Question 50 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 50 Chapter 1 of +2- Part-

Question 50 Chapter 1 of +2-Part-1

50. (I & E A/c/ B/S) Youngmen’s Club prepared the following Receipts and Payments Account for the year ending 31st December 2016:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts  Rs. Payments Rs. 
To balance b/d 7,600 By sports equipment purchased on 1.10.2016 30,000
To subscriptions:   By postage and stationary 700
2015 2,000 By salaries and wages 5,000
2016 37,000 By upkeep of grounds 1,000
2017 3,000 By electricity charges 2,300
To admission fees 4,000 By tournament expenses 8,000
To locker rent  1,000 By balance c/d 8,800
To interest on Govt Securities 1,200    
  55,800   55,800

The fixed assets of the club on 1st January 2016 include the following:
Sports equipment Rs.40,000; Furniture Rs.6,000; 10% Government Securities Rs.16,000 and Club ground Rs.25,000.
Prepare the Income and Expenditure Account for the year ended 31st December 2015 and
the balance sheet as on that date after taking into account the following information:
a) Subscriptions for 2016 collected in 2015 were Rs.1,500;
b) Subscriptions for 2016 are outstanding- Rs.1,000.
c) Depreciation is to be provided at 15% p.a. on sports equipment and 7.5% p.a. on furniture.

The solution of Question 50 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account of Youngmen’s Club
For the year ending 31st December 2016
Expenditure
Amount Income
Amount
To postage and stationary   700 By subscriptions 37,000  
To salaries and wages   5,000 Add: received in 2015 1,500  
To upkeep of grounds   1,000 Add: Outstanding for 2016 1,000 39,500
To upkeep of grounds   2,300 By locker rent   1,000
To tournament expenses   8,000 By interest on securities 1,200  
To depreciation:     Add: accrued 400 1,600
-Sports equipment @15%          
-On 40,000 for 1 year 6,000        
-On 30,000 for 3 months 1,125 7,125      
– Furniture @ 7.5%   450      
           
To excess of income over expenditure   17,525      
           
    42,100     42,100

 

Balance Sheet
As on 31st December 2016

Liabilities
Amount Assets
Amount
Capital Fund:     Cash in hand   8,000
-Opening Balance 95,100   Sports equipment 40,000  
Add: Surplus 17,525   Add: Additions 30,000  
Admission fees 4,000 1,16,625 Less: Depreciation 7,125 62,875
Subscriptions received in advance   3,000 Outstanding Subscriptions   1,000
      10% Govt securities   16,000
      Accrued interest   400
      Club grounds   25,000
      Furniture 6,000  
      Less: Depreciation 450 5,550
           
           
    1,19,625     1,19,625


Working Notes:
1. Opening Capital Fund:

Balance Sheet
As on 1st January 2016

Liabilities
Amount Assets
Amount
Subscriptions received in advance   1,500 Sports equipment   40,000
Capital Fund (Balancing Figure)   95,100 Cash in hand   7,600
      Furniture   6,000
      Club grounds   25,000
      Outstanding Subscriptions   2,000
      10% Govt securities   16,000
           
           
    15,090     15,090

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 50 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 49 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 49 Chapter 1 of +2- Part-

Question 49 Chapter 1 of +2-Part-1

49. (Trading a/c, I & E A/c/ B/S) The balance sheet of Royal Western Golf Club on 31st December 2014, disclosed the following position:

Liabilities Rs. Assets Rs. 
Accumulated fund 25,600 Clubhouse at cost 14,000
Subscription in advance 230 Furniture and equipment 7,500
Creditor for bar expenses 120 Bar stock 3,920
Creditor for bar purchases 3,800 Subscriptions in arrears 400
    Insurance in advance 140
    Cash at bank 3,790
  29,750   29,750

The summary of the club’s cash book for the year ended 31st December 2014, shows:

Receipts Rs. Payments Rs. 
Balance b/f 3,790 Bar purchases 27,800
Subscriptions 13,600 Rates 1,000
Bar takings 32,800 Insurance 600
Locker rents 460 Wages 14,200
    Printing and stationary 300
    Bar expenses 650
    Balance c/f 6,100
  50,650   50,650

It is ascertained that:
1) Wages includes Rs.3200 for the bar attendant.
2) On 31st December 2014, there were:
a) Insurance paid in advance –Rs.180
b) Bar expenses owing Rs.60.
c) Subscriptions for 2015 unpaid Rs.300
d) Subscriptions for 2015 paid in advance Rs.150.
e) Creditors for bar purchases -Rs.2,100.
3) The bar stock on 31st December 2015, was valued at Rs.1,800.
e) Furniture and equipment are to be depreciated by 10%.

