Question 39 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 39 Chapter 1 of +2-A

Question 39 Chapter 1 of +2-A

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)

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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2 Book 1 min - Question 39 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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