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Question 22 Chapter 1 of Class 12 Part – 1 VK Publication

Question 22 Chapter 1 of Class 12 Part - 1 VK Publication
Question 22 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 22 Chapter 1 of Class 12 Part – 1

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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:

ParticularsRs.ParticularsRs.
Building Fund3,00,000  
Donations received for Building2,50,000Income from sports fund investment1,000
Expenditure on construction of Building upto 31st March, 2018 (estimated cost Rs. 5,00,000)1,60,000Donations for Sports fund1,500
Life Membership fees6,000Sports Prizes awarded2,750
Sport fund (1st April, 2017)9,000General fund30,000
Sport fund Investment9,000General fund Investment30,000
Capital Fund2,00,000Interest on general fund investment3,000
    

 

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 Investment3,000

Balance Sheet

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(as at 31st March 2018)

Liabilities  AmountAssetsAmount
Building Fund  Building (Work-in-Progress)1,60,000
Opening Balance3,00,000 Fund Investment30,000
Add: Donations2,50,000 Sports Fund Investment9,000
Less: Transferred to Capital Fund(1,60,000)3,90,000  
Life Membership Fees 6,000  
Sports Fund9,000   
Add: Donations1,500   
Add: Income1,000   
Less: Prizes awarded(2,750)8,750  
General Fund 30,000  
Capital Fund2,00,000   
Add: Transferred from Building Fund1,60,0003,60,000  

 

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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)

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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

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Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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