You are required to prepare:
(a) A bar Trading account showing the profit on the bar for the year
(b) the Income and Expenditure Account for the year ended 31st December 2015 and
(c) the balance sheet as on that date.

The solution of Question 49 Chapter 1 of +2 Part-1

: – 

 

Bar Trading Account
For the year ending 31st December 2015
Expenditure
Amount Income
Amount
To opening stock   3,920 By bar takings   32,800
To purchases: cash 27,800   By closing stock   1,800
Add: credit purchases 2,100        
Less: paid for 2014 3,800 26,100      
To bar expenses 650        
Add: owing 60        
Less: paid for 2014 120 590      
To bar wages   3,200      
To bar profit c/d   790      
    34,600     34,600

 

 

Income and Expenditure account
For the year ending 31st December 2015
Expenditure
Amount Income
Amount
To rates   300 By bar profit b/d   790
To insurance 600   By subscriptions 13,600  
Add: paid in 2014 140   Add: outstanding 300  
Less: prepaid 180 560 Add: received in 2014 230  
To wages 14,200   Less: received for 2014 400  
Less: bar wages 3,200 11,000 Less: Received for 2016 150 13,580
To printing and stationary   300 By locker rent   460
To depreciation   750      
To excess of income over expenditure   1,220      
    14,830     14,830

 

Balance Sheet
As on 31st December 2015

Liabilities
Amount Assets
Amount
Accumulated Fund: 25,600   Cash in hand   6,100
Add: Surplus 1,220 24,380 Club House   14,000
Subscriptions received in advance   150 Furniture and equipment 7,500  
Creditors for expenses   60 Less: depreciation 750 6,750
Creditors for bar purchases   2,100 Bar stock   1,800
      Subscriptions in arrears   300
      Insurance in advance   180
           
           
           
           
           
    29,130     29,130

 

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 49 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 48 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 48 Chapter 1 of +2- Part-

Question 48 Chapter 1 of +2-Part-1

48. (I & E A/c/ B/S) From the trial balance and other information, given below for a school, prepare income and expenditure account for the year ended on 31-3-2015 and a balance sheet as on that date:

Debit balance  Rs. Payments Rs. 
Building 6,25,000 Admission fees 12,500
Furniture 1,00,000 Tuition fees received 5,00,000
Library books 1,50,000 Creditors for supplies 15,000
Investments @ 12% 5,00,000 Rent for the school hall 10,000
Salaries 5,00,000 Miscellaneous receipts 30,000
Stationary 40,000 Government grant 3,50,000
General Expenses 18,000 General Fund 10,00,000
Sports Expenses 15,000 Donation for library books 62,500
Cash at bank 50,000 Sale of old furniture 20,000
Cash in hand 2,000    
  20,00,000   20,00,000

Further information:
1) Fees yet to be received for the year are Rs.25,000.
2) Salaries yet to be paid amount to Rs.30,000.
3) Furniture costing Rs.40,000 was purchased in October 2014.
4) The book value of furniture sold was Rs.50,000 on April 1, 2014.
5) Depreciation is to be charged @10% p.a. on furniture, 15% on library books and 5% on the building.

The solution of Question 48 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account
For the year ending 31st March 2015
Expenditure
Amount Income
Amount
To salaries 5,00,000   By tuition fees 5,00.000  
Add: Outstanding 30,000 5,30,000 Add: outstanding 25,000 5,25,000
To stationary   40,000 By rent for a school hall   10,000
To general expenses   18,000 By Miscellaneous receipts   30,000
To sports expenses   15,000 By Government grant   3,50,000
To loss on sale of furniture   30,000 By interest on investments   60,000
To depreciation-furniture @10%     By admission fees   12,500
On 60,000 for 1 year 6,000        
On 40,000 for ½ year 2,000 8,000      
-library books @ 15%   2,500      
-building @ 5%   31,250      
To excess of income over expenditure   2,92,750      
           
    9,87,500     9,87,500

Note: Assumed that old furniture was sold at the end of the year so full year’s depreciation is charged.

