Q.No.37 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Question 37 Chapter 1 of +2-A

37. Following is the Receipts and Payments Account of You Bee Forty Club for the Year ended 31st March 2019:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March 2019

Receipts	Rs.	Payments	Rs.
To Balance b/d (Cash)	1,50,000	By Salaries and Wages	1,60,000
To Subscriptions		By Office Expenses	35,000
2017-18	60,000	By Sports Equipment's	3,40,000
2018-19	3,50,000	By Telephone Charges	24,000
To Donations	50,000	By Electricity Charges	32,000
To Entrance Fees	80,000	By Travelling Expenses	65,000
		By Balance c/d (Cash)	34,000
	6,90,000		6,90,000

The solution of Question 37 Chapter 1 of +2-A: -

Income and Expenditure Account (for the year ended 31st March 2019)

Expenditure		Amount	Income		Amount
To Salaries and wages	1,60,000		By Subscriptions	3,50,000
Add: - O/S Amount	40,000	2,00,000	Add: - O/S Subscription	55,000	4,05,000
To Office Expenses		35,000	By Donations		50,000
To Telephone Charges		24,000	By Entrance Fees		80,000
To Electricity Charges		32,000
To Travelling Expenses		65,000
To Dep. On Sport Equipment		85,000
To Surplus(Balancing Figure)		94,000
		5,35,000			5,35,000

Note: -

These Following items are related to the Balance sheet (i.e. These are assets or Liabilities)
Related to Assets: - Sports Equipment,
And
Subscription for the year 2017-18 is related to the previous year. So it will be shown only in the receipts and payment account.

 

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication