Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 28 Chapter 1 - Unimax Class 12 Part 1
28. The following is the Receipts and Payments Account of the Social Club in respect of the year ended 31.3.2021
| Receipts | Amount | Payments | Amount | |
|---|---|---|---|---|
| To balance of cash on 1.4.20 | 10,250 | By Salaries | 1,680 | |
| To Subscription | By Stationery | 2,450 | ||
| 2019-20 | 450 | By Rates | 720 | |
| 2020-21 | 21,100 | By Telephone | 2,480 | |
| 2021-22 | 750 | 22,300 | By Investment | 4,500 |
| To Profit on Sports Meet | 15,500 | By 8% Fixed Deposit (on 1.7.2021) | 12,000 | |
| To Income from Investment | 10,000 | By Tournament Expenses | 2,020 | |
| By Cash in Hand c/d. | 2,840 | |||
| 58,050 | 58,050 | |||
The following additional information is also provided :
1. There are 450 members each paying an annual subscription of Rs. 50; Rs. 500 were in arrears for 2019-20 as on 1.4.2020
2. On 31.3.21, the rates were prepaid upto 30th June 2021, the rates paid every year on 1st July being Rs. 6,000.
3. There is an outstanding telephone bill for Rs. 350 on 31.3.21.
4. Outstanding sundry expenses as on 31.3.2020 totaled Rs. 700.
5. Stock of stationery on 31.3.2020 was Rs. 500, on 31.3.21 was Rs. 900.
6. On 31.3.2020 building stood in the books at Rs. 1,00,000 and it was subject to depreciation at 5% p.a.
7. Investment on 31st March, 2020 stood at Rs. 2,00,0000.
8. On 31.3.21 income accrued on investments purchased during the year amounted to Rs. 375. Prepare an Income and Expenditure Account for the year 2020-21 and Balance Sheet as on 31.03.21.
Working Notes :
| (1) Calculation of expenditure on stationery for the year ended 31 March, 2021: | |
| Payment made for stationery during the year 2020-2021 | 4000 |
| Add : Stock of stationery as on 1-4-20 | 500 |
| Less: Stock of stationery as on 31-3-2021 | 900 |
| Expenditure on stationery | 3600 |
| (2) Calculation of expenditure on rates for year 2020-21 | |
| Payment made for rates during the year (2020-21) | 6000 |
| Less Prepaid as on 31 March, 2020-21 | 1500 |
| Paid for the year ended 31 March, 2021 | 4500 |
| Add Prepaid rates as on 1-4-2021 | 1500 |
| Expenditure for the year | 6000 |
| (3) Calculation of expenditure on telephone bill for the year ended 31 March, 2021 | |
| Payment made for rates during the year (2020-21) | 1000 |
| Add Outstanding as on 31 March, 2021 | 350 |
| Expenditure for the year (2020-21) | 1350 |
| (4) Calculation of expenditure on sundry expenses for the year ended 31 March, 2021 | |
| Payment made during the year (2020-21) | 9250 |
| Less Outstanding as on 1st April, 2021 | 700 |
| Expenditure for the year (2020-21) | 8550 |
| (5) Calculation of Income from subscription during the year ended 31st March, 2021 | |
| Amount received during the year (2011-21) | 21100 |
| Add Outstanding as on 31st March, 2021 | 1400 |
| Income for the year from subscription | 22500 |
| (6) Calculation of Income from Investment during the year (2020-21) | |
| Amount received during the year (2020-21) | 10000 |
| Add Outstanding as on 31st March, 2021 | 375 |
| Income from investment for the year (2020-21) | 10375 |
Balance Sheet of Social Club As on 31st March, 2021
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Outstanding expenses | 700 | Cash | 10,250 |
| Capital fund (B/F) | 3,12,050 | Building | 1,00,000 |
| Investment | 2,00,000 | ||
| Prepaid Rates | 1,500 | ||
| Accrued subscription | 500 | ||
| Stock of stationary | 500 | ||
| 3,12,750 | 3,12,750 |
Income and Expenditure Account of Social Club For the year ended on 31st March, 2021
| Expenditure | Amount | Income | Amount |
|---|---|---|---|
| To Sundry Exp. | 8550 | By subscription | 22500 |
| To Salaries | 20800 | By profit on sports meet | 15500 |
| To Stationery | 3600 | By Income from Investment | 10375 |
| To Rates | 6000 | ||
| To Telephone Bill | 1350 | ||
| To depreciation on Building | 5000 | ||
| To excess of income over expenditure | 3075 | ||
| 48375 | 48375 |
Balance Sheet of Social Club As on 31st March, 2021
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Outstanding Bill | 350 | Cash | 4500 | ||
| Pre received Subscription | 750 | Outstanding subscription (1400+50) | 1450 | ||
| Capital Fund | 312050 | Accrued interest | 375 | ||
| Add: Excess of Income over Expenditure | 3075 | 315125 | Stock of stationery | 900 | |
| Prepaid Rates | 1500 | ||||
| Building | 100000 | ||||
| Less depreciation @ 5% - | 5000 | 95000 | |||
| Investment | 200000 | ||||
| New Investment purchases | 12500 | ||||
| 316225 | 316225 | ||||
This is all about the Question 28 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 28 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)
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.
This guide covers "Question 28 Chapter 1 - Unimax Class 12 Part 1 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Textbook Solution.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 28 Chapter 1 - Unimax Class 12 Part 1 - 2021" instantly.