Ts grewal 2021-2022 Question 6 to 10 | 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 1.60:

Question No.6:

Following is the summary of cash transactions of Good Health Club for the year ending 31st March 2018

From the above summary prepare a Receipts and Payments Account of Good Health Club for the year ending 31st March, 2018.      

(CBSE 2019)

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Answer:

Page No 1.60:

Question No.7:

State how will be the prizes awarded of ` 5,000 shown while preparing the final accounts of a club for the year ending on 31st March, 2021.

Answer:

Explanation;

prizes awarded of ` 5,000 will be shown in the expenditure side of the income and expenditure account.

Page No 1.61:

Question No. 8:

How are the following items presented in financial statements of a Not-for-Profit organisation?

(a) Tournament Fund 80,000;

(b) Tournament Expenses 14,000.                                                      (CBSE Sample Paper 2019)

Answer:

Page No 1.61:

Question No.9:

How are the following items shown in the accounts of a Not-for-Profit Organisation?

Tournament Fund                    50,000

Tournament Expenses              15,000

Receipts from Tournament      20,000

Answer:

Page No 1.61:

Question No.10:

How are the following dealt with in the accounts of a Not-for-Profit Organisation ?

Answer:

Case 1

Note: Match Expenses of ` 15,000 are not deductible from the Prize Fund. This is because the Prize Fund is maintained only to meet the expenses relating to the Prize. However, the match expenses (i.e.  ` 15,000) will be debited to the Income and Expenditure Account as there is no specific fund is maintained to meet such expenses.

Case 2

Note: Prizes paid worth  ` 19,000 are not deductible from the Match fund because the Match Fund. This is because Match Fund is maintained only to meet the expenses relating to the Match. However, the prizes paid (i.e.  ` 19,000) will be debited to the Income and Expenditure Account as there is no specific fund is maintained for distributing the prizes. Also, the interest on Match Fund Investments is added to the Match Fund because it is an income related to this particular fund.

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

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