Chapter 2: Accounts of ‘Not for Profit’ Concerns
Balbharati Solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.
Practical Problems | Q 4 | Page 116
Following is the Receipts and Payments Account of “Satara Sports Club” Satara Prepare Income and Expenditure Account for the year ending 31.03.2019.
Receipts and Payments Account for the year ending 31.03.2019.
Receipts | Amt ₹ | Amt ₹ | Payments | Amt ₹ | Amt ₹ |
To Balance b/d | By Salaries | 5,000 | |||
Cash in hand | 4,500 | By Rent (Including ₹ 2,000 for 2017 - 18) | 5,000 | ||
Cash at Bank | 12,000 | 16,500 | By Electricity Charges | 1,450 | |
To Subscription | By Fixed Deposit | 60,000 | |||
2017 - 18 | 4,000 | By Printing and Stationery | 750 | ||
2018 - 19 | 44,500 | By General Expenses (Including ₹ 500 paid for next year) | 5,500 | ||
2019 - 20 | 3,500 | 52,000 | By Sports Material Purchased | 40,000 | |
To Entrance fees | 8,000 | By Balance c/d | |||
To Donation for Building fund | 70,000 | Cash in Hand | 8,900 | ||
To Interest | 600 | Cash at Bank | 25,000 | 33,900 | |
To Sale of furniture (Book Value ₹ 8000) | 4,500 | ||||
1,51,600 | 1,51,600 |
Adjustments:
1) Outstanding Subscription for Current Year is ₹ 4,500
2) Outstanding Rent for Current Year amounted to ₹ 1,000
3) Entrance Fees are to be treated as Revenue Income.
4) Stock of Sports Material as on 01.04.2018 ₹ 6,000 and on 31.03.2019 ₹ 14,000
Solution:
In the books of ‘ Satara Sports Club’ Satara
Income and Expenditure Account for the year ended on 31st March 2019
Expenditure | Amount ₹ | Amount ₹ | Income | Amount ₹ | Amount ₹ |
To Salaries | 5,000 | By Subscription received for 2018 – 19 | 44,500 | ||
To rent | 5,000 | Add: Outstanding Subscription for Current Year | 4,500 | 49,000 | |
Add: Outstanding rent of Current Year | 1,000 | By Entrance Fees | 8,000 | ||
Less: rent received for the Year 2017 – 18 | 2,000 | 4,000 | By Interest | 600 | |
To Electricity Charges | 1,450 | ||||
To Printing and Stationery | 750 | ||||
To General Expense | 5,500 | ||||
Less: Amount Paid for Next Year | 500 | 5,000 | |||
To Sports Material Consumed | |||||
Opening Stock | 6,000 | ||||
Add: Sports Material Purchased in Current Year | 40,000 | ||||
46,000 | |||||
Less: Closing Stock of Sports Material | 14,000 | 32,000 | |||
To Loss due to Sale of Furniture (8,000 – 4,500) | 3,500 | ||||
To Surplus (Excess of income over expenditure) | 5,900 | ||||
57600 | 57600 |
Working Notes :
(1) Entrance fees are to be treated as revenue income. Therefore the entire amount is recorded on the income side.
(2) Since the selling price of Furniture ₹ 4,500 is lower than its cost price of ₹ 8,000, there is Loss on sale of furniture.
It is calculated as follows :
Loss on sale of furniture = Book value (cost) – Selling price
= 8,000 – 4,500
= ₹ 3,500
It is debited to Income and Expenditure A/c.
Book-keeping and Accountancy 12th Standard
HSC Maharashtra State Board. Latest Syllabus.
Chapter 1: Introduction to Partnership and Partnership Final Accounts
Chapter 2: Accounts of ‘Not for Profit’ Concerns
Chapter 3: Reconstitution of Partnership (Admission of Partner)
Chapter 4: Reconstitution of Partnership (Retirement of Partner)
Chapter 5: Reconstitution of Partnership (Death of Partner)
Chapter 6: Dissolution of Partnership Firm
Chapter 8: Company Accounts - Issue of Shares
Chapter 9: Analysis of Financial Statements
Chapter 10: Computer In Accounting
ACCOUNTS BOARD PAPERS
HSC Accounts March 2020 Board Paper With Solution
MARCH 2014 : View | PDF Download
OCTOBER 2014 View | PDF Download
MARCH 2015 View | PDF Download
JULY 2015 View | PDF Download
MARCH 2016 View | PDF Download
JULY 2016 View | PDF Download
JULY 2017 View | PDF Download
MARCH 2017 View | PDF Download
MARCH 2018 View | PDF Download
JULY 2018 View | PDF Download
MARCH 2019 View | PDF Download
MARCH 2020 View | PDF Download
ACCOUNTANCY PAPER PATTERN: New 2020, Old View | PDF Download
PROFORMA OF TRADING ACCOUNT: View | PDF Download
PROFORMA OF PROFIT & LOSS ACCOUNT: View | PDF Download
PROFORMA OF BALANCE SHEET: View | PDF Download
FINAL ACCOUNT ADJUSTMENTS: View | PDF Download
SINGLE ENTRY: View : PDF Download
FINAL ACCOUNT: View | PDF Download
BILL OF EXCHANGE: View | PDF Download
FORMAT OF BILL: View | PDF Download
ADMISSION OF A PARTNER: View | PDF Download
RETIREMENT OF PARTNER: View | PDF Download
DEATH OF PARTNER: View | PDF Download
ACCOUNTING FOR SHARES : View | PDF Download
DISSOLUTION OF PARTNERSHIP FIRM : View | PDF Download
VALUATION OF GOODWILL WITH SOLUTION: View | PDF Download
FORMAT OF FINAL ACCOUNT : View | PDF Download
INTRODUCTION TO PARTNERSHIP: View | PDF Download
DISSOLUTION OF PARTNERSHIP FIRM
VALUATION OF GOODWILL WITH SOLUTION
ACCOUNTS BOARD PAPERS WITH SOLUTION
MARCH 2014, OCTOBER 2014, MARCH 2015, JULY 2015, MARCH 2016, JULY 2016.JULY 2017, MARCH 2017, MARCH 2018, JULY 2018 MARCH 2019 MARCH 2020
IMPORTANT PRACTICE PAPER FOR BOARD EXAM 2020
SELECT THE MOST APPROPRIATE ALTERNATIVE
