Question 39 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 39 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 39 Chapter 1 – Unimax Class 12 Part 1

39. The following is the receipt and Payment account of the ‘Bhartiya Gymkhana Club’ for the year ending 31st December, 2021 :

Receipts     Amount Payments Amount
To opening balance :       By Honorarium to secretary 4800
Cash   170   By Rates & taxes 1260
Bank (as per Pass book)   8210 8380 By Printing and Stationary 470
To Subscriptions     10710 By drama expenses 1530
To receipt from fetes     2400 By Groundmen’s wages 840
To proceeds of Drama tickets     4270 By Expenditure on fetes 2390
To Bank interest     230 By Payment for bar purchases 5770
To bar takings     7450 By Repairs etc. 320
To Cash overspent     20 By new car less sale proceeds of old car Rs. 3,000 12600
        By Bank balance (as per pass book) 3480
      33,460   33,460

You are given the following additional information :

Particulars 31.12.2020 31.12.2021
(1) Subscription due 1200 980
(2) Unpresented Cheques being payment of printing 90 30
(3) Club premises at cost 29000 – 
(4) Depreciation on club premises 18800 – 
(5) Car at cost 12190 – 
(6) Depreciation on car 10290 – 
(7) Value of bar stock 710 870
(8) Amount due for bar purchases 590 430

(9) Cash overspent represents amount of honorarium to the secretary not drawn due to shortage of funds. But the total salary payable to him for the year was already included in Rs. 4,800.
(10) Depreciation is to be provided @ 5% p.a. on the written down value of club premises and @ 15% p.a. on car for whole of the year.
You are required to adjust bank balance according to cash book and prepare income and expenditure account of the club and balance sheet as on 31st Dec., 2021.

The solution of Question 39 Chapter 1 – Unimax Class 12 Part 1: 

Income and Expenditure account of Bhartiya Gymkhana Club
For the year ending 31st Dec, 2012

Expenditure   Amount Income Amount
To Honorarium   4800 By Subscription 10490
To Rates & Taxes   1260 By Receipts from fetes 2400
To Printing & Stationery   410 By proceeds of drama 4270
To Drama Expenses   1530 By Bank interest 230
To Ground man wages   840 By Bar takings 7450
To expenses on fates   2390 By profit on the sale of old car 1100
To Repairs   320    
To Bar Expneses (2)   5450    
To Depreciation :        
On club house 510      
On Car 2340 2850    
To surplus (excess of income over expenditure)   6090    
    25940   25940

Balance Sheet of Bhartiya Gymkhana As on 31st Dec, 2012

Liabilities   Amount Assets   Amount
Outstanding Honorarium   20 O/s Subscription   980
Outstanding Expenses for Bar purchases   430 Bar Stock   870
Capital Fund 21710   Car   13260
Add Surplus 6090 27800 Club House premises   9690
      Bank 3480  
      Less Unpresented cheque for stationery on 31-12-12 30 3450
           
    28250     28250

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)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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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