Ts Grewal 2021-2022 Question 11 to 15 | Not for Profit Organisation | 12th

 Double Entry Book Keeping - Ts Grewal Volume-I 2021-2022

Solutions for Class 12 Commerce Accountancy Chapter 1 - Financial Statements Of Not For Profit Organisations

Page No 1.61:

Question No.11:

How the following items for the year ended 31st March, 2019 will be presented in the financial statements of Aisko Club?

Additional Information:

Interest Accrued on Tournament Fund Investments ` 6,000.

Click on the answer for a clear answer

स्पष्ट उत्तर के लिए उत्तर पर क्लिक करें

Answer:

Extract of Balance sheet

Page No 1.62:

Question No.12: 

How will the following items be presented in the Income and Expenditure Account' of a club for the year ending 31st March, 2019 and the Balance Sheet as on that date?

(CBSE 2020)

Answer:

 Balance sheet

Page No 1.62:

Question No.13:

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

TRIAL BALANCE as

at 31st March, 2021

Answer:

 Balance sheet

as at 31st March, 2021

Page No 1.62:

Question No.14:

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, 2021:

Answer:

 Balance sheet

as at 31st March, 2021

Income and Expenditure Account

Note: The total Match expenses amounts to  ` 1,02,000 whereas the total amount available in the Match Fund is only  ` 79,000 (i.e.  ` 24,000 +  ` 40,000 + ` 15,000). This implies that expenses of ` 79,000 is met through the Fund while the remaining expenses of  ` 23,000 (i.e.  ` 1,02,000 –  ` 79,000) are debited to the Income and Expenditure Account.

Page No 1.62:

Question No.15:

Show how are the following items dealt with while preparing the final accounts for the year ended 31st March, 2021 of a Not-for-profit Organisation:

Case I

Expenditure on construction of Pavilion is  ` 6,00,000. The construction work is in progress and has not yet completed. Capital Fund as at 31st March, 2020 is  ` 20,00,000.

Case II

Expenditure on construction of Pavilion is  ` 6,00,000. The construction work is in progress and has not yet completed. Pavilion Fund as at 31st March, 2020 is  ` 10,00,000 and Capital Fund as at 31st March, 2020 is  ` 20,00,000.

Case III

Expenditure on construction of Pavilion is  ` 6,00,000. The construction work is in progress and has not yet completed. Pavilion Fund as at 31st March, 2020 is  ` 10,00,000, and Capital Fund as at 31st March, 2020 is  ` 20,00,000. Donation Received for Pavilion on 1st January, 2021 is ` 5,00,000.

Answer:

 Balance sheet

as at 31st March, 2021

Case I

Case II

 Balance sheet

as at 31st March, 2021

Case III

 Balance sheet

as at 31st March, 2021

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Chapter-1: Not for Profit Organisation | 2021-2022

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