Question 1

Q.No.1 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 2

Q.No.2 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 2 Chapter 1 of +2-A
EXERCISE
Receipts and Payment Account
2. Bengal Cricket Club was Inaugurated on 1st April 2018. It had the following Receipts and Payments during the year ended 31st March 2019
Receipts: Entrance Fees Rs 10,000; Subscriptions Rs 60,000; Donations Rs 10,000.
Payments: Rent Rs 15,000; Postage Rs 1,000; Newspapers and Magazines Rs 8,000; Investments Rs 30,000; Stationery Rs 4,000; Entertainment Expenses Rs 3,000; Miscellaneous Expenses Rs 2,000
Show the Receipts and Pa

Question 3

Q.No.3 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 3 Chapter 1 of +2-A
3. The following information was obtained from the books of Delhi Club as on 31st March 2019 at the end of the first year of the Club, prepare Receipts and Payments Account for the year ending 31st March 2019

Receipts 
Amount
Payments 
Amount

Donation for Building and Library room
2,00,000
Purchase of Land
10,000

Entrance fees
17,000
Purchase of Furniture
1,30,000

Subscription
19,000
Salaries
4,800

Lockers Rent
1,660
Maintenance of Play Grounds
1,000

Re

Question 4

Q.No.4 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 4 Chapter 1 of +2-A
4. From the following information, prepare Receipts and Payments Account of Long town Sports Club for the year ending 31st March 2019

Receipts 
Amount
Payments 
Amount

Opening Balance:
 
Charity Given
10,000

Cash in Hand
50,000
Match Expenses
30,000

Cash at Bank
60,000
Salaries
63,600

Subscription Received:
 
Honorarium
4,000

2017-18
4,000
12% Investment Purchased
60,000

2018-19
1,40,000
Entrance Fees
4,000

2019-20
8,000
Interest on 12% Investments

Question 5

Q.No.5 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 5 Chapter 1 of +2-A
5. From the following particulars of Evergreen Club, prepare Receipts and Payments. Account for the year ended 31st March 2019:

Receipts 
Amount
Payments 
Amount

Cash in Hand on 1st April 2018
50,000
Newspapers and Magazines
87,000

Cash at Bank on 1st April 2018
3,40,000
Sale of Old Newspapers
12,000

Subscriptions Received
15,70,000
Books Purchased
3,40,000

Donation Received
2,80,000
Sports Materials Purchased
4,70,000

Investment Purchased
5,00,000
Inte

Question 6

Q.No.6 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

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

Not

Question 7

Q.No.7 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 7 Chapter 1 of +2-A
7. How are the following dealt with in the accounts of a Not-Profit Organisation?

Case I
Debit
Credit
Case II
Debit
Credit

50,000
Match Fund
 
50,000

Prize Fund
 
 
Match Expenses
35,000

Prizes Awarded
12,000
 
Investments of Match Funds
60,000

Match Expenses
15,000
 
Interest on Match Fund Investment
 
3,000

Prizes Awarded
19,000

The solution of Question 7 Chapter 1 of +2-A: - 
In the Books of __________________

Receipts and Payme

Question 8

Q.No.8 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

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
2,88

Question 9

Q.No.9 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

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 3

Question 10

Q.No.10 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 10 Chapter 1 of +2-A
10. Show how are the following items dealt with while preparing the final accounts for the year ended 31st March 2019 of a Not-for-Profit Organisation:
The case I: Expenditure on the construction of Pavilion is Rs 6,00,000. The construction work is in progress and has not yet completed. Capital Fund as at 31st March 2018 is Rs 20,00,000.
Case II Expenditure on the construction of Pavilion is Rs 6,00,000. The construction work is in progress and has not yet complete

Question 11

Q.No.11 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 11 Chapter 1 of +2-A
Entrance Fees
11. How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March 2019 in each of the following alternative cases?
Case I During the year ended 31st March 2019, Entrance Fees received was Rs 1,00,000.
Case II During the year ended 31st March 2019, Entrance Fees received was Rs 1,00,000. Out of this, Rs. 25,000 was received from individuals whose membership is not yet approved.
The solution of Question 11 Chapter 1 of

Question 12

Q.No.12 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 12 Chapter 1 of +2-A
Calculation of Amount of Subscriptions
12. In the year ended 31st March 2019 subscription received by the Jaipur Literary Society was Rs 4,20,000. These subscriptions include Rs 14,000 received for the year ended 31st March 2018 On 31st March 2019, subscriptions due but not received were Rs. 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March 2019 as a subscription?
The solution of Question 12 Chapter 1 of +2-A: -

