[ISC] Q 45 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Solution of Question number 45 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

On 1st April, 2021, Queen’s Club commenced operation with the following assets:

Bank Balance1,800
Cash in Hand150
Club Premises65,000
Record Players and Records6,400
Other Equipment8,600

The summary of its receipts and payments during the year ended 31st March, 2022 is:

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

ReceiptsPayments
To Balance b/d:
Bank
Cash
To Subscriptions
To Receipts from Sponsored Walk
To Collections at Functions
To Competition Fees
To Grant from Local Authority
1,800
150
16,850
2,600
2,800
1,860
9,500
By Rates
By Printing and Stationery
By Postage
By Electricity
By Purchase of Television Set
By Secretary’s Expenses
By Inurance
By Competition Prizes
By Balance c/d:
Bank
Cash
600
2,160
570
1,240
12,800
1,650
240
3,800


12,400
100
35,560

Additional Information:

(i) On 31st March, 2022, ₹ 860 subscriptions were in arrears and ₹ 1,340 were paid in advance.

(ii) Provide the depreciation of 25% on all equipment.

(iii) Furniture worth ₹ 7,600 was purchased in March but the amount was not paid at the end of the year.

(iv) Three months’ rates ₹ 120 were paid in advance and ₹ 70 were due for electricity on 31st March.

(v) One-third of the insurance relates to the next year.

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

Solution:-

Working Notes:-

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