Question 6 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 6 Chapter 1 of +2-A

Question 6 Chapter 1 of +2-A

6. How are the following items shown in the accounts of a Not-for-Profit Organisation?

  Rs
   
Tournament Fund 50,000
Tournament Expenses 15,000
Receipts from Tournament 20,000

The solution of Question 6 Chapter 1 of +2-A

: – 

In the Books of __________________
Receipts and Payment A/c
Liabilities 
  Amount Assets
Amount
Tournament Fund 50,000      
Add: -Receipts From Tournament 20,000      
Less: – Tournament Expenses 15,000 55,000    

Note: – In this case, there is a specific fund maintained to meet the expenditure related to the Tournament So that’s why it will be directly posted in the balance sheet by deducting the amount of expenditure from the total amount of funds.

 

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)

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)

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2 Book 1 min - Question 6 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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