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Question 34 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 1 of +2- Part-
Q-34 - CH-1 - Usha +2 Book 2018 - Solution

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Question 34 Chapter 1 of +2-Part-1

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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 1-4-2014375
Cash paid for catering supplies12,000
Unpaid accounts for catering supplies22,078
Cash takings for sale of goods and drinks27,972
Stock of food at cost 31-3-2015312
Rates paid for the current year2,250
Insurance premium for the year 2014-15750
Purchase of new furniture at a cost of Rs. 9,000 of which one half had been paid4,500
Payment of wages to the catering staff6,000
Sale of Diwali draw tickets2,775
Expenses of Diwali draw paid1,350

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
AmountPayments
Amount
To balance b/d 375By Catering supply expenses a/c22078
To Subscription  12000By Furniture a/c4,500
To catering takings a/c 27,972By Wages to the catering staff a/c6,000
To Sale of Diwali draw tickets a/c 2,775By Rates a/c2,250
   By Insurance premium a/c750
   By Expenses of Diwali draw paid a/c1,350
   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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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