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Question 34 Chapter 1 - Unimax Class 12 Part 1
41. The following is the Receipts and Payments A/c of Khana Club for the year ended 31st Dec., 2021 :
| Receipts | Amount | Payments | Amount |
|---|---|---|---|
| To Balance b/d | 300 | By Rent | 5200 |
| To Entrance fees | 550 | By Stationery | 3068 |
| To Subscription 2020 | 200 | By Wages | 5330 |
| To Subscription 2021 | 16900 | By Billiard Table | 3900 |
| To Subscription 2022 | 300 | By Repairs | 806 |
| To Lockers Rent | 500 | By Interest | 1500 |
| To Special Subscription for dinner party | 3450 | ||
| By Balance c/d | 2396 | ||
| 22,200 | 22,200 |
Additional Information :
(1) Subscription unpaid for the year 2021, Rs. 468.
(2) Stationery Rs. 312 related to 2020 and Rs. 364 on account is still owing.
(3) Locker’s rent include Rs 60 for 2020 and Rs. 90 is still owing. Rent Rs. 1300 relates to 2020 and Rs. 1300 is still due.
(4) Building on 31 Dec. 2020 was Rs. 50,000.
Prepare Income & Expenditure Account of Khana Club for the year ending 31st December 2021.
Income and Expenditure A/c of Gymkhana Club
For the year ended 31st Dec., 2009
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| To Rent | 5200 | By Entrance Fees | 500 | ||
| + O/s end | 1300 | By Sub. | 16900 | ||
| - O/s Beg. | 1300 | 5200 | + O/s | 468 | 17,368 |
| To Stationery. | 3120 | ||||
| (3068 + 364 - 312) | 5330 | By Lockers Rent | 530 | ||
| To Wages | 806 | (500 – 60 + 90) | |||
| To Repair | 806 | ||||
| To Interest | 1500 | ||||
| To Surplus | 2492 | ||||
| 18,448 | 18,448 |
Balance Sheet As on 31st March, 2009
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Capital Fund | 48948 | Billiard table | 3900 | |
| Add Surplus | 2492 | 51440 | Cash in hand | 2396 |
| Adv. Subscription | 300 | Sub. O/S | 468 | |
| O/s Rent | 1300 | O/S Lockers Rent | 90 | |
| O/s Stationery | 364 | Building | 50000 | |
| Special Subscription for dinner party | 3450 | |||
| 56,854 | 56,854 |
Balance Sheet As on 31st Dec. 2010
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| O/S Rent | 1300 | Cash | 300 |
| O/S Stationery | 312 | O/S Sub. | 200 |
| Capital Fund (B/F) | 48948 | O/S Locker Rent | 60 |
| Building | 50,000 | ||
| 50,560 | 50,560 |
https://tutorstips.com/not-for-profit-organisations/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
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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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