# Question 23 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 23 Chapter 1 – Unimax Class 12 Part 1 – 2021

23. From the following Receipts and Payments Account of Mumbai Club, prepare Income & Expenditure Account for the year ended 31st December 2021 and its Balance Sheet as on that date :

 Receipts Amount Payments Amount To Cash in Hand B/d 4,000 By Salary 2,000 To Cash at Bank b/d 10,000 By Payment for Billiard Table 8,000 To Donations 5,000 By Repair Expenses 500 To Subscriptions 12,000 By Purchase of Furniture 6,000 To Entrance Fees 1,000 By Miscellaneous Expenses 500 To Interest on Investments 100 By Purchase of Investments 6,000 To Interest Received from Bank 400 By Insurance Premium 200 To Sale of old Newspapers 150 By Paper, Ink. Etc. 150 To Sale of Drama Tickets 1,050 By Drama Expenses 500 By Cash in Hand c/d 2650 By Cash at Bank c/d 7200 33,700 33,700

1. Subscriptions in arrear for 2021, Rs. 900 and subscriptions in advance for 2022, Rs. 350.
2. Insurance premium outstanding Rs. 40.
3. Miscellaneous expenses prepaid Rs. 90.
4. 50% of donations to be capitalized.
5. 8% interest has accrued on investments for five months.
6. Entrance fees are to be treated as revenue income.
7. Billiard table costing Rs. 30,000 was purchased during the last year and Rs. 22,000 were paid for it in the last year.

## The solution to Question 23 Chapter 1 – Unimax Class 12 Part 1:

Working Notes :

Mumbai Club Balance Sheet As on 1 Jan. 2021

 Liabilities Amount Assets Amount Creditors for Billiard Table 8,000 Cash 4,000 Capital fund (B/F) 36,000 Bank 10,000 Billiard Table 30,000 44,000 44,000

In the books of Mumbai Club Income and Expenditure account for the year ended on Dec. 31, 2021

 Particulars Amount Particulars Amount To Salary 2,000 By donations 2,500 To Repair expenses 500 By Subscription 12,550 To Miscellaneous expenses 410 By entrance Fees 1,000 To Insurance premium 240 By interest on investment 300 To paper, Ink etc. 150 By interest received from Bank 400 To drama expenses 500 By sale of old newspaper 150 To Excess of Income over Expenditure 14,150 By sale of drama tickets 1,050 17,950 17,950

Balance Sheet of Mumbai Club For the year ended 31.12.2021

 Liabilities Amount Assets Amount Donations 2,500 Cash 2650 Pre received Subscription 350 Bank 7200 Outstanding Insurance Furniture 6000 Premium 40 Investment 6000 Capital Fund 1/1/2012 36,000 Outstanding subscription 900 Add: Excess of income over expenditure 14,150 50,150 Prepaid Miscellaneous Expenses 90 Accrued Interest 200 Billards Table 30,000 53040 53040

This is all about the Question 23 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 23 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)