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, 2012

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 31.12.2012

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 31.12.2012

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
Prereceived subscription   600 2011-12 4,500
      Subscription outstanding 2010-11 500
    30,400   30,400

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