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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
| Receipts | Rs. | Payments | Rs. |
| To Balance | 638 | By Rent and Rates | 336 |
| To Entrance Fees | 510 | By Wages | 490 |
| To Subscriptions | 3,200 | By Lighting Charges | 144 |
| To Donations | 330 | By Lecturer’s Fees | 870 |
| To Life Membership Fees | 500 | By Books | 426 |
| To Interests | 28 | By Office Expenses | 900 |
| To Profit on entertainment | 84 | By Deposited on 3% fixed deposit as on 1st October, 2017 | 1,600 |
| By Cash at Bank | 484 | ||
| By Cash in hand | 40 | ||
| 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: –
District Club
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Income and Expenditure Account
For the year ended on 31st March, 2018
| Expenditure | Amount | Assets | Amount | |
| To Rent and Rates | 336 | By Subscriptions | 3,200 | |
| To Wages | 490 | By Donations | 330 | |
| To Lighting Charges | 144 | By Entrance fee | 510 | |
| To Lecturer’s fees | 870 | By Profit on Entertainment | 84 | |
| To Office Expenses | 900 | By Interest | 28 | |
| To Surplus, i.e., Excess of Income over Expenditure | 1,436 | Add. Accrued Interest on fixed deposit | 24 | 52 |
| 4,176 | 4,176 |
Opening Balance Sheet (as at 31st March 2018)
| Liabilities | Amount | Assets | Amount | |
| Life membership | 500 | Cash at bank | 484 | |
| Cash in hand | 40 | |||
| Capital Fund | 638 | Books | 426 | |
| Add. Surplus | 1,436 | 2,074 | Fixed deposit | 1,600 |
| Add. Accrued Interest | 24 | |||
| 2,574 | 2,574 | |||
Working Note:
Opening Balance Sheet
| Liabilities | Amount | Assets | Amount | |
| Capital Fund (B/F) | 638 | Cash in hand | 638 | |
| 638 | 638 | |||
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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)
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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)
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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
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