Question 9 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 9 Chapter 1 of +2-A

Question 9 Chapter 1 of +2-A

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

Balance Amount of Match Expenses after deduction of 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 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 NILL    

 

 

 

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 9 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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