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Question 9 Chapter 1 of +2-A
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9. From the following information of a club show the amounts of match expenses and match fund in the appropriate Financial Statements of the club for the year ended on 31st March 2019:
Particulars | Rs |
Match expenses paid during the year ended 31st March 2019 | 1,02,000 |
Match Fund as on 31st March 2019 | 24,000 |
Donation for Match Fund (Received during the year ended 31st March 2019 | 40,000 |
Proceeds from the sale of match tickets (Received during the year ended 31st March 2019 | 15,000 |
The solution of Question 9 Chapter 1 of +2-A: –
In the Books of __________________ Income and Expenditure A/c | |||
Expenditure | Amount | Income | Amount |
To Match Expenses A/c | 23,000 |
Note: – In this case, there is a limited specific fund maintained to meet the expenditure related to the Matches, so up to the limit of the fund we will deduct match expenses from the fund and the balance will be transferred to the Income and Expenditure account.
Total balance of fund = Match fund + Donation received + amount received from sale of march Tickets
= 24,000 + 40,000 + 15,000
= 79,000
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Balance Amount of Match Expenses after deduction of the total amount from the total Balance of Fund
=1,02,000 – 79,000
= 23,000/-
This amount(23,000) will be transferred to the income and expenditure a/c and the Zero amount transferred to the Balance sheet
Balance Sheet | ||||
Liabilities | Amount | Assets | Amount | |
Match Fund | 24,000 | |||
Add: – Donation for Match Fund | 40,000 | |||
Sale of match Tickets | 15,000 | |||
Less: – Match Expenses | 79,000 | NIL |
Not-for-Profit Organisations – Meaning and Overview
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Also, Check out the solved question of previous Chapters: –
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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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