
Question 26 Chapter 1 – Unimax Class 12 Part 1 – 2021
26. From the following information and Receipts and Payments Account of Krishna Nagar Club, prepare an Income and Expenditure Account for the year ending 31st December, 2012 and a Balance Sheet as on that date :
Receipts | Amount | Payments | Amount |
To balance B/d | 3,190 | By Rent | 1,680 |
To Entrance Fees | 550 | By Wages | 2,450 |
To Subscription | 18,000 | By Lighting Charges | 720 |
To Donations | 1,650 | By Books Purchased | 2,480 |
To Life Membership Fees | 2,500 | By Office Expenses | 4,500 |
To Interest on Deposits | 480 | By 8% Fixed Deposit (on 1.7.2021) | 12,000 |
To Proceeds of Tournament | 2,320 | By Tournament Expenses | 2,020 |
By Cash in Hand c/d. | 2,840 | ||
28,690 | 28,690 |
Other information :
On 31 December, 2020, the club possessed book worth Rs. 20,000 and Furniture worth Rs. 8,500. Provide depreciation on these assets @ 10% including those purchased during the year.
Subscription in arrears in the beginning of the year amounted to Rs. 350 and at the end of the year Rs. 550 were outstanding.
The club paid Rs. 420 rent in advance both in the beginning and at the end of the year.
The solution of Question 25 Chapter 1 – Unimax Class 12 Part 1:
Income and Expenditure Account For the year ended on Dec. 31, 2012
Particulars | Amount | Particulars | Amount | ||
To office expenses | 4500 | By entrance fees | 550 | ||
To Rent | 1680 | By subscription | 18,000 | ||
Add : Prepaid at beginning | 420 | Add : outstanding at end | 550 | ||
Less : Prepaid at end | 4 20 | 1680 | Less : outstanding at beginning | 350 | 18,200 |
To wages | 2450 | By donations | 1,650 | ||
To lighting charges | 720 | By interest on deposits | 480 | ||
To tournament expenses | 2020 | By proceeds of tournament | 2320 | ||
To depreciation on furniture (10% on 22480) | 2248 | ||||
To depreciation on books (10% on 8500) | 850 | ||||
To Surplus | 8732 | ||||
23,200 | 23,200 |
Balance Sheet As on 31.12.2012
Liabilities | Amount | Assets | Amount |
Opening Capital Fund | 32,460 | Cash | 3,190 |
Accrued subscription | 350 | Books | 20,000 |
Furniture | 8850 | Prepaid Rent | 420 |
32,460 | 32,460 |
Balance Sheet As on 31.12.2012
Liabilities | Amount | Assets | Amount | ||
Capital Fund | 32,460 | Accrued subscription | 550 | ||
Add : Life membership fees | Books | 20,000 | |||
Add : Surplus | 8,732 | 43,692 | Add : Books purchased | 2,480 | |
22,480 | |||||
Less : Depreciation | 2,248 | 20,232 | |||
Furniture | 8,500 | ||||
Less : Depreciation | 850 | 7,650 | |||
Fixed Deposit | 12,000 | ||||
Cash | 2,840 | ||||
Prepaid Rent | 420 | ||||
43,692 | 43,692 |
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)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication