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

Question 22 Chapter 1 – Unimax Class 12 Part 1

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

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)