Question 24 Chapter 1 - Unimax Class 12 Part 1 - 2021

The solution of Question 24 Chapter 1 - Unimax Class 12 Part 1: 

Working Notes : 

(1) Calculation of expenditure on stationery for the year 2021 :
Payment made for stationery during the year	240
Add: Stock of stationery as on 1-1-21	30
Less: Stock of stationery as on 31-12-21	54
Expenditure of stationery for the year 2021
(2) Calculation of total income from subscriptions for the year 2021. No. of members 450
Subscription paid by one member	3
Total subscription to be received	450 x 3
	= 1350
Subscriptions received during the year	1266
Add: Outstanding at the end on 31st Dec. 2021(1350-1266)	84
Income from a subscription for the year 2021	1350
(3) Calculation of capital fund on 1-1-2021

Madura Club Balance Sheet As on 1 Jan. 2021

Liabilities	Amount	Assets	Amount
Capital fund (B/F)	6657	Cash	600
		Building	6000
		Outstanding subscription	27
		Stock of Stationery	30
	6657		6657

Income and Expenditure account of Madura Club for the year ended on Dec. 31, 2021

Particulars	Amount	Particulars	Amount
To Salary	1245	By subscription	1350
To stationery	216	By profit from the canteen	900
To Rates and taxes	360	By general income	45
To Telephone	60	By sale of old newspaper	112
To Advertisement	105	By dividend	485
To Postage	100
To sundries
To depreciation On Building @ 5%	300
To excess of income over expenditure	156
	2892		2892

Balance Sheet of Madura Club For the year ended 31.12.2021

Liabilities		Amount	Assets		Amount
Capital	6657		Cash		270
Add Excess of income over expenditure	156	6813	Investment		750
Pre received subscription		48	Building	6000
			Less depreciation @ 5%	300	5700
			Stock of stationery		54
			Outstanding Subscription (84+3)		87
		6861			6861

This is all about the Question 24 Chapter 1 - Unimax. You can check out the following article to better understand:

Not-for-Profit Organisations – Meaning and Overview

You Can also read all the above articles in Hindi on our Hindi Website

Not-for-Profit Organisations – Meaning and Overview – In Hindi

Thanks, Please Like and share with your friends  

Comment if you have any doubt in Question 24 Chapter 1 - Unimax.

Also, Check out the solved question of all Chapters: –

Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

Chapter No. 1 – Accounts of Non-Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Basic Concepts)

Chapter No. 3 – Partnership Accounts – II (Goodwill)

Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement