[ISC] Q 49 Non Trading Organisation Solution TS Grewal (2022-23) Class 11

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Are you looking for the solution of Question number 49 Non Trading Organisation Chapter TS Grewal class 11 ISC Board for 2022-23 Session?

From the following Receipts & Payments Account of Young Ladies Club, prepare Income & Expenditure Account for the year ended 31st March, 2022 and the Balance Sheet as at that date:

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

ReceiptsPayments
To Balance b/d
To Subscriptions:
2020 – 21
2021 – 22
2022 – 23
To Profit on Sports Meet
To Income from Investments
1,02,500

4,500
2,11,000
7,500
1,55,000
1,00,000
By Salaries
By Stationery
By Rent
By Telephone Expenses
By Investments
By Sundry Expenses
By Balance c/d
2,08,000
40,000
60,000
10,000
1,25,000
92,500
45,000
5,80,5005,80,500

Additional Information:

(i) There are 450 members each paying an annual subscriptions of ₹ 500.

(ii) On 31st March, 2021:

(a) Outstanding subscription was ₹ 5,000.

(b) Outstanding Sundry Expenses were ₹ 7,000.

(c) Stock of Stationery was ₹ 5,000.

(d) Building was valued at ₹ 10,00,000 and it was subject to depreciation @ 5% p.a.

(e) Investments were of ₹ 20,00,000.

(iii) On 31st March, 2022, income accrued on the investments purchased during the year was ₹ 3,750.

(iv) Stock of stationery was valued at ₹ 9,000 and outstanding telephone expenses were ₹ 3,000 on 31st March, 2022.

Solution:-

Working Notes:-

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Anurag Pathak

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