Chapter 2, Accounts of ‘Not for Profit’ Concerns, [Latest edition], full solution, Maharashtra board,

08 Nov 2020 6:39 am

Chapter 2,  Accounts of ‘Not for Profit’ Concerns, [Latest edition], full solution, Maharashtra board,

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Complete the Table:

Sr. No.Income (₹)Expenditure (₹)Surplus/Deficit (₹)
110,000___________ ?5,000 (Deficit)
28,000___________ ?4,000 (Surplus)
3___________ ?15,0008,000 (Surplus)
47,5009,000___________ ?
515,00011,300___________ ?

Solution 

Sr.No. Income ₹Expenditure ₹Surplus/Deficit ₹
110,00015,0005,000 (Deficit)
28,0004,0004,000 (Surplus)
323,00015,0008,000 (Surplus)
47,5009,0001,500 (Deficit)
515,00011,3003,700 (Surplus)

Solution

Solution


SOLUTION


Calculate the following

Calculate the following: 10 % p.a.

Depreciation on Furniture ₹ 50,000 (for three months)

Exercise – 2 [Pages 113 – 114]Exercise – 2 | Q 1 | Page 113

Solution


10 % p.a. Depreciation on Furniture ₹ 50,000 (for three months)

Depreciation = Cost of Asset × Rate × Period=50,000 × (10/100) × (3/12)= ₹ 1250

Depreciation for 3 months


Thus, Depreciation on furniture @10% on ₹ 50,000 for 3 months = ₹ 1250.


Exercise – 2 | Q 2 | Page 114 Calculate the following: 12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.

Calculate the following:

12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.


Solution: 


12 % p.a. Interest on Bank loan ₹ 80,000 for 1 year.

Interest = (PNR/100) = 80000 x (12/100) = ₹ 9600


Thus, interest on Bank loan ₹ 80,000 for 1 year = ₹ 9600.


Opening stock of stationery ₹ 5,000,

purchases of stationery ₹ 7000,

outstanding stationery bill ₹ 12,000, closing stock ₹ 1000.

What is the amount of stationery consumed?


Solution: 

To consumption of stationary
Opening stock5,000
Add: Purchases7,000
Add: Outstanding stationary bill12,000
24,000
Less: Closing Stock1,000
Consumption of stationary23,000

Calculate the following:

Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to  Income and Expenditure Account.


Solution: 


Income and expenditure Account


Particulars
Amount ₹Amount ₹ParticularsAmount ₹Amount ₹
To Salary10,000
Add: Outstanding Salary5,00015,000

Calculate the following

Library Books ₹ _________ ? Less 10 % Depreciation ₹ 5,000 = ₹ 45,000


Solution: 


Library Books ₹ 50,000Less 10 % Depreciation ₹ 5,000 = ₹ 45,000

%Depreciation (₹)
105000
100? (Cost)= 50,000 

PRACTICAL PROBLEMS AND THEIR SOLUTIONS


SOLUTION




Practical Problems | Q 5 | Page 117.



Practical Problems | Q 7 | Page 118

SOLUTION


Practical Problems | Q 8 | Page 119

“Jeevan Jyoti Art Circle” a newly established concern has presented the following information.


Practical Problems | Q 9 | Page 119

Given below is the Receipts and Payments Account of “Vithai Mahila Mandal” Pandharpur for the year ending 31.03.2018. 

Prepare an Income and Expenditure Account for the year ended 31.03.2018 and Balance Sheet as on that date.


Practical Problems | Q 10 | Page 120

From the following Receipts and Payments Account “K.B.P. Engineering College” Nashik for the year ending on 31.03.2019 and additional information, prepare Income and Expenditure Account for the year ending 31.03.2019 and Balance Sheet as on that date.

Receipts and payments Account for the year ending 31.03.2019.


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