Q.No.38 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Question 38 Chapter 1 of +2-A

38. From the following Receipts and Payments Account of Jaipur Sports Club, Prepare Income and Expenditure Account 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)		2,00,000	By Rent	60,000
To Entrance Fees:			(including Rs. 15,000 for 2017-18)
2017-18	10,000		By Insurance Premium	60,000
2018-19	50,000	60,000	(including Rs. 15,000 for 2019-20)
To Subscriptions:			By Sports Equipment's	50,000
2017-18	10,000		By Furniture	60,000
2018-19 (90%)	90,000		(Purchased on 31st March 2019)
2019-20	5,000	1,05,000	By 8% Fixed Deposit	1,20,000
To Life Membership Fees		20,000	(Made on 1st October 2018)
To Donations		1,20,000	By  Tournament Expenses	10,000
To Donations For Tournament		50,000	By Books	20,000
To Subscriptions for Governor’s Party		15,000	By Newspapers	1,000
To Interest on 8% Fixed Deposit		2,400	By Printing and Stationery	19,000
To Sale of Old Newspapers		300	By Balance c/d	1,80,000
To Sale of Old Sports Materials		500
(Book Value Rs 1,200)
To Locker Rent		6,800
(Including Rs 600 for 2017-18)
		5,80,000		5,80,000

The solution of Question 38 Chapter 1 of +2-A: -

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

Expenditure		Amount	Income		Amount
To Rent	60,000		By Entrance Fees (2018-19)		50,000
Less: - For 2017-18	15,000	45,000	By Subscription 2018 - 19	90,000
To Insurance Premium	60,000		Add: O/s Sub. for 2018 -19	10,000	1,00,000
Less: For 2019 - 20	15,000	45,000	(90,000 × 10/90)
To Newspapers		1,000	By Donations A/c		1,20,000
To Printing and Stationery		19,000	By Interest on Fixed Deposit	2,400
To Loss on Sale of Sports Material (1,200 - 500)		700	Add: Accrued Interest	2,400
			By Sale of Old Sports Materials		300
			By Locker Rent	6,800
			Less: For 2017-18	600	6,200
To Surplus (Balancing Figure)		1,70,600
		2,81,300			2,81,300

Note: -

• These Following items are related to the Balance sheet (i.e. These are assets or Liabilities)
  • Related to Assets: - Sports Equipment, Furniture, Insurance Premium for the year 2019-20 and 8% Fixed Deposit.
  • Related to Liabilities: - Life Membership Fees, Donations for the tournament,
• Subscription and Entrance Fees for the year 2017-18 is related to the previous year So it will be shown only in the receipts and payment account.
• Subscription for the year 2019-20 is related to the Next year So it will be shown in the receipts and payment account and Balance sheet Liabilities side.

 

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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

  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
  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

 

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