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Question 25 Chapter 1 - Unimax Class 12 Part 1
25. The following is the Receipts and Payments Account for the Punjabi Bagh Club for the year ended on 31st December 2021
| Receipts | Amount | Payments | Amount |
|---|---|---|---|
| To balance B/d | 1,500 | By Rent | 26,000 |
| To Entrance Fees | 2,750 | By Stationery | 15,340 |
| To Subscriptions: 2020 | 1,000 | By Wages | 26,650 |
| 2021 | 84,500 | By Billiard Table | 19,500 |
| 2022 | 1,500 | By Repairs | 4,030 |
| To Locker’s Rent | 2,500 | By Miscellaneous Expenses | 7,500 |
| To Life membership fees | 17,250 | By Balance c/d | 11,980 |
| 1,11,000 | 1,11,000 |
The following adjustments are to be made :
(a) Locker’s Rent includes Rs. 300 received for the year 2020 and Rs. 550 is still owing for the year 2021.
(b) Subscription accrued for 2021 Rs. 2,400 and Rs. 260 for Stationery are outstanding.
(c) Entrance fees are to be capitalized. Life membership fees should also be capitalized.
(d) The club’s other Assets on 1.1.2021 are Rs. 39,000.
From the above information, prepare an Income and Expenditure A/c for the year ending on 31st Dec. 2021 and a Balance Sheet as on that date.
Working Notes :
| (1) Calculation of expenditure on stationery for the year ended 31st Dec. 2012 : | |
| Expenditure: Payment made for the year 2021 | 15340 |
| Add: Outstanding as on 31st Dec. 2021 | 260 |
| Expenditure of stationery for the year 2021 | 15600 |
| (2) Calculation of income from the subscription for the year 2021. | |
| Subscription received during the year 2021 | 84500 |
| Add: Outstanding as on 31st Dec 2021 | 2400 |
| Income from the subscription for the year 2021 | 86900 |
| (2) Calculation of income from the locker’s rent for the year 2021. | |
| Locker’s rent received during the year 2021 | 2500 |
| Add: Outstanding as on 31st Dec. 2021 | 550 |
| 3150 | |
| Less: Outstanding as on 1 Jan. 2021 | 300 |
| Income from Locker’s rent | 2750 |
| (3) Calculation of capital fund on 1-1-2021 |
Balance Sheet As on 1 Jan. 2021
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Capital fund (B/F) | 41800 | Cash | 1500 |
| Outstanding locker rent | 300 | ||
| Outstanding subscription | 1000 | ||
| Fixed Assets | 39000 | ||
| 41800 | 41800 |
Income and Expenditure account on Punjabi Bagh Club For the year ended on Dec. 31, 2021
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To Rent | 26,000 | By subscription | 86,900 |
| To stationery | 15,600 | By locker’s rent | 2,750 |
| To Wages | 26,650 | ||
| To Repairs | 4,030 | ||
| To Miscellaneous expenses | 7,500 | ||
| To excess of income over expenditure | 9,870 | ||
| 89,650 | 89,650 |
Balance Sheet of Punjabi Bagh Club For the year ended 31.12.2021
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Outstanding stationery expenses | 260 | Cash | 11,980 | |
| Pre received subscription | 1,500 | O/s Subscription | 2,400 | |
| Capital Fund | 41,800 | Outstanding Rent | 550 | |
| Add Excess of Income over Expenditure | 9,870 | 54,420 | Billiard’s Table | 19,500 |
| Special Subscription | 2,750 | 17,250 | Fixed Assets | 39,000 |
| 73430 | 73430 |
This is all about the Question 25 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
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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)
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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