# Question 24 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 24 Chapter 1 – Unimax Class 12 Part 1

24. The following particulars relate to Madura Club for the year ending 31st December 2021

 Receipts Amount Payments Amount To balance B/d 600 By Salaries 1,245 To Subscription By Stationery 240 Arrear 24 By Rates and Taxes 360 Current 1,266 By Telephone 60 Advance 48 1,338 By Investments 750 To Profit from Canteen 900 By Advertisements 105 To General Incomes 45 By Postage 100 To Sale of old Newspapers 112 By Sundries. 350 To Dividends 485 By Balance c/d 270 3,480 3,480

Prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments
1. There are 450 members each paying Rs. 3 as an annual subscription. Rs. 27 being in arrear for 2020 at the beginning of this year.
2. Stock of stationery on 1.1.2021 was Rs. 30 and on 31.12.2021 Rs. 54.
3. Cost of building is Rs. 6,000. Depreciation it by 5%.

## The solution of Question 24 Chapter 1 – Unimax Class 12 Part 1:

Working Notes :

 (1) Calculation of expenditure on stationery for the year 2012 : Payment made for stationery during the year 240 Add: Stock of stationery as on 1-1-21 30 Less: Stock of stationery as on 31-12-21 216 Expenditure of stationery for the year 2021 (2) Calculation of total income from subscriptions for the year 2012. No. of members 450 Subscription paid by one member 3 Total subscription to be received 450 x 3 = 1350 Subscriptions received during the year 1266 Add: Outstanding at the end on 31st Dec. 2021(1350-1266) 84 Income from a subscription for the year 2021 1350 (3) Calculation of capital fund on 1-1-2021

Mumbai Club Balance Sheet As on 1 Jan. 2021

 Liabilities Amount Assets Amount Capital fund (B/F) 6657 Cash 600 Building 6000 Outstanding subscription 27 Stock of Stationery 30 6657 6657

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

 Particulars Amount Particulars Amount To Salary 1245 By subscription 1350 To stationery 216 By profit from the canteen 900 To Rates and taxes 360 By general income 45 To Telephone 60 By sale of old newspaper 112 To Advertisement 105 By dividend 485 To Postage 350 To sundries To depreciation On Building @ 5% 300 To excess of income over expenditure 156 2892 2892

Balance Sheet of Madura Club For the year ended 31.12.2021

 Liabilities Amount Assets Amount Capital 6657 Cash 270 Add Excess of income over expenditure 156 6813 Investment 750 Pre received subscription 48 Building 6000 Less depreciation @ 5% 300 5700 Stock of stationery 54 Outstanding Subscription (84+3) 87 6861 6861

This is all about the Question 24 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 24 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)