Question 22 Chapter 1 of Class 12 Part – 1
22. Following information has been extracted from the accounting records of a club You are required to present information as it appears in the Income and Expenditure Account and Balance Sheet of the club as at 31st March, 2018:
| Particulars | Rs. | Particulars | Rs. |
| Building Fund | 3,00,000 | ||
| Donations received for Building | 2,50,000 | Income from sports fund investment | 1,000 |
| Expenditure on construction of Building upto 31st March, 2018 (estimated cost Rs. 5,00,000) | 1,60,000 | Donations for Sports fund | 1,500 |
| Life Membership fees | 6,000 | Sports Prizes awarded | 2,750 |
| Sport fund (1st April, 2017) | 9,000 | General fund | 30,000 |
| Sport fund Investment | 9,000 | General fund Investment | 30,000 |
| Capital Fund | 2,00,000 | Interest on general fund investment | 3,000 |
The solution of Question 22 Chapter 1 of Class 12 Part – 1: –
| Income and Expenditure Account | |||
| Expenditure | (Rs.) | Income | (Rs.) |
| By lnterest on General Fund Investment | 3,000 | ||
Balance Sheet
(as at 31st March 2018)
| Liabilities | Amount | Assets | Amount | |
| Building Fund | Building (Work-in-Progress) | 1,60,000 | ||
| Opening Balance | 3,00,000 | Fund Investment | 30,000 | |
| Add: Donations | 2,50,000 | Sports Fund Investment | 9,000 | |
| Less: Transferred to Capital Fund | (1,60,000) | 3,90,000 | ||
| Life Membership Fees | 6,000 | |||
| Sports Fund | 9,000 | |||
| Add: Donations | 1,500 | |||
| Add: Income | 1,000 | |||
| Less: Prizes awarded | (2,750) | 8,750 | ||
| General Fund | 30,000 | |||
| Capital Fund | 2,00,000 | |||
| Add: Transferred from Building Fund | 1,60,000 | 3,60,000 |
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
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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
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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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