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

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

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

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