Question 19 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 19 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 19 Chapter 1 – Unimax Class 12 Part 1 – 2021

19. Show the following information in the Balance Sheet of a Sports Club for the year ended 31st Dec. 2021..

Particulars Dr. Balance Cr. Balance
Sports Fund –   2,000
Sports Fund Investments 2,000 –  
Interest on Sports Fund Investments –   200
Sports Expenses 420 –  
Sports Fee Collected   80

The solution of Question 19 Chapter 1 – Unimax Class 12 Part 1:

Liabilities   Amount Assets Amount
Opening Balance 2,000   Sports Fund Investment 2,000
+ Interest 200      
– Fee collected 80      
  2,280      
– Sport Expenses 420 1,860    

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

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