Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 22 Chapter 1 of Class 12 Part - 1
22. Following information has been extracted from the accounting records of a club You are required to present information as it appears in the Income and Expenditure Account and Balance Sheet of the club as at 31st March, 2018:
| Particulars | Rs. | Particulars | Rs. |
| Building Fund | 3,00,000 | ||
| Donations received for Building | 2,50,000 | Income from sports fund investment | 1,000 |
| Expenditure on construction of Building upto 31st March, 2018 (estimated cost Rs. 5,00,000) | 1,60,000 | Donations for Sports fund | 1,500 |
| Life Membership fees | 6,000 | Sports Prizes awarded | 2,750 |
| Sport fund (1st April, 2017) | 9,000 | General fund | 30,000 |
| Sport fund Investment | 9,000 | General fund Investment | 30,000 |
| Capital Fund | 2,00,000 | Interest on general fund investment | 3,000 |
Income and Expenditure Account
| Expenditure | (Rs.) | Income | (Rs.) |
|---|---|---|---|
| By lnterest on General Fund Investment | 3,000 |
Balance Sheet
(as at 31st March 2018)
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Building Fund | Building (Work-in-Progress) | 1,60,000 | ||
| Opening Balance | 3,00,000 | Fund Investment | 30,000 | |
| Add: Donations | 2,50,000 | Sports Fund Investment | 9,000 | |
| Less: Transferred to Capital Fund | (1,60,000) | 3,90,000 | ||
| Life Membership Fees | 6,000 | |||
| Sports Fund | 9,000 | |||
| Add: Donations | 1,500 | |||
| Add: Income | 1,000 | |||
| Less: Prizes awarded | (2,750) | 8,750 | ||
| General Fund | 30,000 | |||
| Capital Fund | 2,00,000 | |||
| Add: Transferred from Building Fund | 1,60,000 | 3,60,000 |
Thanks, Please Like and share with your friends
Comment if you have any questions.
Also, Check out the solved question of all Chapters: -
Chapter No. 1 - Accounting Not for Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 22 Chapter 1 of Class 12 Part - 1 VK Publication", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter No 01 - Accounting for Not for Profit Organisation.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 22 Chapter 1 of Class 12 Part - 1 VK Publication" instantly.
