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Question 26 Chapter 1 - Unimax Class 12 Part 1 - 2021
26. From the following information and Receipts and Payments Account of Krishna Nagar Club, prepare an Income and Expenditure Account for the year ending 31st December, 2012 and a Balance Sheet as on that date :
| Receipts | Amount | Payments | Amount |
|---|---|---|---|
| To balance B/d | 3,190 | By Rent | 1,680 |
| To Entrance Fees | 550 | By Wages | 2,450 |
| To Subscription | 18,000 | By Lighting Charges | 720 |
| To Donations | 1,650 | By Books Purchased | 2,480 |
| To Life Membership Fees | 2,500 | By Office Expenses | 4,500 |
| To Interest on Deposits | 480 | By 8% Fixed Deposit (on 1.7.2021) | 12,000 |
| To Proceeds of Tournament | 2,320 | By Tournament Expenses | 2,020 |
| By Cash in Hand c/d. | 2,840 | ||
| 28,690 | 28,690 |
Other information :
On 31 December, 2020, the club possessed book worth Rs. 20,000 and Furniture worth Rs. 8,500. Provide depreciation on these assets @ 10% including those purchased during the year.
Subscription in arrears in the beginning of the year amounted to Rs. 350 and at the end of the year Rs. 550 were outstanding.
The club paid Rs. 420 rent in advance both in the beginning and at the end of the year.
Income and Expenditure Account For the year ended on Dec. 31, 2012
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To office expenses | 4500 | By entrance fees | 550 | ||
| To Rent | 1680 | By subscription | 18,000 | ||
| Add: Prepaid at beginning | 420 | Add: outstanding at end | 550 | ||
| Less: Prepaid at the end | 420 | 1680 | Less: outstanding at beginning | 350 | 18,200 |
| To wages | 2450 | By donations | 1,650 | ||
| To lighting charges | 720 | By interest on deposits | 480 | ||
| To tournament expenses | 2020 | By proceeds of tournament | 2320 | ||
| To depreciation on furniture (10% on 22480) | 2248 | ||||
| To depreciation on books (10% on 8500) | 850 | ||||
| To Surplus | 8732 | ||||
| 23,200 | 23,200 | ||||
Balance Sheet As on 31.12.2012
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Opening Capital Fund | 32,460 | Cash | 3,190 |
| Accrued subscription | 350 | Books | 20,000 |
| Furniture | 8,850 | Prepaid Rent | 420 |
| 32,460 | 32,460 |
Balance Sheet As on 31.12.2012
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital Fund | 32,460 | Accrued subscription | 550 | ||
| Add: Life membership fees | 2,500 | Books | 20,000 | ||
| Add: Surplus | 8,732 | 43,692 | Add: Books purchased | 2,480 | |
| 22,480 | |||||
| Less: Depreciation | 2,248 | 20,232 | |||
| Furniture | 8,500 | ||||
| Less: Depreciation | 850 | 7,650 | |||
| Fixed Deposit | 12,000 | ||||
| Cash | 2,840 | ||||
| Prepaid Rent | 420 | ||||
| 43,692 | 43,692 | ||||
This is all about the Question 26 Chapter 1 - Unimax. You can check out the following article to better understand:
Not-for-Profit Organisations – Meaning and Overview
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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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