Question 34 Chapter 1 of Class 12 Part - 1 VK Publication

Question 34 Chapter 1 of Class 12 Part - 1

34. The following is a summary of cash transactions of the Gulmary Club for the year ended 31st March, 2018:

Receipt and Payments Account (An Extract)
For the year ended 31st March, 2018

Receipts	Rs.	Payments	Rs.
To Balance	638	By Rent and Rates	336
To Entrance Fees	510	By Wages	490
To Subscriptions	3,200	By Lighting Charges	144
To Donations	330	By Lecturer’s Fees	870
To Life Membership Fees	500	By Books	426
To Interests	28	By Office Expenses	900
To Profit on entertainment	84	By Deposited on 3% fixed deposit as on 1st October, 2017	1,600
		By Cash at Bank	484
		By Cash in hand	40
	5,290		5,290

You are required to prepare Income and Expenditure Account and Balance Sheet as at 31st March, 2018.

The solution of Question 34 Chapter 1 of Class 12 Part - 1: - 

District Club

Income and Expenditure Account

For the year ended on 31st March, 2018

Expenditure	Amount	Assets		Amount
To Rent and Rates	336	By Subscriptions		3,200
To Wages	490	By Donations		330
To Lighting Charges	144	By Entrance fee		510
To Lecturer's fees	870	By Profit on Entertainment		84
To Office Expenses	900	By Interest	28
To Surplus, i.e., Excess of Income over Expenditure	1,436	Add. Accrued Interest on fixed deposit	24	52
	4,176			4,176

Opening Balance Sheet (as at 31st March 2018)

Liabilities		Amount	Assets	Amount
Life membership		500	Cash at bank	484
			Cash in hand	40
Capital Fund	638		Books	426
Add. Surplus	1,436	2,074	Fixed deposit	1,600
			Add. Accrued Interest	24
		2,574		2,574

Working Note:

Opening Balance Sheet

Liabilities		Amount	Assets	Amount
Capital Fund (B/F)		638	Cash in hand	638
		638		638

 

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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)

Usha Publication - Accountancy PSEB (Class 12) - Volume II - Solution

Chapter No. 1 - Financial Statements of a Company

Chapter No. 2 - Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 - Ratio Analysis

Chapter No. 5 - Cash Flow Statement

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