How to solve it
45. Glaxo Club's Balance Sheet as at 1st April, 2018 was as under:
Liabilities | ₹ | Assets | ₹ |
Capital Fund | 2,00,000 | Sports Equipments | 50,000 |
Tournament Fund | 60,000 | Grounds | 1,20,000 |
Subscriptions in Advance | 6,000 | Billiards Tables | 60,000 |
Salaries Unpaid | Subscriptions Outstanding | 8,000 | |
Cash and Bank Balances | 39,000 | ||
2,77,000 | 2,77,000 |
Dr. | RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 | Cr. | |
Receipts | ₹ | Payments | ₹ |
To Opening Balance | 39,000 | By Wages and Salaries | 60,000 |
To Subscriptions | 1,81,000 | By Upkeep of Grounds | 10,000 |
To Sale of Old Materials | 1,500 | By Stationery | 15,000 |
To Sale of Sports Equipment | 6,000 | By Audit Fee | 2,000 |
(Book value 10,000) | By Expenses on Tournament | 65,000 | |
To Entrance Fees | 2,000 | By Sports Equipments | 20,000 |
To Life Membership Fees | 50,000 | By 5% Investments | 40,000 |
To Donations for Tournament | 20,000 | (On 1st October, 2018) | |
By Cash and Bank Balances | 87,500 | ||
2,99,500 | 2,99,500 |
Dear Student. Please follow the given link and refer to question no. 39 for solution https://m.meritnation.com/cbse-class-12-commerce/accountancy/ts_grewal_vol._ii_(2018)/company-accounts-financial-statements-of-not-for-profit-organizations/textbook-solutions/59_17_3387_24449_7.62_137378. Regards