Question 37 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 37 Chapter 1 – Unimax Class 12 Part 1

Table of Contents

The solution of Question 37 Chapter 1 – Unimax Class 12 Part 1:

Working Notes : (1) Calculation of expenditure on rent and rates during the year 2012.

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

37. Following is the Receipt and Payment Account has been prepared from the cash book of the Ganges Club, Kapurthala :

Receipts	Amount	Payments	Amount
To Balance(1.1.2021)	255	By Rent and Rates	1680
To Members’ entrance fee	231	By Printing and advertising	800
To Subscription of playing members : 2020	63	By Postage and Stationary	278
2021	600	By Wages and umpires fee	1200
To Subscription of honorary members :		By Players travelling expenses	500
2020	260	By Repairs to pavilion	209
2021	4725	By Extension of pavilion	1956
2022	120	By wicket and matting	221
To Public members subscriptions	1120	By Bats, Balls etc.	455
To Interest on fixed deposit	141	By Balance on 31.12.21	216
	7,515		7,515

Examination of records reveals the following :
Rent @ Rs. 100 p.m. has been paid only upto 30.9.21 and rates have been paid in advance to the extent of Rs. 120. There are Rs. 180 outstanding for wages and umpires fees, and a bill for Rs. 55 for bats and balls etc is still outstanding. Playing members subscriptions are Rs. 40, in arrear for the year and the amount still owing by honorary members is Rs. 425. Make out the income and expenditure account for the year ended, 31st Dec. 2021 and a balance sheet as on that date.

The solution of Question 37 Chapter 1 – Unimax Class 12 Part 1:

Working Notes : (1) Calculation of expenditure on rent and rates during the year 2012.

Rent and Rates paid during the year	1680
Add : Outstanding as on 31-12-12	300
	1980
Less prepaid rates as on 31-12-2012	120
	1860

(2) Calculation of Expenditure on wages and umpire fee for the year 2012.

Wages and Umpire fee paid during the year	1200
Add : Outstanding as on 31-12-12	180
	1380

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

Expenses paid during the year	455
Add Outstanding as on 31/12/12	55
	510

(4) Calculation of Income from subscription of playing members for the year 2012 :

Subscription received during the year 2012	600
Add Outstanding as on 31/12/2012	40
	640

(5) Calculation of Income from subscription from the Honorary members :

Subscription received during the year 2012	4725
Add Outstanding as on 31/12/2012	425
	5150

(6) Calculation of Capital Fund as on 1/1/2012.

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

Liabilities	Amount	Assets	Amount
Capital (B/f)	578	Cash	255
		O/s Subscription playing members	63
		Honorary members	260



	578		578

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

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Expenditure	Amount	Income	Amount
To Rent & Rates	1860	By members Entrance fees	231
To Printing	800	By subscription	640
To Postage	278	Playing members	5150
To Wages and umpire fee	1380	Honorary members
To Training expenses	500	Public members	1120
To Repair expenses	209	By Interest on Fixed deposits	141
To Expenses of wickets	221
To expenses on bat or balls	510
To surplus ( excess of incomes over expenditure	1524
	7282		7282

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

Liabilities		Amount	Assets	Amount
Prereceived Subscription		120	Extention on pavillion	1956
Outstanding Rent		300	Cash	216
Outstanding Wages		180	Prepaid rates	120
Outstanding Bats and balls		55	Outstanding Subscription
Expenses			Playing members	40
Capital Fund	578		Honorary members	425
Add Surplus	1524	2102
		2757		2757