Question 44 Chapter 1 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 44 Chapter 1 of +2-Part-1

44. (I & E A/c/ B/S) Following Receipts and Payments Account has been prepared from cash book of Ganges Club, Kanpur:

RECEIPTS AND PAYMENTS ACCOUNT

Receipts	Rs.	Payments	Rs.
To balance on 1-4-17	25	By rents and rates	1,680
To member’s entrance fees	231	By printing and advertising	800
To subscription of playing members:		By postage and stationary	278
2016-17	63	By wages and umpire’s fees	1,200
2017-18	600	By players’ travelling expenses	500
To subscription of Honorary members:		By repairs to pavillion	209
2016-17	260	By extension of Pavillion	1,956
2017-18	4,725	By wicket matting	221
2018-19	120	By bats balls etc	455
To public matches	1,120	By balance on 31-3-18	216
To interest on fixed deposit @10% p.a.	141
To sale of old newspapers	230
	7,515		7,515

An examination of invoices, vouchers, and other records disclosed the following information:
Rent at Rs.100 per month has been paid only up to 31-12-17 and rates have been paid in advance to the extent of Rs.120. There is Rs.180 owing for wages and umpire’s fees and a bill for Rs.55 for bats, balls, etc. is still outstanding. Playing members’ subscriptions are Rs.40 in arrear for the year and the amount still owing by Honorary members is Rs.425.
Make out the Income and Expenditure Account and the balance sheet as of 31st March 2018.

The solution of Question 44 Chapter 1 of +2 Part-1: - 

Income and Expenditure account of Ganges Club For the year ending 31st March 2018

Expenditure		Amount	Income		Amount
To printing and advertising		800	By entrance fees		231
To rent and rates	1,680		By subscription of players	600
Add: outstanding(3*100)	300		Add: outstanding	40	640
Less: prepaid rates	120	8,160	By Honorary’s subscription	4,725
To postage and stationary		278	Add: outstanding	425	5,150
To wages and umpire’s fees	1,200		By public matches		1,120
Add: outstanding wages	180	1,380	By interest on fixed deposit		141
To traveling expenses		500	By sale of old newspapers		230
To repairs to Pavillion		209
To wicket matting		221
To bats balls etc:	455
Add: outstanding bill	55	510
To the excess of surplus  over expenditure		1,754
		7,512			7,512

Balance Sheet As of 31st March 2018

Liabilities		Amount	Assets		Amount
Capital Fund:			Cash in hand		216
-Balance on 1-4-17	1,758		Extension to Pavillion		1,956
Add: Surplus	1,754	3,512	Fixed deposits(100/ 10 x 141)		1410
Outstanding wages		180	Prepaid rates		120
Outstanding rent		300	Outstanding subscriptions:
Subscription received in advance		120	Playing members	40
Outstanding for bats and balls		55	Honorary members	425	465
		4,167			4,167

Working Note:
1. Opening Capital Fund:

Balance Sheet As of 1st April 2017

Liabilities		Amount	Assets		Amount
Capital Fund (Balancing Figure)		1,758	Cash in hand		25
			Fixed deposits (140 x 100/10)		1,410
			Subscription due:
			Playing members		63
			Honorary members		260
		1,758			1,758

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Also, Check out the solved question of previous Chapters: -

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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