Question 34 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 34 Chapter 1 – Unimax Class 12 Part 1

Table of Contents

34. The following is the Receipts and Payments Account of a Club for the year ended 31.12.2021

Receipts	Amount	Payments	Amount
To Cash in hand	1000	By Bank overdraft	5,000
To Subscription	40500	By Medicines	23000
To Donation	7000	By Diet expenses	2000
To Grant from local Authority	3,000	By Doctor’s honorarium	6000
To Proceeds of charity show	8,000	By Electricity & power	2,500
To Interest on investment @ 10% for full year	4,000	By Insurance	9200
To Sundries	400	By petty expenses	300
		By Equipment	200
		By Stationery	9000
		By Expenses on charity show	500
		By Balance c/d : Cash	800
		Bank	4700
	63,900		63,900

Additional Information :

Particulars	1.1.21	31.12.21
Outstanding salaries	500	900
Insurance prepaid	90	30
Subscription due	300	400
Subscription received in advance	100	700
Stock of medicines	5000	4000
Equipments	15000	22000
Building (less depreciation)	50000	45000

Prepare Income and Expenditure Account and a Balance Sheet as on 31.12.21.

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

Working Notes :
(1) Calculation of consumption of medicine during the year :-

(2) Calculation of expenditure on salaries for year 2012

(3) Calculation of expenditure on Insurance for the year 2012

(4) Calculation of Income from subscription during 2012.

Subscription Received during the year 2012	40500
Add Outstanding as on 31 Dec., 2012	400
Add pre received as on 1 Jan., 2012	100
	41000
Less Outstanding as on 1 Jan. 2012	300
Less Prereceived as on Dec. 31, 2012	700
	40000

(5) Calculation of capital fund as on 1st April, 2011

Balance Sheet of Club As on 1-1-12.

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Income and Expenditure account of Club
For the year ended on 31st Dec, 2012

Expenditure	Amount	Income	Amount
To medicine consumed.	24000	By subscription	40000
To diet expenses	2000	By donation	7000
To doctor’s Honorium	6000	By grant from local Authority	3000
To Electricity & Power	2500	By proceeds of charity show	8000
To salaries	9600	By interest on investment	4000
To Insurance	360	By sundries	400
To Petty expenses	200
To Stationery	500
To expenses on charity show	700
To depreciation on equipment	2000
To depreciation on Building	5000
To Excess of Income over expenditure	9540
	62400		62400

Balance Sheet of Club As on 31st Dec, 2012