Question 34 Chapter 1 of +2-Part-1
Table of Contents
34. (Receipts and Payments Account) The following information relates to the affairs of the Sunshine Club for the year ending 31-3-2015:
| Particulars | Rs. |
| Balance at the bank on 1-4-2014 | 375 |
| Cash paid for catering supplies | 12,000 |
| Unpaid accounts for catering supplies | 22,078 |
| Cash takings for sale of goods and drinks | 27,972 |
| Stock of food at cost 31-3-2015 | 312 |
| Rates paid for the current year | 2,250 |
| Insurance premium for the year 2014-15 | 750 |
| Purchase of new furniture at a cost of Rs. 9,000 of which one half had been paid | 4,500 |
| Payment of wages to the catering staff | 6,000 |
| Sale of Diwali draw tickets | 2,775 |
| Expenses of Diwali draw paid | 1,350 |
a) Select the necessary items from the list above and prepare the Club’s Receipts and Payments Account.
b) What information is conveyed to you by the closing balance?
The solution of Question 34 Chapter 1 of +2 Part-1: –
| Receipts and Payments account For the year ending 31st March 2015 |
||||
| Receipts |
Amount | Payments |
Amount | |
| To balance b/d | 375 | By Catering supply expenses a/c | 22078 | |
| To Subscription | 12000 | By Furniture a/c | 4,500 | |
| To catering takings a/c | 27,972 | By Wages to the catering staff a/c | 6,000 | |
| To Sale of Diwali draw tickets a/c | 2,775 | By Rates a/c | 2,250 | |
| By Insurance premium a/c | 750 | |||
| By Expenses of Diwali draw paid a/c | 1,350 | |||
| By Balance c/d (Balancing Figure) | 6194 | |||
| 43122 | 43122 | |||
b) The closing balance of receipts and payments account indicates the closing balance of Cash/Bank.
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Also, Check out the solved question of previous Chapters: –
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)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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