Question 39 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 39 Chapter 1 of +2- Part-

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 200   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 4,118        
Furniture 2,625        
Library Books 2,860 9,603      
    49,503     49,503

 

Balance Sheet
As on 31st December 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   5,500
      Outstanding entertainment fees   1,100
    1,26,747     1,26,747

 


Working Note:

1) Capital Fund as on 1st April, 2016 :

 

 
Cash 10,000  
Furniture 17,500  
Building 80,000  
Library Books 12,000  
Investments 5,000 1,24,500
     

 

 

 

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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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 39 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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