Title TS-Grewal-Class12-CH1.pdf ✅

Practical Question Question 1 From the information given below, prepare Receipts and Payments A/count of Railway Club for the year ended March 31st, 2019: ₹ ₹ Cash in Hand on 1st April, 2018 4,390 Salaries 21,500 Subscription 37,600 Honorarium to Secretary 2,500 Donations 8,000 Interest Received on Investments 2,950 Entrance Fees 4,300 Printing and Stationery 350 Rent Received for Club Halls 5,250 Petty Cash Expenses 900 Electricity Charges 3,440 Insurance Premium Paid 310 Taxes paid 490 Solution: Dr. Receipts and Payments A/c. as on March 31st, 2019 Cr. Receipts ₹ Payments ₹ To balance b/d 4,390 By Electricity Charges 3,440 To Subscriptions 37,600 By Taxes Paid 490 To Donations 8,000 By Salaries 21,500 To Entrance Fees 4,300 By Honorarium to Secretary 2,500 To Rent Received for Club Halls 5,250 By Printing and Stationery 350 To Interest Received on Investments 2,950 By Petty Cash Expenses 900 By Insurance Premium Paid 310 By balance c/d 33,000 62,490 62,490 Question 2 Bengal Cricket Club was inaugurated on 1st April, 2018. It had the following Receipts and Payments during the year ended March 31st, 2019: Receipts: Entrance Fees ₹ 10,000; Subscriptions ₹ 60,000; Donations ₹ 10,000. Payments: Rent ₹ 15,000; Postages ₹ 1,000; Newspapers and Magazines ₹ 8,000; Investments ₹ 30,000; Stationery ₹ 4,000; Entertainment Expenses ₹ 3,000; Miscellaneous Expenses ₹ 2,000. Show the Receipts and Payments A/count for the year ended March 31st, 2019 Solution: Chapter 1- Company Accounts Financial Statements of Not-for-Profit Organisations