TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations are part of TS Grewal Accountancy Class 12 Solutions. Here we have given TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations.

Question 1.
From the following particulars of Evergreen club, prepare Receipts and payments Account for the year ended 31st March,2018:

Solution:

Question 2.
How are the following items shown in the accounts of a Not-for-Profit Organisation ?

Solution:

Question 3.
How are the following dealt with in the accounts of a Not-for-Profit Organisation ?

Solution:

Question 4.
How are the following dealt with while preparing the final accounts of a club?

Solution:

Question 5.
From the following information of a club show the amounts of match expenses and match fund in the appropriate Financial Statements of the club for the year ended on 31st March, 2018:

Solution:

Question 6.
Show how are the following items dealt with while preparing the final accounts for the year ended 31st March , 2018 of a Not-for-profit Organisation:
Case I: Expenditure on construction of Pavilion is ₹ 6,00,000. The construction work is in progress  and has not yet completed.
Capital Fund as at 31st March , 2017 is ₹ 20,00,000.
Case II: Expenditure on construction of Pavilion is ₹ 6,00,000. The construction work is in progress and has not yet completed.
Pavilion Fund as at 31st March, 2017 is ₹ 10,00,000 and Capital Fund as at 31st March, 2017 is ₹ 20,00,000.
Case III: Expenditure on construction of Pavilion is ₹ 6,00,000. The construction work is in progress and has not yet completed.
Pavilion Fund as at 31st March, 2017 is ₹ 10,00,000, and Capital Fund as at 31st March, 2017 is ₹ 20,00,000 .
Donation Received for Pavilion on 1st January, 2018 is ₹ 5,00,000.
Solution:

Question 7.
How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March, 2018 in each of the following alternative cases?
Case I: During the year ended 31st March, 2018, Entrance Fees received was ₹ 1,00,000.
Case II: During the year ended 31st March, 2018, Entrance Fees received was ₹ 1,00,000. Out of this ₹ 25,000 was received from individuals whose membership is not yet approved.
Solution:

Question 8.
In the year ended 31st March, 2018, the subscriptions received by the jaipur Literary Society were ₹ 4,20,000. These subscriptions include ₹ 14,000 received for the year ended 31st March, 2017. On 31st March, 2018, subscriptions due but not received were ₹ 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2018 as subscription ?
Solution:

Question 9.
Subscriptions received during the year ended 31st March, 2018 are:

There are 450 members, each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2017.
calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2018.
Solution:

Question 10.
In the year ended 31st March, 2018 subscriptions received by Kings Club, Delhi were ₹ 4,09,000 including ₹ 5,000 for the year ended 31st March, 2017 and ₹ 10,000 for the year ended 31st March, 2019. At the end ₹ 15,000. The subscriptions due but not received at the end of the previous year, i.e., 31st March, 2017 were ₹ 8,000, while subscriptions received in advance on the same date were ₹ 18,000.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2018.
Solution:

Question 11.
From the following information, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2018:

Subscriptions received during the year ended 31st March, 2018 – ₹ 3,00,000
Solution:

Question 12.
Calculate amount of subscriptions which will be treated as income for the year ended 31st March, 2018 for each of the following cases:

Solution:

Question 13.
From the following particulars, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2018:
(a) Subscriptions in arrears on 31st March, 2017 – ₹ 500
(b) Subscriptions received in advance on 31st March, 2017 for the year ended on 31st March, 2018 – ₹ 1,100
(c) Total Subscriptions received during the year ended 31st March, 2018 – ₹ 35,400
(including ₹ 400 for the year ended 31st March, 2017 ₹ 1,200 for the year ended 31st March, 2019 and ₹ 300 for the year ended 31st March, 2020)
(d) Subscriptions outstanding for year ended 31st March, 2018 – ₹ 400
Solution:

Question 14.
Receipts and Payments Account of Friends Club showed that ₹ 6,85,000 were received by way of subscriptions for the year ended on 31st March, 2018.
The additional information was as under:
(a) Subscription outstanding as on 31st March, 2017 were – ₹ 65,000.
(b) Subscription received in advance as on 31st March, 2017 were – ₹ 41,000.
(c) Subscription outstanding as on 31st March, 2018 were – ₹ 54,000.
(d) Subscription received in advance as on 31st March, 2018 were – ₹ 25,000.
Show how the above information would appear in the final accounts for the year ended on 31st March, 2018 of Friends Club.
Solution:

