received from Bank
To Sale of Old Newspapers
To Sale of Drama Tickets
4,000
10,000
5,000
12,000
1,000
100
400
150
1,050
By Salary
By Printing & Stationery
By Purchase of Furniture
By Miscellaneous Expenses
By Purchase of Investments
By Insurance Premium
By Billiards Table
By Drama Expenses
By Balance c/d (Cash)
By Balance c/d (Bank)
2,000
650
6,000
500
6,000
200
8,000
500
2,650
7,200
33,70033,700

Additional Information:-

(i) Subscription in arrear for 2022-23 ₹ 900 and subscription in advance for 2023-24 ₹ 350.

(ii) Insurance Premium outstanding ₹ 40.

(iii) Miscellaneous Expenses prepaid ₹ 90.

(iv) 50% of donation is to be capitalised.

(v) 8% interest has accrued on investments for five months.

(vi) Billiards Table costing ₹ 30,000 was purchased during last year and ₹ 22,000 were paid for it.

Solution:-

Working Notes:-

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Anurag Pathak

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