Balance Sheet
As on 31st March 2015

Liabilities
Amount Assets
Amount
Capital Fund:     Cash in hand   2,000
-Opening Balance 10,00,000   Cash at bank   50,000
Add: Surplus 2,92,750 12,92,750 Building 6,25,000  
Creditors for supplies   15,000 Less: depreciation 31,250 5,93,750
Outstanding salaries   30,000 Furniture 1,00,000  
Donation for library books   62,500 Less: Depreciation 8,000  
      Less: Sold 50,000 42,000
      Library books 1,50,000  
      Less: Depreciation 22,500 1,27,500
      Investments-12%   5,00,000
      Accrued interest   60,000
      Outstanding fees   25,000
    14,00,250     14,00,250



 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 48 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 47 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 47 Chapter 1 of +2- Part-

Question 47 Chapter 1 of +2-Part-1

47. (I & E A/c/ B/S) Following is the Receipts and Payments account of Manav Sewa Sangh for the year ending 31st December 2015:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts  Rs. Payments Rs. 
To balance b/d 800 By salaries 300
To subscriptions:   By stationary 300
2014 50 By rates 300
2015 1,000 By telephone charges 100
2016 200 By investments(4% Govt securities purchased on 30.6.2015) 1,000
To admission fees 3,200 By sundry expenses 150
To dividend on shares 800 By balance c/d 500
  2,650   2,650

Further information:
1) There are 600 members paying annual premium Of Rs. 2 per head, Rs.90 being in arrear for 2014 at the beginning of 2015.
2) Stock of stationery on 31st December 2014 was Rs.200, on 31st December, 2015-Rs.100.
3) The rates were paid for 15 months up to 31st March 2016.
4) Sundry expenses outstanding on 31st December 2014 were Rs.50.
5) Telephone charges for 3 months outstanding, the amount due is Rs.40.
6) At 31st December 2014 – investments in shares were Rs.4,000.
7) At 31st December 2014 – the building stood in the books at Rs.10,000 and it is required to write off depreciation at 5% p.a.
You are required to prepare:
(a) the Income and Expenditure Account for the year ended 31st December 2015 and
(b) the balance sheet as on that date.

The solution of Question 47 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account of Manav Sewa Sangh
For the year ending 31st December 2015
Expenditure
Amount Income
Amount
To salaries   300 By subscriptions 1,000  
To stationary 300   Add: outstanding (600*2)-1,000 200 1,200
Add: opening stock 200   By dividend on shares   200
Less: closing stock 100 400 By interest on investments
(1,000*4/100*6/12)
  20
To rates 300   By excess of expenditure over income   260
Less: Prepaid 1/5 60 360      
To telephone charges 100        
Add: outstanding 40 140      
To sundry expenses 150        
Less: paid for 2014 50 100      
To depreciation on building @5%   500      
           
           
    1,680     1,680

 

Balance Sheet
As on 31st March 2015

Liabilities
Amount Assets
Amount
Capital Fund:     Cash in hand   500
-Opening Balance 15,040   Outstanding Subscriptions:    
Add: Admission fees 400   -2014 40  
Less: Deficiency 260 15,180 -2015 200 240
Outstanding telephone charges   40 Stock of stationary   100
Subscriptions received in advance   200 Prepaid rates   60
      Investments in shares   4,000
      4% Investments   1,000
      Accrued interest   20
      Building 10,000  
      Less: Depreciation 500 9,500
    15,420     15,420



Working Note:

1. Opening Capital Fund:

Balance Sheet
As on 1st January 2015
Liabilities
Amount Assets
Amount
Outstanding sundry expenses   50 Outstanding Subscriptions   90
Capital Fund (Balancing Figure)   15,040 Cash in hand   800
      Stock of stationary   200
      Building   10,000
      Investments in shares   200
    15,090     15,090

 

Note: In the absence of any instructions, the legacy has been treated as revenue income as the amount was very small.