Question 15.
How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheets as at 31st March, 2017 and 2018 ?
Subscriptions received during the year ended 31st March, 2018 – ₹ 3,58,500
Subscriptions outstanding on 31st March, 2017 – ₹ 30,000
Subscriptions received in Advance on 31st March, 2017 – ₹ 22,500
Subscriptions received in Advance on 31st March, 2018 – ₹ 13,500
Subscriptions outstanding on 31st March, 2018 – ₹ 37,500
(including ₹ 12,500 for the year ended 31st March, 2017)
Solution:

Question 16.
From the following information , calculate amount of subscriptions outstanding for the year ended 31st March, 2018:
A club has 200 embers each paying an annual subscription of ₹ 1,000. The Receipts and Payments Account for the year showed a sum of ₹ 2,05,000 received as subscriptions. The following additional information is provided:
Subscriptions Outstanding on 31st March, 2017 – ₹ 30,000
Subscriptions Received in Advance on 31st March, 2018 – ₹ 40,000
Subscriptions Received in Advance on 31st March, 2017 – ₹ 14,000
Solution:

Question 17.
On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure Account of Good Health Hospital for the year ended 31st March, 2018:

Medicines purchased during the year ended 31st March, 2018 were ₹ 60,80,700.
Solution:

Question 18.
Calculate amount of medicines consumed during the year ended 31st March, 2018:
Opening Stock of Medicines – ₹ 1,00,000
Opening Creditors for Medicines – ₹ 90,000
Cash purchases of Medicines during the year – ₹ 3,00,000
Closing Stock of Medicines – 1,50,000
Closing Creditors for Medicines – 1,30,000
Solution:

Question 19.
Calculate amount to be posted to the Income and Expenditure Account for the year ended 31st March, 2018:
(i) Amount paid for stationery during the year ended 31st March, 2018 – ₹ 5,400; Stock of Stationery in Hand on 31st March, 2018 – ₹ 250.
(ii) Stock of Stationery in Hand on 1st April, 2017 – ₹ 1,500; Payment made for Stationery during the year ended 31st March, 2018 – ₹ 5,400; Stock of Stationery in Hand on 31st March, 2018 – ₹ 250.
(iii) Stock of Stationery on 1st April, 2017 – ₹ 1,500
Creditors for Stationery on 1st April, 2017 – ₹ 1,000
Amount paid for Stationery during the year – ₹ 5,400
Stock of Stationery on 31st March, 2018 – ₹ 250
Solution:

Question 20.
On the basis of the following information, calculate amount that will appear against the term Stationery Used in the Income and Expenditure Account for the year ended 31st March, 2018:

Solution:

Question 21.
Calculate the amount that will be posted to the income and Expenditure Account for the year ended 31st March, 2018:

Solution:

Question 22.
How are the following dealt with while preparing the final accounts for the year ended 31st March, 2018?

Additional information:
(i) Sports Materials in Hand on 31st March, 2018 – ₹ 22,000
Solution:

Question 23.
How are the following dealt with while preparing the final accounts for the year ended 31st March, 2018?

Solution:

Question 24.
​How are the following dealt with while preparing the final accounts of a sports club for the year ended 31st March, 2018?.

Solution:

Question 25.
From the following information of a Not-for-Profit Organisation, show the Sports Materials item in the Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheets as at 31st March, 2018:

Solution:

Question 26.
The book value of furniture on 1st April, 2017 is ₹ 60,000. Half of this furniture is sold for ₹ 20,000 on 30th September, 2017. Depreciation is to be charged on furniture @ 10% p.a.
Calculate loss on sale of furniture. Show how the loss on sale and depreciation on furniture will be shown in the Income and Expenditure Account for the year ended 31st March, 2018.
Solution:

Question 27.
Delhi Youth Club has furniture at a value of ₹ 2,20,000 in its book on 31st March, 2017. It sold old furniture , having book value of ₹ 20,000 as at 1st April, 2017 at a loss of 20% on 31st December, 2017. Furniture is to be depreciated @ 10% p.a. Furniture costing ₹ 1,50,000 was also purchased on 1st October, 2017.
Prepare Furniture Account for the year ended 31st March, 2018.
Solution:

Question 28.
In the year ended 31st March, 2018, salaries paid amounted to ₹ 2,04,000. Ascertain the amount chargeable to the Income and Expenditure Account for the year ended 31st March, 2018 from the following additional information:

Solution:

Question 29.
How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2018?

