Question 22 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 22 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 22 Chapter 1 – Unimax Class 12 Part 1

Free Accounting book Solution - Class 11 and Class 12

22. The following is the Receipts and Payments Account for the Indian Gymkhana for the year ended 31st December 2021 :

Receipts Amount Payments Amount
To Donations 50,000 By Buildings 40,000
To Life-membership Fees 1,500 By Expenses of Quadrangular Matches 900
To Entrance Fees 2,500 By Furniture 2100
To Quadrangular Match 10,000 By Salaries 1,800
Fund Receipts   By Expenses on Tennis, etc. 1,140
To Subscription (including Rs. 100 for 2020) 3,200 By Insurance Paid (for1year upto 30th June 2022) 360
To Interest 200 By Gardening expenses 170
To Sale of Scrap 900 By Printing & Stationery 80
To Sundry Receipts 100 By Postage etc. 200
    By Sundries. 150
    By Investments at Cost. 18,000
    By Balance c/d 3,500
  68,400   68,400

Donations, Life membership fees and entrance fees are to be treated as capital receipts and to be merged into the capital fund.
Subscriptions for 2021 amounting to Rs. 300 are outstanding and unpaid. Outstanding salaries for December 2021 are Rs. 170, Rs. 200 is the amount of interest accrued on investments.
Prepare the Income & Expenditure Account of the Indian Gymkhana for the year ended 31st December 2021 and the Balance Sheet as on that date.

The solution to Question 22 Chapter 1 – Unimax Class 12 Part 1: 

Working Notes : 

(1) Calculation of expenditure on the salaries for the year 2012:- Rs.
Salaries as per Receipts and payment a/c 1800
Add: Outstanding as on 31st Dec. 2012 170
Expenditure on salaries for the year 2012 1970
(2) Calculation of Income from the subscription for the year 2012:-  
Amt. of subscriptions received during the year 2012 3200
Add: Outstanding as on 31st Dec. 2012 300
Less: Pre received as on 31.12.2012 100
Income from subscriptions during the year 2012 3400
(3) Calculation of Income from interest for the year 2012:-  
Interest received during the year 2012 200
Add: Outstanding as on 31st Dec. 2012 200
Income from Interest during the year 2012 400

In the books of Indian Gymkhana Income and Expenditure account For the year ended 31-12-2012

Particulars Amount Particulars Amount
To Salaries 1970 By Subscriptions 3400
To expenses on Cricket and Tennis etc. 1140 By Interest 400
To insurance Charges (360 x 6/12) 180 By Sundry receipt 100
To Gardening 170 By Sale of Scrap 900
To printing and Stationery 80    
To Postage 200    
To Sundries 150    
To Excess of Income over Expenditure 910    
  4,800   4,800

Balance Sheet of Indian Gymkhana As on 31.12.2015

Liabilities   Amount Assets Amount
Pre received   100 Building 40000
Subscription     Cash 3500
Outstanding Salaries   170 Outstanding Subscription 300
Capital Fund Nil   Outstanding Interest 200
Add: Donations 50,000   Prepaid Insurance522 180
Add: Life membership fee 1500   Investments 18000
Add: Entrance fee 2500   Furniture 2100
Add: Surplus 910      
Match Fund 10000      
  64280   64280

This is all about the Question 22 Chapter 1 – Unimax. You can check out the following article to better understand:

Not-for-Profit Organisations – Meaning and Overview

You Can also read all the above articles in Hindi on our Hindi Website

Not-for-Profit Organisations – Meaning and Overview – In Hindi

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Comment if you have any doubt in Question 22 Chapter 1 – Unimax.

Also, Check out the solved question of all Chapters: –

Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

Chapter No. 1 – Accounts of Non-Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Basic Concepts)

Chapter No. 3 – Partnership Accounts – II (Goodwill)

Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)

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)

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)

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)