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 47 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 46 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 46 Chapter 1 of +2- Part-

Question 46 Chapter 1 of +2-Part-1

46. (I & E A/c/ B/S) Given below is the receipts and payments account of Popular Club for the year ended 31st March 2015:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts  Rs. Payments Rs. 
To entrance fees 1,000 By printing and stationary 900
To legacies 4,000 By salaries 1,400
To subscriptions 6,000 By rent 1,600
To donations for the building fund 12,000 By insurance: 2014-15 300
To interest 200 2015-16 100
To contribution to annual dinner 500 By furniture 1,000
To picnic receipts 300 By building advance 10,000
To Receipts tournament 800 By expenses on annual dinner 250
To telephone receipts 100 By expenses on a tournament 700
To billiards fees 550 By Upkeep of grounds 650
To tennis fees 350 By billiard table 2,000
    By newspapers 450
    By national savings certificate 5,000
    By balance 1,450
  25,800   25,800

Further information:
1) Subscriptions include subscriptions for 2016- Rs.500
2) Subscriptions outstanding for the current year- Rs.800 of which Rs. 200 are considered as doubtful.
3) 60% of the entrance fees are to be capitalized.
4) 12% National Savings Certificates were bought on 1-10-14.
5) Sundry persons owed Rs.200 for advertisement in the club’s yearbook
6) Provide Rs.50 as depreciation on furniture.
You are required to prepare:
(a) the Income and Expenditure Account for the year ended 31st December 2015 and
(b) the balance sheet as on that date.

 

The solution of Question 46 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account of Popular Club
For the year ending 31.3.2015
Expenditure
Amount Income
Amount
To printing and stationary   900 By entrance fees (40%)   400
To salaries   1,400 By subscriptions 6,000  
To rent   1,600 Add: subscription outstanding 800  
To insurance   300 Less: received in advance 800  
To expenses on annual dinner   250 Less: provision for doubtful subscription 200 6,100
To expenses on a tournament   700 By interest   200
To Upkeep of grounds   650 By interest on NSC   300
To newspapers   450 By contribution for annual dinner   500
To depreciation on furniture   50 By picnic receipts   300
      By Receipts tournament   800
      By telephone receipts   100
      By billiards fees   550
      By tennis fees   350
      By advertisement amount due   200
To surplus   3,500      
    9,800     9,800

 

Balance Sheet
As on 31st March 2015

Liabilities
Amount Assets
Amount
Capital Fund:     Insurance prepaid   100
-Balance   Building advance   10,000
Add: Surplus 3,500 3,500 Billiard Table   2,000
Entrance fees   600 National Savings Certificate   5,000
Donations for building   12,000 Furniture 1,000  
Subscriptions received in advance   500 Less: Depreciation 50 950
Legacies   4,000 Interest on NSC due   300
      Cash   1,450
      Advertisement amount due   200
      Subscription outstanding   600
           
    20,600     20,600

 

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 46 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 45 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 45 Chapter 1 of +2- Part-

Question 45 Chapter 1 of +2-Part-1

45. (I & E A/c/ B/S/ Furniture) Following is the summary of cash transactions of Patalganga Sports Club for the year ending 31st December 2015:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts  Rs. Payments Rs. 
To opening balance 1,600 By rent 4,800
To membership subscription 40,000 By advertisement 2,080
To subscription for dinner 8,000 By furniture 6,400
To donation for flood relief 4,000 By flood relief expenses 4,800
To legacy 1,200 By salary 5,760
To sale of furniture 3,200 By expenses for dinner 8,800
To miscellaneous income 800 By miscellaneous expenses 1,600
    By investments 20,000
    By Upkeep of ground 3,200
    By closing balance 1,360
  58,800   58,800

Further information:
a) Of the membership subscription, Rs. 2,400 relates to 2014 and Rs. 4,800 is outstanding for 2015.
b) Sale of furniture represents old furniture of Rs.4,000 out of the balance of Rs.32,000 as on 31.12.2014:

  As on 31.12.14 As on 31.12.15
(c) Advertisement bills unpaid 400 560
(d) Salary Outstanding 800 1,200
(e) Accrued income on investments Nil 960

f) Depreciation to be charged on the closing balance of furniture @10%.
You are required to prepare:
(a) the Income and Expenditure Account for the year ended 31st December 2015 and
(b) the balance sheet as on that date.

