[ISC] Q 47 Non-Trading Organisation Solution TS Grewal Class 11 (2023-24)

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Solution of Question number 47 Non Trading Organisation (NPO) Chapter TS Grewal class 11 ISC Board for 2023-24 Session?

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

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

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 Miscellaneous 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 – 22 and ₹ 18,000 for 2023 – 24.

(ii) Stock of Stationery on 31st March, 2022 and 2023 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, 2022. Rent for March, 2023 is outstanding.

(v) Telephone expenses include ₹ 3,000 as quarterly rent up to 31st May, 2023.

(vi) The value of Building as on 31st March, 2022, was ₹ 8,00,000 and you are required to write off depreciation at 10%.

(vii) The value of investments on 31st March, 2022 was ₹ 10,00,000 and the club made similar additional investments during the year on 1st October, 2022.

Prepare the club’s income & Expenditure Account for the year ending on 31st March, 2023.

Solution:-

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Anurag Pathak

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