Question 39 Chapter 1 of +2-A
Table of Contents
39. Following is the information is given in respect of certain items of a Sports Club. Shows these items in the income and Expenditure Account and the Balance Sheet of the Club 31st March 2019:
| Particulars | Rs. |
| Sports Fund as on 1st April 2018 | 3,50,000 |
| Sports Fund Investments | 3,50,000 |
| Interest on Sports Fund Investments | 40,000 |
| Donations for Sports Fund | 1,50,000 |
| Sports Prizes Awarded | 1,00,000 |
| Expenses on Sports Events | 40,000 |
| General Fund | 8,00,000 |
| General Fund Investments | 8,00,000 |
| Interest on General Fund Investments | 80,000 |
The solution of Question 39 Chapter 1 of +2-A: –
| Income and Expenditure Account (for the year ended 31st March 2019) |
|||||
| Expenditure |
Amount | Income |
Amount | ||
| By Interest on General Fund Investments | 80,000 | ||||
| 2,81,300 | 2,81,300 | ||||
| BALANCE SHEET (AN EXTRACT) (as on 31st March 2019) |
|||||
| Liabilities |
Amount | Assets |
Amount | ||
| Sports Fund | 4,00,000 | Sports Fund Investment | 3,50,000 | ||
| General Fund | 8,00,000 | General Fund Investments | 8,00,000 | ||
Working Note: –
| Calculation of Closing Balance Sports Fund as on 31st March 2019 |
||
| Particular | Details | Amount |
| Opening Balance of Sports Fund as on 31st March 2018 | 3,50,000 | |
| Add: – Interest on Sports Fund Investment | 40,000 | |
| Donation for Sports Fund | 1,50,000 | 1,90,000 |
| 5,40,000 | ||
| Less: – Sports Prizes awarded | 1,00,000 | |
| Expenses on Sports Events | 40,000 | |
| 1,40,000 | ||
| Closing Balance Sports Fund as on 31st March 2019 | 4,00,000 | |
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)
- 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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