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

Accountancy Class 11

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

The document NCERT Solution (Part - 3) - Accounting for Not for Profit Organisation Commerce Notes | EduRev is a part of the Commerce Course Accountancy Class 11.
All you need of Commerce at this link: Commerce

Q13 :
 Following is the information in respect of certain items of a Sports Club. You are required
 to show them in the Income and Expenditure Account and the Balance Sheet.

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

Answer :

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

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

 

Q14 :
 Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were
 received by way of subscriptions for the year ended on March 31, 2006.
 The additional information was as under:
 1. Subscription Outstanding as on March 31, 2005 were Rs 6,500,
 2. Subscription received in advance as on March 31, 2005 were Rs 4,100,
 3. Subscription Outstanding as on March 31, 2006 were Rs 5,400,
 4. Subscription received in advance as on March 31, 2006 were Rs 2,500.
 Show how that above information would appear in the final accounts for the year
 ended on March 31, 2006 of Maitrey Sports Club.

 

Answer :
Books of Maitrey Sports Club

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

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

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

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

 

Q15 :
 Following is the Receipt and Payment account of Rohatgi Trust :

 

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

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

Prepare Income and expenditure account for the year ended December 31, 2006, and a
 balance sheet as on that date after the following adjustments: Subscription for 2006, still
 owing were Rs 7,000. Interest due on defence
 bonds was Rs7,000, Rent still owing was Rs 1,000. The Book value of investment sold was
 Rs 80,000, Rs 30,000 of the investment were still in hand. Subscription received in 2006
 included Rs 400 from a life member. The total furniture on January 1, 2006 was worth Rs
 12,000. Salary paid for the year 2007 is Rs 2,000.

 

Answer :
 

Books of Rohatgi Trust

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

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

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

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

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

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

NOTE: As per the solution, Surplus is Rs 63,500; however, as per the book, the Surplus is Rs
 59,900.

 

Q16 :
 Following Receipt and Payment Account was prepared from the cash book of Delhi
 Charitable Trust for the year ending December 31, 2007

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

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

Prepare Income and expenditure account for the year ended December 31, 2006, and a
 balance sheet as on that date after the following adjustments:
 (a) It was decided to treat one-third of the amount received on account of donation as income.
 (b) Insurance premium was paid in advance for three months.
 (c) Interest on investment Rs1,100 accrued was not received.
 (d) Rent Rs600: salary Rs900 and advertisement expenses Rs1,000 outstanding as on December 31, 2007.

 

Answer :
Books of Delhi Charitable Trust

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

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

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

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

Note:

i. per the solution, Surplus and the total of the Closing Balance Sheet are Rs 21,400 and Rs 72,000 respective however as per the answer given in the book is Rs 21,500 and Rs 72,100. Thus, in order to match the answer that of the book, Rent paid of Rs 2,000 is assumed for 12 months instead of 15 months.

ii. question asks us to prepare Income and Expenditure Account for the year ended December 31, 2006; however the solution has been prepared according to the date of Receipt and Payment Account which is December
2007.

 

Q17 :
 From the following Receipt and Payment Account of a club, prepare Income and
 Expenditure Account for the year ended December 31, 2006 and the Balance Sheet as on
 that date.

Receipt and Payment Account

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

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

Additional Information:
 

(a) The club has 100 members each paying an annual subscription of Rs900. Subscriptions outstanding on Decemb 31, 2005 were Rs 3,600.
 (b) On December 31, 2006 , salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2005.
 (c) On January 1, 2006 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.

Answer :

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

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

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

Balance Sheet as on December 31, 2005

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

Balance Sheet

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

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

NOTE: In order to match the answer with that of given in the book, Subscription Outstanding on
 December 31, 2005 has been taken as Rs 3,800 instead of Rs 3,600.

 

Q18 :
 Following is the Receipt and Payment Account of Women's Welfare Club for the year
 ended December 31, 2007:

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

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

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

Prepare Income and Expenditure Account for the year ended December 31, 2007 and
 Balance Sheet as on that date.

 

Answer :
Books of Women Welfare Club
Income and Expenditure Account

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

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

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

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

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

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

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

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