Question 32 Chapter 1 - Unimax Class 12 Part 1 - 2021

The solution of Question 32 Chapter 1 - Unimax Class 12 Part 1: 

Working Notes :
(1) Calculation of capital fund as on 1-1-12.

Balance Sheet of M/s Literary Society As on 31/12/11

Liabilities	Amount	Assets	Amount
Pre received Subscription	42	Cash	212
Outstanding Rent	20	4% Rs. 600 Debentures	636
Capital fund (B/f)	1183	Stock of literature	47
		Office Furniture	350
	1245		1245

 

(2) Calculation of Expenditure on Rent for the year 2021.
Rent paid during the year	240
Add outstanding as on 31-12-2021	20
Less outstanding as on 1-1-2021	20
	240
(3) Consumption of literature during 2021.
The stock of literature on 1-1-2021	47
Add payment made during 2021for literature	418
	465
Less Stock of literature on 31-12-2021	56
	409
(4) Calculation of subscription income for 2021.
Subscription & Donations received during 2021	741
Add pre received as on 31-12-2021	42
	783
(5) Calculation of loss on sale of 4%, Rs. 200 (F.v.) debentures and Book value of remaining debentures as on 31-12-2021:-

	Face value	Book value
4% debenture on 1-1-2021	600	636
Less sold during 2021	200	212

[	636	X	200	]
	600

Remaining 4% debenture on 31-12-2021	400	424
	Rs.
Book Value of debenture sold	212
Less: Sale proceeds	205
Loss on sale of debentures	7

Income and Expenditure account of M/s Literary Society
For the year ended on 31st Dec. 2021

Expenditure	Amount	Income	Amount
To Rent	240	By subscription & Donation	783
To Salary	650	By Interest	24
To Office expenses	73	By literature Sales	715
To lecturers’ Fee	136	By Receipts from lecture tickets	109
To literature consumed	409
To loss on sale of a debenture	7
To Depreciation on Furniture	25
To Excess of Income over expenditure (Surplus)	91
	1,631		1,631

Balance Sheet of M/s Literary Society
As on 31st Dec. 2021

Liabilities	Amount	Assets		Amount
Outstanding Rent	20	Cash		222
Pre received Subscription	28	4% Rs. 400 (f.v.) of debentures		424
Capital Fund	1,183	Stock of literature		56
Surplus	91	Office Furniture	350
		Add Purchased during the year	40
		Less Depreciation	25	365
		3% Rs. 300, Govt. Papers		255
	1,322			1,322

This is all about the Question 32 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)

• 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