Locker Rent received during the year ended 31st March, 2018 – ₹ 52,000.
Solution:

Question 30.
Prepare Income and Expenditure Account for the year ended 31st March, 2018 from the following:

Solution:

Question 31.
Prepare Income and Expenditure Account from the following Receipts and Payments Account of Delhi Nursing Society for the year ended 31st March, 2018:

Donation of ₹10,000 received for Building Fund was wrongly included in the Subscriptions Account. A bill of medicines purchased during the year amounted to ₹12,800 was outstanding. Government Grant is not for a specific purpose.
Solution:

Question 32.
Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 2018:

Additional information:
(a) Outstanding Subscriptions for the year ended 31st March, 2018 – ​₹ 55,000.
(b) Outstanding Salaries and Wages – ₹ 40,000.
(c) Depreciate Sports Equipments by 25%.
Prepare Income and Expenditure Account of the club from the above particulars.
Solution:

Question 33.
From the following Receipts and Payments Account of Jaipur Sports Club, prepare Income and Expenditure Account for the year ended 31st March, 2018:

Solution:

Question 34.
Following is the Receipts and Payments Account of Delhi Football Club for the year ended 31st March, 2018:



Additional Information:
(i) During the year ended 31st March, 2018, the club had 550 members and each paying an annual subscription of ₹ 100.
(ii) Salaries Outstanding as at 1st April, 2017 were ₹ 10,000 and as at 31st March, 2018 were ₹ 5,000.
Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2018.
Solution:

Question 35.
Following is the information given in respect of certain items of a Sports club. Show these items in the Income and Expenditure Account and the Balance Sheet of the club as at 31st March, 2018:

Solution:

Question 36.
Following is the summary of cash transactions of the Royal Club for the year ended 31st March, 2018:

In the beginning of the year, the club possessed Books of ₹ 2,00,000 and Furniture of ₹ 85,000. Subscriptions in arrears in the beginning of the year amounted to ₹ 3,500 and at the end of the year ₹ 4,500 and six months Rent ₹ 6,000 was due both in the beginning of the year and at the end of the year.
​Prepare Income and Expenditure Account of the club for the year ended 31st March, 2018 and ist Balance Sheet as at that date after writing off ₹ 5,000 and ₹ 11,300 on Furniture and books respectively.
Solution:

Question 37.
From the following Receipts and Payments Account of City Club and from the information supplied, prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date:

(a) The club has 50 members each paying an annual subscription of ₹ 500. Subscriptions Outstanding on 31st March, 2017 were ₹ 6,000.
(b) On 31st March, 2018, Salries Outstanding amounted to ₹ 2,000. Salaries paid in the year ended 31st March, 2018 included ₹ 6,000 for the year ended 31st March, 2017.
(c) On 1st April, 2017, the club owned Building valued at ₹ 2,00,000; Furniture ₹ 20,000 and Books ₹ 20,000.
(d) Provide depreciation on Furniture at 10%.
Solution:

Question 38.
From the following Receipts and Payments Account and additional information given below, prepare Income and Expenditure Account and Balance Sheet of Rural Literacy Society as on 31st March, 2018:

Additional information:
(i) Subscription outstanding as on 31st March, 2017 ₹ 20,000 and on 31st March, 2018 ₹ 15,000.
(ii) On 31st March, 2018, salary outstanding ₹ 6,000 and one month rent paid in advance.
(iii) On 1st April, 2017, society owned furniture ₹ 1,20,000 and books ₹ 50,000.
Solution:

Question 39.
Modern Club’s Balance Sheet as at 1st April, 2017 was as under:

The Receipts and Payments Account for the year ended 31st March, 2018 was:

Subscriptions still to be received are ₹ 5,500 but subscriptions already received include ₹ 4,000 for next year. Salaries still unpaid are ₹ 6,000. Sports Equipments are now valued at ₹ 45,000. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.
Solution:

Question 40.
From the following information relating to the Ganesh Cricket Club, prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date. The summary of cash transactions is:

.
Subscriptions due on 31st March, 2018 amounted to ₹ 7,500. Write off 50% of Bats, Balls (not considering sale ) and 25% of Printing and Stationery.
Solution:

Question 41.
From the following Receipts and Payments Account of Mumbai Theatre Club, prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date.

