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?

Particulars Debit Credit
Match Fund   80,000
Match Fund Investments 72,000  
Match Fund Bank Balance 3,500  
Interest on Match Fund Investments   2880
Match Expenses 5,500  

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

: – 

 
Balance Sheet
Liabilities
  Amount Assets
Amount
Match Fund 80,000   Match Fund Investments 72,000
Add: – Interest on Match Fund Investment 2,880   Match Fund Bank Balance 3,500
Less: – Match Expenses 5,500 77,380    

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)

  • 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

 

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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