# 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.

## 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

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)