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Question 36 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 36 Chapter 1 - Unimax Class 12 Part 1 - 2021
Question 36 Chapter 1 - Unimax Class 12 Part 1 - 2021

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Question 36 Chapter 1 – Unimax Class 12 Part 1

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36. Following is the Receipt and Payment Account of a Drama Club for the year ended 31.12.2021 :

ReceiptsAmountPaymentsAmount
To Balance(1.1.2021)1110By Salaries680
To Subscription : By General Expenses95
202040By Drama Expenses580
20212050By Newspaper etc.145
202260By Municipal tax40
To Donations655By Charity250
To Ticket of Drama900By Investments2000
To Sale proceed of waste paper35By Electricity135
  By Balance c/d (31.12.2021)925
 4,850 4,850

Prepare Income and Expenditure account for the year ended 31.12.2021 and a Balance Sheet on that date keeping in view the following information :
(i) There are 500 members, who pay Rs. 5 pa. Rs. 50 is still in arrears for 2020.
(ii) Municipal tax amounting to Rs. 40 was paid for 1 year upto 31.3.2022, salaries outstanding were Rs. 50.
(iii) A donation of Rs. 50 was promised, but not received during the year.
(iv) 5% depreciation is to be provided on building valued at Rs. 5000.
(v) Interest on investments is due for 3 months, @ 3% p.a.

The solution of Question 36 Chapter 1 – Unimax Class 12 Part 1:

Working Notes : (1) Calculation of expenditure on Salaries for the year 2012.

Payment made during the year 2012680
Add : Outstanding as on 31-12-1250
 730

 (2) Calculation of Expenditure on Municipal taxes for the year 2012.

Payment made during the year 201240
Less prepaid as on 31/12/1210
 30

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 (3) Calculation of income from subscription for the year 2012 :

Subscription received during 20122050
 450
(2500-2050)2500

 (4) Calculation of income from donation for the year 2012 :

Donations received during the year 2012655
Add Outstanding as on 31/12/1250
 705

 (5) Calculation of Capital fund as on 1-1-2012.

Balance Sheet of M/s Drama Club As on 1-1-12.

LiabilitiesAmountAssetsAmount
Capital (B/f)6200Cash1110
  Building5000
  Accrued Subscription (50+40)90
 6200 6200

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

ExpenditureAmountIncomeAmount
To salaries730By subscription2500
To general expenses95By donations705
To drama expenses580By Drama tickets900
To Newspaper145By Sale of old newspaper35
To Municipal taxes30By interest on investment Accrued15
To Charity250  
To Electricity135  
To depreciation Building250  
To Excess of Income over Expenditure (Surplus)1940  
 4155 4155

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Balance Sheet of M/s Drama Club As on 31st Dec, 2012

Liabilities AmountAssets Amount
Capital Fund6200 Cash 925
Add Surplus19408140Subscription Accrued (450+50) 500
Subscription prereceived 60Investment 2000
Outstanding Salary 50Accrued Interest 15
   Prepaid Municipal Tax 10
   Building  
   Less depreciation @ 5%50004750
   Outstanding donation2504750
      
  8250  8250

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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

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