Question 13

Q.No.13 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 13 Chapter 1 of +2-A
13. Subscription received during the year ended 31st March 2019 are: For the year ended 31st March 2018 1,600For the year ended 31st March 2019 84,400For the year ended 31st March 2020 3,200 89,200There are 450 members, each paying an annual subscription of Rs 200; Rs 1,800 were in arrears for the year ended 31st March 2018.Calculate the number of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March 2019
The solution of Ques

Question 14

Q.No.14 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 14 Chapter 1 of +2-A
14. In the year ended 31st March 2019, Subscriptions received by Kings Club, Delhi was Rs 4,09,000 including Rs 5,000 for the year ended 31st March 2018 and Rs. 10,000 for the ended 31st March 2020. At the end of the year ended 31st March 2019 subscriptions outstanding for the year ended 31st March 2019 were 15,000. The subscriptions due but not received at the end of the previous year i.e. 31st March 2018 were Rs. 8,000, while subscriptions received in advance on

Question 15

Q.No.15 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 16

Q.No.16 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 16 Chapter 1 of +2-A
16. Calculate the number of subscriptions which will be treated as income for the year ended 31st March 2019 for each of the following cases:

Particulars 
Rs.

Case I.
(i)   Subscriptions collected during the year ended 31st March 2019 
2,50,000

(ii)  Subscriptions in Arrears for the year ended 31st March 2019
6,000

(iii) Subscription received in advance for the year ended 31st March 2020
5,000

Case II
(i)   Subscriptions collected during the year e

Question 17

Q.No.17 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 17 Chapter 1 of +2-A
17. From the Following Particulars, Calculate the number of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March 2019:

Rs.

(a)
Subscription in arrears on 31st March 2019 
500

(b)
Subscription received in advance on 31st March 2018 for the year  ended on 31st March 2019 
1,100

(c)
Total Subscriptions received during the year ended 31st March 2019 
35,400

(Including Rs 400 for the year ended 31st March 201

Question 18

Q.No.18 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 18 Chapter 1 of +2-A
18. How are the following items of subscription shown in the Income and Expenditure Account for the year ended 31st March 2019 and Balance sheet as at 31st March 2018 and 2019?

Rs.

Subscription received during the year ended 31st March 2019
3,58,500

Subscription outstanding on 31st March 2018 
30,000

Subscription received in Advance on 31st March 2018
22,500

Subscription received in Advance on 31st March 2019
13,500

Subscription outstanding on 31st M

Question 19

Q.No.19 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 19 Chapter 1 of +2-A
19. From the following information, calculate the number of subscriptions outstanding for the year ended 31st March 2019:A club has 200 members each paying an annual subscription. The following additional information is provided:

Rs.

Subscription outstanding on 31st March 2018 
30,000

Subscription received in Advance on 31st March 2019
40,000

Subscription received in Advance on 31st March 2018
14,000

The solution of Question 19 Chapter 1 of +2-A: -

Question 20

Q.No.20 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit Singh · Accepted Answer

Question 20 Chapter 1 of +2-A
20. From the following information prepare Subscription Account for the year ending 31st March 2019

Particulars 
31st March 2018 
31st March 2019

Rs.
Rs.

Subscription in Arrears 
20,000
18,000

Subscription in Advance
13,000
11,000

In the year ending 31st March 2019 subscription received were Rs. 2,10,000 (Including Rs 6,000 of arrears from the previous year) and subscription arrears of previous year were written off Rs. 4,000.
The solution of Question

T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1 Solutions Chapter No. 1 - Financial Statements of Not-for-Profit Organisations - T.S. Grewal - XII

Quick Chapter Summary & Cheat Sheet

💡 Double Entry Accounting Principles

Topics & Questions Solved:

Table of Contents

Q.No.1 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.2 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.3 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.4 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.5 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.6 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.7 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.8 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.9 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.10 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.11 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.12 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.13 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.14 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.15 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.16 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.17 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.18 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.19 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.20 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.21 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.22 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.23 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.24 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.25 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.26 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.27 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.28 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.29 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.30 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.31 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.32 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.33 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.34 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.35 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.36 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.37 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.38 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.39 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.40 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.41 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.42 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.43 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.44 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.45 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.46 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.47 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.48 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.49 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.50 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.51 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.52 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.53 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Q.No.54 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Sarbjit SinghB.Com and M.Com