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

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 (₹)
1	10,000	___________ ?	5,000 (Deficit)
2	8,000	___________ ?	4,000 (Surplus)
3	___________ ?	15,000	8,000 (Surplus)
4	7,500	9,000	___________ ?
5	15,000	11,300	___________ ?

Solution 

Sr.No.	Income ₹	Expenditure ₹	Surplus/Deficit ₹
1	10,000	15,000	5,000 (Deficit)
2	8,000	4,000	4,000 (Surplus)
3	23,000	15,000	8,000 (Surplus)
4	7,500	9,000	1,500 (Deficit)
5	15,000	11,300	3,700 (Surplus)

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Solution

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SOLUTION

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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.

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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.

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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 stock	5,000
Add: Purchases	7,000
Add: Outstanding stationary bill	12,000
	24,000
Less: Closing Stock	1,000
Consumption of stationary	23,000

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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 ₹	Particulars	Amount ₹	Amount ₹
To Salary	10,000
Add: Outstanding Salary	5,000	15,000

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Calculate the following

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

Solution: 

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

%	Depreciation (₹)
10	5000
100	? (Cost)	= 50,000

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PRACTICAL PROBLEMS AND THEIR SOLUTIONS

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SOLUTION

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Practical Problems | Q 5 | Page 117.

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Practical Problems | Q 7 | Page 118

SOLUTION

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Practical Problems | Q 8 | Page 119

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

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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.

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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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