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

Question 24 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 24 Chapter 1 – Unimax Class 12 Part 1

Free Accounting book Solution - Class 11 and Class 12

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

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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)