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solution of question 17 Accounts pg no.60 of chapter 1
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Question 17: Solution - Accounting for Not-for-Profit Organisation

To solve question 17 on page 60 of the Accounts textbook, related to Chapter 1: Accounting for Not-for-Profit Organisation (Part - 4), we need to follow the given rules and provide a detailed explanation in less than 300 words. Let's break down the solution into headings and key points:

Summary:
The question requires us to prepare a Receipts and Payments Account for the year ending 31st March 2020, and determine the surplus or deficit.

Receipts and Payments Account:
A Receipts and Payments Account is a summary of all cash receipts and payments made by a not-for-profit organization during a particular period. It helps in determining the surplus or deficit of the organization.

Given Information:
- Opening cash balance as on 1st April 2019: Rs. 2,00,000
- Subscription received during the year: Rs. 50,000
- Rent received: Rs. 10,000
- Salary paid: Rs. 15,000
- Printing and stationery: Rs. 5,000
- Books purchased: Rs. 20,000
- Cash in hand as on 31st March 2020: Rs. 1,00,000
- Outstanding salary: Rs. 5,000

Receipts and Payments Account for the year ending 31st March 2020:

Receipts:
- Opening cash balance: Rs. 2,00,000
- Subscription received: Rs. 50,000
- Rent received: Rs. 10,000
- Total receipts: Rs. 2,60,000

Payments:
- Salary paid: Rs. 15,000
- Printing and stationery: Rs. 5,000
- Books purchased: Rs. 20,000
- Total payments: Rs. 40,000

Surplus or Deficit:
- Surplus = Total receipts - Total payments
- Surplus = Rs. 2,60,000 - Rs. 40,000
- Surplus = Rs. 2,20,000

Adjustments:
- Outstanding salary: Rs. 5,000
- Cash in hand as on 31st March 2020: Rs. 1,00,000

Final Surplus:
- Surplus after adjustments = Surplus + Outstanding salary - Cash in hand
- Surplus after adjustments = Rs. 2,20,000 + Rs. 5,000 - Rs. 1,00,000
- Surplus after adjustments = Rs. 1,25,000

Therefore, the surplus for the year ending 31st March 2020 is Rs. 1,25,000.

Note: The above solution is based on the given information, and it is always recommended to refer to the original textbook or consult a teacher for accurate solutions.
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solution of question 17 Accounts pg no.60 of chapter 1 Related: NCERT Solution - Chapter 1 : Accounting for Not-for-Profit Organisation (Part - 4)
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