Question 37 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 37 Chapter 1 of +2-A

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 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.

 

Not-for-Profit Organisations – Meaning and Overview

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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)

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

2 Book 1 min - Question 37 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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