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

Question 34 Chapter 1 of +2- Part-

Question 34 Chapter 1 of +2-Part-1

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 22000
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

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

 

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

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