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

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

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Question 37 Chapter 1 – Unimax Class 12 Part 1

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

ReceiptsAmountPaymentsAmount
To Balance(1.1.2021)255By Rent and Rates1680
To Members’ entrance fee231By Printing and advertising800
To Subscription of playing members : 202063By Postage and Stationary278
2021600By Wages and umpires fee1200
To Subscription of honorary members : By Players travelling expenses500
2020260By Repairs to pavilion209
20214725By Extension of pavilion1956
2022120By wicket and matting221
To Public members subscriptions1120By Bats, Balls etc.455
To Interest on fixed deposit141By Balance on 31.12.21216
 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 year1680
Add : Outstanding as on 31-12-12300
 1980
Less prepaid rates as on 31-12-2012120
 1860

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

Wages and Umpire fee paid during the year1200
Add : Outstanding as on 31-12-12180
 1380

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

Expenses paid during the year455
Add Outstanding as on 31/12/1255
 510

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

Subscription received during the year 2012600
Add Outstanding as on 31/12/201240
 640 

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

Subscription received during the year 20124725
Add Outstanding as on 31/12/2012425
 5150

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

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

LiabilitiesAmountAssetsAmount
Capital (B/f)578Cash255
  O/s Subscription playing members63
  Honorary members260
    
    
    
 578 578

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

ExpenditureAmountIncomeAmount
To Rent & Rates1860By members Entrance fees231
To Printing800By subscription640
To Postage278Playing members5150
To Wages and umpire fee1380Honorary members 
To Training expenses500Public members1120
To Repair expenses209By Interest on Fixed deposits141
To Expenses of wickets221  
To expenses on bat or balls510  
To surplus ( excess of incomes over expenditure1524  
 7282 7282

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

Liabilities AmountAssetsAmount
Prereceived Subscription 120Extention on pavillion1956
Outstanding Rent 300Cash216
Outstanding Wages 180Prepaid rates120
Outstanding Bats and balls 55Outstanding Subscription 
Expenses  Playing members40
Capital Fund578 Honorary members425
Add Surplus15242102  
  2757 2757

https://tutorstips.com/not-for-profit-organisations/

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

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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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