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Question 39 Chapter 1 of +2-Part-1
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39. (I & EA/c/ B/S/ Opening Capital Fund) Following is the Receipts and
Payments Account of Cultural Society for the year ending 31-3-2017:
| RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st march, 2017 | |||
| Receipts | Rs. | Payments | Rs. |
| To balance b/d | 10,000 | By pay and Allowances | 32,250 |
| To entertainment fees | 30,000 | By printing and stationary | 3,120 |
| To grants from government | 15,000 | By library books | 2300 |
| To interest on securities | 150 | By insurance (up to 30-6-2017) | 400 |
| To rent for hall | 500 | By computer items | 240 |
| To donations (for sports) | 5,000 | By repairs | 990 |
| By building additions | 2,350 | ||
| By office expenses | 3,000 | ||
| By balance c/d | 16,000 | ||
| 60,650 | 60,650 | ||
Additional Information:
Assets on 31-3-2016 were :
Furniture Rs.17,500; Building Rs.80,000; Library Books Rs.12,000; Investments Rs. 5,000.
On 31-3-2017:
Outstanding entertainment fees Rs.1,100;
Provide depreciation: Building 5%, Furniture 15% and library books 20%.
Prepare the Income and Expenditure Account of the Cultural Society for the year ending 31st March 2017 and the Balance Sheet as on that date.
The solution of Question 39 Chapter 1 of +2 Part-1: –
| Income and Expenditure account of Cultural Society For the year ending 31st March 2017 | |||||
| Expenditure | Amount | Income | Amount | ||
| To Pay and Allowances | 32,250 | By entertainment fees: | 5,000 | ||
| To insurance | 400 | Add: Outstanding | 100 | 5,100 | |
| Less: Prepaid | 100 | 300 | By grants from Government | 15,000 | |
| To printing and stationary | 3,120 | By interest on securities | 150 | ||
| To computer expenses | 240 | By hall rent | 500 | ||
| To Office Expenses | 3,000 | By excess of expenditure of income(Deficit) | 2,753 | ||
| To repairs | 990 | ||||
| To depreciation: | |||||
| Building [(80,000 + 2350)x 15/100] | 4,118 | ||||
| Furniture (17,500 x 15/100) | 2,625 | ||||
| Library Books (12,000 + 2300 x 20% ) | 2,860 | 9,603 | |||
| 49,503 | 49,503 | ||||
| Balance Sheet As on 31st March 2017 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital Fund: | Cash in hand | 16,000 | |||
| -Balance on 1-4-16 (WN1) | 1,24,500 | Prepaid Insurance | 100 | ||
| Less: Deficiency | 2753 | Library Books | 12,000 | ||
| Add: Donation for sports | 5,000 | 1,26,747 | Add: Purchased | 2,300 | |
| Less: Depreciation | 2,860 | 11,440 | |||
| Furniture | 5,000 | ||||
| Less: Depreciation | 2,625 | 14,875 | |||
| Building | 80,000 | ||||
| Add: Purchased | 2,350 | ||||
| Less: Depreciation | 4,118 | 78,232 | |||
| Investments | 5,000 | ||||
| Outstanding entertainment fees | 1,100 | ||||
| 1,26,747 | 1,26,747 | ||||
Working Note:
1) Capital Fund as of 1st April, 2016 :
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| Cash | 10,000 | |
| Furniture | 17,500 | |
| Building | 80,000 | |
| Library Books | 12,000 | |
| Investments | 5,000 | 1,24,500 |
Calculation of Amount of Depreciation on Building :
| opening balance | = | 80,000 | x | 5 | =4,000 |
| 100 |
Question 39 Chapter 1 of +2-Part-1
39. (I & EA/c/ B/S/ Opening Capital Fund) Following is the Receipts and
Payments Account of Cultural Society for the year ending 31-3-2017:
| RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st march, 2017 | |||
| Receipts | Rs. | Payments | Rs. |
| To balance b/d | 10,000 | By pay and Allowances | 32,250 |
| To entertainment fees | 30,000 | By printing and stationary | 3,120 |
| To grants from government | 15,000 | By library books | 2300 |
| To interest on securities | 150 | By insurance (up to 30-6-2017) | 400 |
| To rent for hall | 500 | By computer items | 240 |
| To donations (for sports) | 5,000 | By repairs | 990 |
| By building additions | 2,350 | ||
| By office expenses | 3,000 | ||
| By balance c/d | 16,000 | ||
| 60,650 | 60,650 | ||
Additional Information:
Assets on 31-3-2016 were :
Furniture Rs.17,500; Building Rs.80,000; Library Books Rs.12,000; Investments Rs. 5,000.
On 31-3-2017:
Outstanding entertainment fees Rs.1,100;
Provide depreciation: Building 5%, Furniture 15% and library books 20%.
Prepare the Income and Expenditure Account of the Cultural Society for the year ending 31st March 2017 and the Balance Sheet as on that date.
The solution of Question 39 Chapter 1 of +2 Part-1: –
| Income and Expenditure account of Cultural Society For the year ending 31st March 2017 | |||||
| Expenditure | Amount | Income | Amount | ||
| To Pay and Allowances | 32,250 | By entertainment fees: | 5,000 | ||
| To insurance | 400 | Add: Outstanding | 100 | 5,100 | |
| Less: Prepaid | 100 | 300 | By grants from Government | 15,000 | |
| To printing and stationary | 3,120 | By interest on securities | 150 | ||
| To computer expenses | 240 | By hall rent | 500 | ||
| To Office Expenses | 3,000 | By excess of expenditure of income(Deficit) | 2,753 | ||
| To repairs | 990 | ||||
| To depreciation: | |||||
| Building [(80,000 + 2350)x 15/100] | 4,118 | ||||
| Furniture (17,500 x 15/100) | 2,625 | ||||
| Library Books (12,000 + 2300 x 20% ) | 2,860 | 9,603 | |||
| 49,503 | 49,503 | ||||
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| Balance Sheet As on 31st March 2017 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital Fund: | Cash in hand | 16,000 | |||
| -Balance on 1-4-16 (WN1) | 1,24,500 | Prepaid Insurance | 100 | ||
| Less: Deficiency | 2753 | Library Books | 12,000 | ||
| Add: Donation for sports | 5,000 | 1,26,747 | Add: Purchased | 2,300 | |
| Less: Depreciation | 2,860 | 11,440 | |||
| Furniture | 5,000 | ||||
| Less: Depreciation | 2,625 | 14,875 | |||
| Building | 80,000 | ||||
| Add: Purchased | 2,350 | ||||
| Less: Depreciation | 4,118 | 78,232 | |||
| Investments | 5,000 | ||||
| Outstanding entertainment fees | 1,100 | ||||
| 1,26,747 | 1,26,747 | ||||
Working Note:
1) Capital Fund as of 1st April, 2016 :
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| Cash | 10,000 | |
| Furniture | 17,500 | |
| Building | 80,000 | |
| Library Books | 12,000 | |
| Investments | 5,000 | 1,24,500 |
Calculation of Amount of Depreciation on Building :
| opening balance | = | 80,000 | x | 5 | =4,000 |
| 100 |
| purchase | = | 2,350 | x | 5 | =118 |
| 100 | |||||
4118 |
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Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Advertisement-X
Thanks, Please Like and share with your friends
Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication