TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations

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.

Board CBSE
Textbook NCERT
Class Class 12
Subject Accountancy
Chapter Chapter 7
Chapter Name Company Accounts Financial Statements of Not-for-Profit Organisations
Number of Questions Solved 48
Category TS Grewal Solutions

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q1
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q1

Question 2.
How are the following items shown in the accounts of a Not-for-Profit Organisation ?
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q2
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q2

Question 3.
How are the following dealt with in the accounts of a Not-for-Profit Organisation ?
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q3
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q3

Question 4.
How are the following dealt with while preparing the final accounts of a club?
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q4
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q4

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q5
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q5

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q6
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q6.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q7

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q8

Question 9.
Subscriptions received during the year ended 31st March, 2018 are:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q9
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q9

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q10

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q11
Subscriptions received during the year ended 31st March, 2018 – ₹ 3,00,000
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q11
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q11.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q12
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q12
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q12.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q12.2

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q13

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q14
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q14.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q15
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q15.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q16

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q17
Medicines purchased during the year ended 31st March, 2018 were ₹ 60,80,700.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q17

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q18

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q19
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q19.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q20
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q20

Question 21.
Calculate the amount that will be posted to the income and Expenditure Account for the year ended 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q21
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q21

Question 22.
How are the following dealt with while preparing the final accounts for the year ended 31st March, 2018?
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q22
Additional information:
(i) Sports Materials in Hand on 31st March, 2018 – ₹ 22,000
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q22

Question 23.
How are the following dealt with while preparing the final accounts for the year ended 31st March, 2018?
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q23
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q23
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q23.1

Question 24.
​How are the following dealt with while preparing the final accounts of a sports club for the year ended 31st March, 2018?.
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q24
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q24

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q25
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q25
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q25.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q26
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q26.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q27
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q27.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q28
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q28

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?
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q29
Locker Rent received during the year ended 31st March, 2018 – ₹ 52,000.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q29

Question 30.
Prepare Income and Expenditure Account for the year ended 31st March, 2018 from the following:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q30
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q30

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q31
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q31

Question 32.
Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q32
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q32

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q33
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q33
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q33.1

Question 34.
Following is the Receipts and Payments Account of Delhi Football Club for the year ended 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q34
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q34.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q34.2
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q34
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q34.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q35
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q35
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q35.1

Question 36.
Following is the summary of cash transactions of the Royal Club for the year ended 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q36
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q36
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q36.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q37
(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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q37
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q37.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q37.2

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q38
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q38
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q38.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q38.2

Question 39.
Modern Club’s Balance Sheet as at 1st April, 2017 was as under:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q39
The Receipts and Payments Account for the year ended 31st March, 2018 was:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q39.1
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q39
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q39.1

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q40
.TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q40.1
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q40
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q40.1

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.
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q41
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q41
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q41.1

Question 42.
Following Receipts and Payments Account was prepared from the Cash Book of Delhi Charitable Trust for the year ending 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q42
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q42
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q42.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q42.2

Question 43.
Given Below is the Receipts and Payments Account of a Mayur Club for the year ended 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q43
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q43
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q43.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q43.2

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.
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q44
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q44.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q44.2
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q44
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q44.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q44.2

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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q45
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q45
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q45.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q45.2

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.
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q46
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q46.1
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q46
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q46.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q46.2

Question 47.
Following is the Receipt and Payment Account of Women’s Welfare Club for the year ended 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q47
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q47.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q47.2
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q47.3
Prepare Income and Expenditure Account for the year ended 31st March, 2018,and Balance Sheet as on that date.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q47
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q47.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q47.2

Question 48.
Receipts and Payments Account of Shankar Sports Club is given below, for the year ended 31st March, 2018:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q48
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:
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q48
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q48.1
TS Grewal Accountancy Class 12 Solutions Chapter 7 Company Accounts Financial Statements of Not-for-Profit Organisations Q48.2

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