The solution of Question 45 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account of Patalganga Sports Club
For the year ending 31st December 2015
Expenditure
Amount Income
Amount
To rent   4,800 By contribution For dinner   8,000
To advertisements 2,080        
Add: outstanding  (closing) 560   By membership subscription 40,000  
Less: outstanding (opening) 400 2,240 Add: outstanding for 2015 4,800  
To flood relief expenses   4,800 Less: Outstanding for 2014 2,400 42,400
To salary 5,760   By donation for flood relief   4,000
Add: outstanding (closing) 1,200   By miscellaneous income   800
Less: outstanding (opening) 800 6,160 By income from investments   960
To expenses for dinner   8,800 By legacy   1,200
To miscellaneous expenses   1,600      
To Upkeep of ground   3,200      
To loss on sale of furniture(4,000-3,200)   800      
To depreciation on furniture
10% on Rs.(6,400+32,000-4,000)
  3,440      
To surplus c/d   21,520      
    57,360     57,360

 

Balance Sheet
As on 31st March 2015

Liabilities
Amount Assets
Amount
Capital Fund:     Cash in hand   1,360
-Balance on 1-4-16 34,800   Outstanding Subscriptions   4,800
Add: Surplus 21,520 56,320 Accrued income on investments   960
Outstanding advertisement   560 Furniture (32,000+6,400+4,000)

34,400 120
Outstanding salary   1,200 Less: Depreciation 3,440 30,960
      Investments   20,000
           
           
           
           
           
    58,080     58,080



Working Note:

1. Opening Capital Fund:

Balance Sheet
As on 31-12-2014
Liabilities
Amount Assets
Amount
Outstanding Advertisement   400 Furniture   32,000
Outstanding Salary   800 Cash in hand   1,600
Capital Fund (Balancing Figure)   34,800 Subscription due:   2,400
           
           
    36,000     36,000

 

Note: In the absence of any instructions, the legacy has been treated as revenue income as the amount was very small.

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 45 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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

Question 44 Chapter 1 of +2- Part-

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 on 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 rent 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 travelling 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      
By the excess of income over expenditure   1,754      
           
    7,512     7,512

 

Balance Sheet
As on 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*141)   1410
Outstanding wages   180 Prepaid rates   120
Outstanding rent   300 Outstanding subscriptions:    
Subscription received in advance   120 Playing members 63  
Outstanding for bats and balls   55 Honorary members 260 323
           
           
           
           
    4,167     4,167



Working Note:

1. Opening Capital Fund:

Balance Sheet
As on 1st April 2017
Liabilities
Amount Assets
Amount
Capital Fund (Balancing Figure)   1,758 Cash in hand   25
      Fixed deposits   1,410
      Subscription due:   1,000
      Playing members   63
      Honorary members   260
    1,758     1,758

 

 

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 44 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 43 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 1 of +2- Part-

Question 43 Chapter 1 of +2-Part-1

43. (I & E A/c/ B/S/ Furniture) Following Receipts and Payments Account of Hero Club for the year ending 31st March 2017:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts  Rs. Payments Rs. 
To cash in hand 4,080 By salaries 18,640
To subscriptions   By rent 7,440
  2015-16 1,000 By electricity 3,120
  2016-17 12,200 By printing and stationary 1,320
  2017-18 1,400 By insurance premium 720
To entrance fees 4,000 By general expenses 1,840
To sale of refreshments 30,000 By purchase of new furniture 18,000
To loan taken from Mr. Smart 8,000 By cash in hand 9,600
  60,680   60,680

You are also informed that:

a) Outstanding and prepaid expenses on 31st March were:

Year Rent due Electricity bill due Subscription due Prepaid insurance
2015-16 720 2,560 1,000 200
2016-17 1,440 800 1,600 280

b) Cost of refreshments sold were Rs.20,000. The surplus is to be treated as income.
c) On 31st March, 2016, the book value of furniture was Rs.12,000. New furniture was purchased on 1st October, 2016. Depreciation is to be provided @10% p.a.
d) Entrance fees is to be treated as revenue.
e) Loan from Mr. Smart was taken on 1st October, 2016. Interest @10% p.a. is payable there on.
You are required to prepare:
(a)the Income and Expenditure Account for the year ended 31st March 2017 and
(b) the balance sheet as on that date.

