Question 43 Chapter 1 of Class 12 Part - 1 VK Publication

Particulars	1st April 2017	31st March 2018
(a) Subscriptions Due	480	560
(b) Subscriptions Received in Advance	80	40
(c) Sports Equipment	21,800	29,700
(d) Land and Buildings (cost less depreciation)	80,000	76,000

Prepare Income and Expenditure Account for the year ended 31st March, 2018 and
Balance Sheet as at that date.

The solution of Question 43 Chapter 1 of Class 12 Part - 1: -

Gavaskar Cricket Club

Income and Expenditure Account

For the year ended on 31st March, 2018

Expenditure		Amount	Income		Amount
To Salaries and Wages		12,000	By Subscriptions	61,000
To Stationery and Printing		1,220	Less: Outstanding in the beginning	(480)
To Maintenance of ground		6,000	Add: Outstanding at the end	560
To Depreciation on Land and Building		4,000	Add: Received in Advance in the beginning	80
To Prizes		1,060	Less: Received in Advance at the end	(40)	61,220
To Sports Equipments used			By Admission fees		350
Sports equipments purchased	46,785		By Interest on Investment		9,000
Add: Opening stock of sports equipments	21,800
Less: Closing stock of sports equipments	(29,700)
To Surplus. i.e., Excess of Income over Expenditure		7,405
		70,570			70,570

Balance Sheet (as at 1st April 2017)

Liabilities		Amount	Assets	Amount
Subscription Received in Advance		80	Sports Equipments 2180	21,800
			Land and Building	80,000
			Cash in Hand	150
			Cash at Bank	14,200
Capital Fund (Balancing Figure)		2,16,550	Outstanding Subscriptions	480
			Investment =100x9,000/9	50,000
		2,16,630		2,16,630

 

Balance Sheet (as at 31st March 2018)

Liabilities		Amount	Assets	Amount
Subscription Received in Advance		40	Investment	1,00,000
Capital Fund	2,16,550		Outstanding Subscriptions	560
Add: Surplus	7,405	2,23,995	Land and Building	76,000
			Sports Equipments	29,700
			Cash in Hand	380
			Cash at Bank	17,355
		2,23,995		2,23,995

 

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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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