Question 8 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 8 Chapter 1 of +2-A

Question 8 Chapter 1 of +2-A

8. How are the following dealt with while preparing the final accounts of a club?

ParticularsDebitCredit
Match Fund 80,000
Match Fund Investments72,000 
Match Fund Bank Balance3,500 
Interest on Match Fund Investments 2880
Match Expenses5,500 

The solution of Question 8 Chapter 1 of +2-A

: – 

 
Balance Sheet
Liabilities
 AmountAssets
Amount
Match Fund80,000 Match Fund Investments72,000
Add: – Interest on Match Fund Investment2,880 Match Fund Bank Balance3,500
Less: – Match Expenses5,50077,380  

Note 1: – There is a specific fund maintained to meet the expenditure related to the Match, 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.

Note 2: – Match Fund investments and Match Fund Bank Balance are our assets so they will be shown
in the balance sheet on the assets 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)

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)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 8 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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