Question

5. Q-: Present the following items in the Balance sheet of Queen’s Club as at 31st March, 2019.

Rs.

Capital Fund (1st April, 2018) 10,80,000

Building Fund (1st April, 2018) 4,80,000

Donation received for Building 6,00,000

10% Building Fund Investments (1st April, 2018) 4,80,000

Interest Received on Building Fund Investments 48,000

Expenditure on Construction of building Rs.3,60,000. The construction work is in progress

and has not yet been completed.

​

Answer 1

Solution:

Balance Sheet of Queen's Club as at 31st March 2019

Liabilities                                  Amount

Capital Fund                         Rs 1080000

Building Fund-Rs 480000              

Add:        

Donations received

for Building-Rs 600000

Add:

Interest on

Building Fund

Investments-Rs 48000

Less:

Expenditure on

construction

transferred to

Capital Fund-Rs 360000        Rs 768000

Assets                                        Amount

10% Building Fund

Investments                             Rs.480000

Building Fund accounting for non-profit organisations:

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