Question 27 Chapter 1 – Unimax Class 12 Part 1 – 2021

Posted by By Simran 9 Min Read June 1, 2022
Question 27 Chapter 1 - Unimax Class 12 Part 1 - 2021
Question 27 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 27 Chapter 1 – Unimax Class 12 Part 1
27. From the following Receipts and Payments Account of the Missionary Educational Society for the year ending 31.3.21, prepare Income and Expenditure and a Balance Sheet.

Receipts Amount Payments Amount
To balance B/d 20,250 By Salaries 6,000
To Subscription :   By Misc. expenses 700
2019-20 400 By Postage & Printing 1,500
2020-21 20,500 By Expenses on Drama 4,500
2021-22 600 By Newspapers 1,600
To Donations 5,400 By Scholarship 8,000
To Sale of Waste Papers 450 By Literacy Seminar 6,000
To Sale of Drama Tickets 9,500 By Library Books 12,000
    By Electricity Charges 1,000
    By Rent 3,000
    By Bank Deposits (for 3 years) 10,000
    By Balance c/d 2,800
  57,100   57,100

(1) Society has 250 members each paying Rs. 100 p.a. Rs. 500 is still in arrears for 2019-20.
(2) Interest @ 12% p.a. has accrued on deposits for 6 months.
(3) Rent payable is Rs. 500.
(4) Salary Rs. 2,000 is payable for 2020-21. Salary for 2019-20 was in arrears Rs. 1,500 which was paid in 2020-21.

The solution of Question 27 Chapter 1 – Unimax Class 12 Part 1: 

Income and Expenditure Account For the year ended on Dec. 31, 2021

Particulars Amount Particulars Amount
To Rent 3,000   By subscription (250 x 100) 25,000
Add : Outstanding at end 500 3500 By interest on deposit (accrued) 600
To Salaries 6000   By donations 5,400
Add : Outstanding at end 2000   By sale of waste paper 450
Less : Outstanding at beginning 1500 6,500 By sale of drama tickets 9,500
To Miscellaneous Expenses   700    
To Postage and Stationary   1,500    
To Expenses on drama   4,500    
To Newspapers   1,600    
To Scholarship   8000    
To electricity charges   4000    
To Surplus   7650    
  40,950   40,950

Balance Sheet As on 31.12.2021

Liabilities Amount Assets Amount
Salary outstanding 1,500 Cash 20,250
Opening Capital Fund (B/F) 19,650 Subscription outstanding 900
  21,150   21,150

Balance Sheet As on 31.12.2021

Liabilities Amount Assets Amount
Capital Fund 19,650   Accrued Interest 600
Add : Surplus 7,650 27,300 Cash 2,800
Rent payable   500 Library Books 12,000
Salary outstanding   2,000 Bank Deposit 10,000
Pre received subscription   600 2011-12 4,500
      Subscription outstanding 2010-11 500
  30,400   30,400

This is all about the Question 27 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 27 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)

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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)

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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)

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