NCERT Solution (Part - 2) - Accounting for Not for Profit Organisation | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year PDF Download

Q7 :
 The following is the account of cash transactions of the Nari Kalayan Samittee for the year
 ended December 31, 2006:

You are required to prepare an Income and Expenditure Account after the following
 adjustments:
 (a) Subscription still to be received are Rs 750, but subscription include Rs 500 for the year
 2007.
 (b) In the beginning of the year the Sangh owned building Rs 20,000 and furniture Rs
 3,000 and Books Rs 2,000.
 (c) Provide depreciation on furniture @ 5% (including purchase), books @ 10% and
 building @ 5%.
 

Answer :

Q8 :
 Following is the Receipt and Payment Account of Indian Sports Club, prepared Income
 and Expenditure Account, Balance Sheet as on December 31, 2006:
 Receipt and Payment Account

Other Information:
 Subscription outstanding was on December 31, 2005 Rs 1,200 and Rs 3,200 on December
 31, 2006. Locker rent outstanding on December 31, 2006 Rs 250. Salary outstanding on
 December 31, 2006 Rs 1,000.
 On January 1, 2006, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments
 Rs 17,500. Depreciati

on charged on these items @ 10% (including Purchase).
 

Answer :

Balance Sheet
as on Dec. 31, 2006

Q9 :
 From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income
 and Expenditure Account and Balance Sheet for the year ending December 31, 2006.
 Receipt and Payment Account

Answer :

Q10 :
 Receipt and Payment Account of Shankar Sports club is given below, for the year ended
 December 31, 2006

Prepare Income and Expenditure Account and Balance Sheet with help of following
 Information:
 Subscription outstanding on 31st December 2005 is Rs 1, 200 and Rs 2,300 on 31.12.2006,
 opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related
 to 2005 and Rs 1,500 is still unpaid.
 On January 1, 2006 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500
 On 31.12.2006. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2005.
 

Answer :

NOTE 1: As per the solution, Deficit is Rs 6,100 and the total of the Balance Sheet as on Dec.
 31, 2006 is Rs 44,500. However, as per the book, Deficit is Rs 8,100 and the total of the Balance
 Sheet as on Dec. 31, 2006 is Rs 53,500.
 

Q11 :
 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:

Answer :

Q12 :
 From the following Receipt and Payment Account prepare final accounts of a Unity Club
 for the year ended March 31, 2007.

Additional Information:
 1. The Club had 500 members each paying an annual subscription of Rs 150.
 2. On 31.3.2007 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 200
 06.
 3. Provide 5% depreciation on Land and Building.
 

Answer :

Note: As per the solution, Deficit is Rs 200 and the total of the Balance Sheet as on March 31,
 2007 is Rs 7,07,000. However, the Surplus given in the book is Rs 14,000 and the total of the
 Balance Sheet as on March 31, 2007 is Rs 7,27,000