# Question 25 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 25 Chapter 1 – Unimax Class 12 Part 1

25. The following is the Receipts and Payments Account for the Punjabi Bagh Club for the year ended on 31st December, 2021

 Receipts Amount Payments Amount To balance B/d 1,500 By Rent 26,000 To Entrance Fees 2,750 By Stationery 15,340 To Subscriptions : 2020 1,000 By Wages 26,650 2021 84,500 By Billiard Table 19,500 2022 1,500 By Repairs 4,030 To Locker’s Rent 2,500 By Miscellaneous Expenses 7,500 To Life membership fees 17,250 By Balance c/d 11,980 1,11,000 1,11,000

(a) Locker’s Rent include Rs. 300 received for year 2020 and Rs. 550 is still owing for year 2021.
(b) Subscription accrued for 2021 Rs. 2,400 and Rs. 260 for Stationery are outstanding.
(c) Entrance fees is to be capitalized. Life membership fees should also be capitalized.
(d) The club’s other Assets on 1.1.2021 are Rs. 39,000.
From the above Information, prepare an Income and Expenditure A/c for the year ending on 31st Dec. 2021 and a Balance Sheet as on that date.

## The solution of Question 25 Chapter 1 – Unimax Class 12 Part 1:

Working Notes :

 (1) Calculation of expenditure on stationery for the year ended 31st Dec., 2012 : Expenditure : Payment made for the year 2012 15340 Add : Outstanding as on 31st Dec., 2012 260 Expenditure of stationery for the year 2012 15600 (2) Calculation of income from subscription for the year 2012. Subscription received during the year 2012 84500 Add : Outstanding as on 31st Dec, 2012 2400 Income from subscription for the year 2012 86900 (2) Calculation of income from the locker’s rent for the year 2012. Locker’s rent received during the year 2012 2500 Add: Outstanding as on 31st Dec., 2012 550 3150 Less: Outstanding as on 1 Jan., 2012 300 Income from Locker’s rent 2750 (3) Calculation of capital fund on 1-1-2012

Balance Sheet As on 1 Jan., 2012

 Liabilities Amount Assets Amount Capital fund (B/F) 41800 Cash 1500 Outstanding locker’s rent 300 Outstanding subscription 1000 Fixed Assets 39000 41800 41800

Income and Expenditure account on Punjabi Bagh Club For the year ended on Dec. 31, 2012

 Particulars Amount Particulars Amount To Rent 26000 By subscription 86900 To stationery 15600 By locker’s rent 2750 To Wages 26650 To Repairs 4030 To Miscellaneous expneses 7500 To excess of income over expenditure 9870 89650 89650

Balance Sheet of Punjabi Bagh Club For the year ended 31.12.2012

 Liabilities Amount Assets Amount Outstanding stationery expenses 260 Cash 11980 Pre received subscription 1500 O/s Subscription 2400 Capital Fund 41800 Outstanding Rent 550 Add Excess of Income over Expenditure 9870 54420 Billiard’s Table 19500 Special Subscription 2750 17250 Fixed Assets 39000 73430 73430

https://tutorstips.com/not-for-profit-organisations/

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