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Question 34 Chapter 1 of Class 12 Part – 1 VK Publication

Question 34 Chapter 1 of Class 12 Part - 1 VK Publication
Question 34 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 34 Chapter 1 of Class 12 Part – 1

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34. The following is a summary of cash transactions of the Gulmary Club for the year ended 31st March, 2018:

Receipt and Payments Account (An Extract)
For the year ended 31st March, 2018

ReceiptsRs.PaymentsRs.
To Balance638By Rent and Rates336
To Entrance Fees510By Wages490
To Subscriptions3,200By Lighting Charges144
To Donations330By Lecturer’s Fees870
To Life Membership Fees500By Books426
To Interests28By Office Expenses900
To Profit on entertainment84By Deposited on 3% fixed deposit as on 1st October, 20171,600
  By Cash at Bank484
  By Cash in hand40
 5,290 5,290

You are required to prepare Income and Expenditure Account and Balance Sheet as at 31st March, 2018.

The solution of Question 34 Chapter 1 of Class 12 Part – 1: – 

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District Club

Income and Expenditure Account

For the year ended on 31st March, 2018

ExpenditureAmountAssets Amount
To Rent and Rates336By Subscriptions 3,200
To Wages490By Donations 330
To Lighting Charges144By Entrance fee 510
To Lecturer’s fees870By Profit on Entertainment 84
To Office Expenses900By Interest28 
To Surplus, i.e., Excess of Income over Expenditure1,436Add. Accrued Interest on fixed deposit2452
 4,176  4,176

Opening Balance Sheet (as at 31st March 2018)

Liabilities AmountAssetsAmount
Life membership 500Cash at bank484
   Cash in hand40
Capital Fund638 Books426
Add. Surplus1,4362,074Fixed deposit1,600
   Add. Accrued Interest24
  2,574 2,574

Working Note:

Opening Balance Sheet

LiabilitiesAmountAssetsAmount
Capital Fund (B/F) 638Cash in hand638
  638 638

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Also, Check out the solved question of all 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)

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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)

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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

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Chapter No. 5 – Cash Flow Statement

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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