NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Accountancy Class 12

Commerce : NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

The document NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev is a part of the Commerce Course Accountancy Class 12.
All you need of Commerce at this link: Commerce

PAGE NO. 55

Q.8. Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017:
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Other Information:
Subscription outstanding was on December 31, 2016 Rs 1,200 and Rs 3,200 on December 31, 2017. Locker rent outstanding on December 31, 2013 Rs 250. Salary outstanding on December 31, 2013 Rs 1,000.
On January 1, 2017, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).
Ans.
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Q.9. From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2017.
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Additional Information:
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Ans.
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev


PAGE NO. 56

Q.10. Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017

NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Prepare Income and Expenditure Account and Balance Sheet with help of following Information:
Subscription outstanding on March 31, 2016 is Rs 1, 200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid.
On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500
On March 31, 2017. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2017*.
Ans.
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev


PAGE NO. 57

Q.11. Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2006 from the following Receipt and Payment Account and Balance Sheet of culture club:
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Ans.
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev


PAGE NO. 58

Q.12. From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2017.
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Additional Information:
1. The Club had 500 members each paying an annual subscription of Rs 150.
2. On 31.3.2016 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 2015–16.
3. Provide 5% depreciation on Land and Building.
Ans.
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

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