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Question no 12 Chapter 1 V K Publication class 12
12. From the following Receipts and Payments Account of the Support Old Age Society for the year ended 31st March, 2018, prepare 'Income and Expenditure Account:
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d | 2,010 | By Salaries to Nurses | 656 |
| To Subscriptions | 4,115 | By Board laundry and domestic help | 380 |
| To Rent received from Society Hall | 217 | By Rent, rates and taxes | 200 |
| To Municipal grant | 1,000 | By Cost of beds purchased | 2,000 |
| To Donation for Building Fund | 1,560 | By Expense of vehicles | 840 |
| To Interest | 38 | By Drugs and incidental expenses | 670 |
| By Balance c/d | 4,247 | ||
| 8,993 | 8,993 |
A donation of ₹ 100 received for building fund was wrongly included in subscription account. A bill of medicines purchased during the year ₹ 128 was outstanding.
Support Old Age Society Income and Expenditure Account For the year ended 3 1st March, 2018
| Expenditures | Amount | incomes | Amount | ||
|---|---|---|---|---|---|
| To Salaries to Nurses | 656 | By Subscriptions | 4,115 | ||
| To Rent, sales and taxes | 200 | Less: Donations wrongly included | 100 | 4,015 | |
| To Expenses of Vehicles | 840 | By Rent received from Society hall | 270 | ||
| To Drug and incidental expenses | 670 | By Municipal grants | 1,000 | ||
| To Board Laundry and Domestic help | 380 | By interest | 38 | ||
| To Outstanding bill for Medicines | 128 | ||||
| To Surplus, i.e., Excess of Income over Expenditure | 2,449 | ||||
| 5,323 | 5,323 | ||||
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https://tutorstips.com/not-for-profit-organisations/
https://tutorstips.com/what-is-receipt-and-payment-account/
https://tutorstips.com/what-is-incomes-and-expenditures-account-format-in-excel-pdf/
https://tutorstips.com/what-is-subscription-in-npo-treatments-and-examples/
Also, Check out the solved question of all Chapters: –
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
Check out V. K. Publication Class 12 @ Oficial Website of V. K. Publication
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.
This guide covers "Question no 12 Chapter 1 V K Publication class 12", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter No 01 - Accounting for Not for Profit Organisation.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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