 

The solution of Question 43 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account of Hero Club
For the year ending 31st March 2017
Expenditure
Amount Income
Amount
To salaries   18,640 By entrance fees   4,000
To rent 7,440   By subscriptions 12,200  
Add: outstanding(closing) 1,440   Add: outstanding(closing) 1,440 13,800
Less: outstanding(opening) 720 8,160 By sale of refreshments   30,000
To electricity 3,120   By the excess of expenditure over income   6,660
Add: outstanding(closing) 800        
Less: outstanding(opening) 2,560 1,360      
To printing and stationary   1,320      
To insurance premium 720        
Add: prepaid at the beginning 200        
Less: prepaid at the end 280 640      
To general expenses   1,840      
To cost of refreshments   20,000      
To depreciation on furniture(See Note)   2,100      
To interest on the loan(6 months)   400      
    54,460     54,460

 

Balance Sheet
As on 31st March 2017

Liabilities
Amount Assets
Amount
Capital Fund:     Cash in hand   9,600
-Balance on 1-4-16 34,000   Outstanding Subscriptions   1,600
Add: Deficiency 6,660 27,340 Prepaid insurance   280
Outstanding electricity   800 Furniture 12,000  
Outstanding rent   1,440 Add: Purchased 18,000  
Subscription received in advance   1,400 Less: Depreciation 2,100 27,900
-Loan of Smart 8,000        
Add: Outstanding interest

400 8,400      
           
           
           
    39,380     39,380



Working Note:

1) Depreciation on Furniture:

On 12,000 @10% for 1 Year 1,200
On 18,000 @10% for 1/2 Year 900
  2,100

 

2. Opening Capital Fund:

Balance Sheet
As on 31st December 2014
Liabilities
Amount Assets
Amount
Outstanding Rent   720 Furniture   12,000
      Cash in hand   4,080
Outstanding Electricity   2,560 Subscription due   1,000
Capital Fund (Balancing Figure)   34,000 Prepaid insurance   200
      Stock of refreshments   20,000
    37,280     37,280

3. Cost of refreshments sold is assumed to be opening stock of refreshments.

 

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 43 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 42 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 42 Chapter 1 of +2- Part-

Question 42 Chapter 1 of +2-Part-1

42. (I & E A/c/ B/S/ Subscriptions) Following Receipts and Payments Account of Super Time Club for the year ending 31st December 2015:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts    Rs. Payments Rs. 
To cash in hand   10,000 By bank overdraft(1.1.2015) 14,000
To subscriptions     By investments 13,600
2014 1,200   By furniture 5,960
2015 64,800   By salaries 20,400
2016 600 66,600 By printing and stationary 3,560
To entrance fees   2,680 By postage and telegrams 4,400
To proceeds for drama   8,160 By cost of drama 7,000
To interest from securities   2,000 By sundry expenses 5,600
To sale proceeds from old furniture(B.V.-Rs.320)   400 By balance c/d :   
       Cash in hand 3,320
       Cash at bank 12,000
    89,840   89,840

You are required to compile the Income and Expenditure Account for the year ended 31st December 2015 and the balance sheet as on that date after taking into account the following information:
a) On 1st January, 2015, the club premises stood at Rs.1,00,000; Investments at Rs.24,000 and Furniture at Rs.12,000.
b) The club had 720 members each paying an annual subscription of Rs.100.
Liabilities were:
c) Salaries for December 2015 amounting to Rs.1,600 are outstanding.
d) Half of the entrance fees are to be capitalized.
e) Stock of stationary on 31st December 2014 was Rs.360 and on 31st December 2015 was Rs.400.

 

The solution of Question 42 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account of Super Time Club
For the year ending 31st December 2015
Expenditure
Amount Income
Amount
To salaries 20,400   By subscriptions: 64,800  
Add: outstanding 1,600 22,000 Add: outstanding
Rs. (720*100)-64,800
7200 72,000
To printing and stationary 3,560   By Entrance fees 2,680  
Add: opening stock 360   Less: Capitalized 1/2 1,340 1,340
Less: closing stock 400 3,520 By drama proceeds   8,160
To postage and telegrams   4,400 By interest on securities   2,000
To cost of drama   7,000 By profit on sale of furniture
Rs.(400-320)
  80
To sundry expenses   5,600      
To excess of income over expenditure(Surplus)   41,060      
    83,580     83,580

 

Balance Sheet
As on 31st March 2015

Liabilities
Amount Assets
Amount
Capital Fund:     Cash in hand   3,320
-Balance on 1-4-16 1,33,560   Cash at bank   12,000
Add: Surplus 41,060   Club premises   1,00,000
Entrance fees 1/2 1,340 1,75,960 Investments 24,000  
Outstanding salary   1,600 Add: Purchased 13,600 37,600
Subscription received in advance   600 Furniture 12,000  
      Add: Purchased 5,960  
      Less: Sold 320 17,640
      Stock of stationary   400
      Outstanding stationery   7,200
           