Additional information:
(i) Subscriptions in arrear for the year ended 31st March, 2018 – ₹ 9,000 and subscriptions in advance for the year ended 31st March, 2019 – ₹ 3,500.
(ii) Insurance Premium outstanding ₹ 400.
(iii) Miscellaneous expenses prepaid ₹ 900.
(iv) 8% interest has accured oninvestment for five months.
(v) Billiard Table costing ₹ 3,00,000 was purchased during last year and ₹ 2,20,000 were paid for it.
Solution:

Question 42.
Following Receipts and Payments Account was prepared from the Cash Book of Delhi Charitable Trust for the year ending 31st March, 2018:

Prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as on that date after the following adjustments:
(i) Insurance premium was paid in advance for three months.
(ii) Interest on investment ₹ 11,000 accrued was not received.
(iii) Rent ₹ 6,000; Salary ₹ 9,000 and advertisement expenses ₹ 10,000 outstanding as on 31st March, 2018.
Solution:

Question 43.
Given Below is the Receipts and Payments Account of a Mayur Club for the year ended 31st March, 2018:

Prepare club’s Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date after taking the following information into account:
(i) There are 500 members, each paying an annual subscription of ₹ 500, ₹​ 5,000 are still in arrears for the year ended 31st March, 2017.
(ii) Municipal Taxes amounted to ₹​ 4,000 per year is paid up to 30th June and ₹​ 5,000 are outstanding of salaries.
(iii) Building stands in the books at ₹​ 5,00,000.
(iv) 6% interest has accrued on investments for five months.
Solution:

Question 44.
From the following information  and Receipts and Payments Account of Delhi Medical Society, prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date.



Other information:
On 31st March, 2017, the club possessed books of ₹ 2,00,000 and Furniture of ₹ 85,000. Provide depreciation on these assets @ 10% including the purchases during the year.
Subscriptions in arrears in the beginning of the year amounted to ₹ 3,500 and at the end of the year ₹ 5,500 were outstanding.
​The Club paid three months rent in advance both in the beginning and at the end of the year.
Solution:

Question 45.
From the following Receipts and Payments Account of Imran Khan club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st December, 2015 and the Balance Sheet as at that date:

Additional Information:
(i) The club had received ₹ 20,000 for subscription in 2014 for 2015.
(ii) Salaries had been paid only for 11 months.
(iii) Stock of sports materials on 31st December, 2014 was ₹ 3,00,000 and on 31st December, 2015 ₹ 6,50,000.
Solution:

Question 46.
From the following particulars relating to the Ramakrishna Mission Charitable Hospital, prepare Income and Expenditure Account for the year ended
31st March, 2018 and Balance Sheet as at that date.


Solution:

Question 47.
Following is the Receipt and Payment Account of Women’s Welfare Club for the year ended 31st March, 2018:




Prepare Income and Expenditure Account for the year ended 31st March, 2018,and Balance Sheet as on that date.
Solution:

Question 48.
Receipts and Payments Account of Shankar Sports Club is given below, for the year ended 31st March, 2018:

Prepare Income and Expenditure Account and Balance Sheet with the help of following information:
Subscription outstanding on 31st March, 2017 is ₹ 1,200 and ₹ 2,300 on 31st March, 2018; opening stock of postage stamps is ₹ 300 and closing stock is ₹ 200; Rent ₹ 1,500 related to the year ended 31st March, 2017 and ₹ 1,500 is still unpaid. On 1st April, 2017 the club owned furniture ₹ 15,000, Furniture valued at ₹ 22,500 on 31st March, 2018. The club has a loan of ​₹ 20,000(@ 10% p.a.) which was taken in year ended 31st March, 2017.
Solution:

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