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Question 38 Chapter 1 of +2-A
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Table of Contents
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.
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
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
- 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
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