    1,78,160     1,78,160



Working Note:

2. Opening Capital Fund:

Balance Sheet
As on 31st December 2014
Liabilities
Amount Assets
Amount
Outstanding Rent   14,000 Cash in hand   10,000
      Club premises   1,00,000
Capital Fund (Balancing Figure)   1,33,560 Investments   24,000
      Furniture   12,000
      Subscription due   1,200
    1,47,560     1,47,560

 

 

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 42 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 41 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 41 Chapter 1 of +2- Part-

Question 41 Chapter 1 of +2-Part-1

41. (I & E A/c/ B/S/ Depreciation on Sports Equipment)The treasurer of a Social Club has prepared the following Receipts and Payments Account for the year ended 31st March 2015:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March 2015
Receipts  Rs. Payments Rs. 
Bank balance 6,400 Rent of rooms 2,800
Subscriptions 20,000 Wages of caretaker 4,000
Entrance fees 3,000 Purchase of sports equipment 12,80
Sale of refreshments 7,600 Dance expenses 3,800
Sale of dance tickets 4,500 Refreshment supplies 5,200
Interest on investments @7% for a full year 3,500 Secretary’s Expenses 800
    General Expenses 2,500
    Printing and stationary 1,400
    Bank balance 11,700
  45,000   45,000

You are given the following information:
1. At 31.3.2014, assets comprised:
Furniture Rs.9,600; Sports equipment Rs.5,200; Subscriptions in arrears Rs.1,500;
Liabilities were:
Accrued Rent Rs. 600 and subscriptions received in advance Rs.400.
2. At 31.3.2015, assets comprised:
Furniture Rs.8,600; Sports equipment Rs.15,200; Subscriptions in arrears Rs.1,300;
Liabilities were:
Accrued Rent Rs. 300 and subscriptions received in advance Rs.1800.
The members require:
(a) Income and Expenditure Account for the year ended 31st March, 2015
(b) the Balance Sheet as on that date.

 

The solution of Question 41 Chapter 1 of +2 Part-1

: – 

 

Income and Expenditure account of Social Club
For the year ending 31st March 2015
Expenditure
Amount Income
Amount
To Wages of caretaker   4,000 By subscriptions: 20,000  
To Dance expenses   3,800 Add: Outstanding 1300  
To Refreshment supplies   5,200 Add: Received in advance 400  
To Secretary’s Expenses   800 Less: Received for previous year 1500  
To General Expenses   2,500 Less: Received in advance 1,800 18,400
To Printing and stationary   1,400 By sale of refreshments   7,600
To depreciation on furniture   1,000 By Sale of dance tickets   4,500
To rent of rooms: 2,800   By Interest on investments   3,500
Add: Outstanding (closing) 300        
Less: Outstanding (opening) 600 2,500      
To depreciation on sports equipment(WN1)   2,800      
To Surplus c/d   10,000      
    34,000     34,000

 

Balance Sheet
As on 31st March 2015

Liabilities
Amount Assets
Amount
Outstanding Rent   300 Cash at bank   11,700
Entrance fees   3,000 Furniture 9,600  
Subscriptions received in advance   1,800 Less: Depreciation 1,000 8,600
Capital Fund:     Sports Equipment 5,200  
Opening Balance 71,700   Add: Purchased 12,800  
Add: Surplus 10,000 81,700 Less: Depreciation 2,800 15,200
      Subscription due   1,300
      Investments (100/7*3,500)   50,000
           
           
           
    86,800     86,800



Working Note:

1) Depreciation on sports equipment:

Opening balance 5,200
Add: Purchased during the year 12,800
  18,000
Less: Closing balance 15,200
Depreciation for the year 2,800

 

2. Opening Capital Fund:

Balance Sheet
As on 1st April 2016
Liabilities
Amount Assets
Amount
Outstanding Rent   600 Furniture   9,600
Subscriptions received in advance   400 Sports equipment   5,200
Capital Fund (Balancing Figure)   71,700 Subscription due   1,500
      Investments   50,000
      Cash at bank   6,400
    72,700     72,700

 

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 41 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms