Question 40 Chapter 1 – Unimax Class 12 Part 1
40. Following is the Receipts and Payments A/c of the Shaheed Udham Singh Education Society for the year ended 31st March, 2021 :
| Receipts | Amount | Payments | Amount | |
| To Balance b/d | 10250 | By salaries | 6000 | |
| To Subscription : | By General Expenses | 800 | ||
| 2019-20 | By Entertainment Exp. | 4500 | ||
| 2020-21 | By Newspaper | 1500 | ||
| 2021-22 | 21500 | By Municipal taxes | 500 | |
| To Donations | 5400 | By Charity | 3500 | |
| To proceeds of Entertainment | 9500 | By Investments | 20000 | |
| To sale of waste papers | 450 | By Electricity Charges. | 1400 | |
| By Balance c/d | 8900 | |||
| 47100 | 47100 |
Additional Information :
(1) There are 500 members each paying annual subscription Rs. 50 and Rs. 500 are still in arrear for 2019-20.
(2) Municipal Taxes amounting to Rs. 400 p.a. have been paid upto 30th June 2021 and Rs. 500 for salaries are still outstanding.
(3) Building stand in the books at Rs. 50,000 and on which depreciation @ 5% p.a. is to be charged.
(4) Interest on Investments has accrued for 5 months @ 6% p.a.
Prepare Income & Expenditure Account for the year ended 31st March 2021 and Balance Sheet as on that date.
The solution of Question 32 Chapter 1 – Unimax Class 12 Part 1:
Income and Expenditure A/c
For the year ended 31st March, 2010
| Expenditure | Amount | Income | Amount | |||||||||
| To Salaries | 6000 | By Int. on Investment | 500 | |||||||||
| + O/s Salaries | 5000 | 6500 |
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| To G. Exp. | 800 | By Subscription (50 x 50) | 25000 | |||||||||
| To Entertainment Exp. | 4500 | By Donation | 5400 | |||||||||
| To Newspaper | 1500 | By Proceeds of Entertainment | 9500 | |||||||||
| To M. Taxes | 500 | By Sale of Wage paper | 450 | |||||||||
| – Prepared | (100) | 400 | ||||||||||
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| To Charity | 3500 | |||||||||||
| To Electricity Charges | 1400 | |||||||||||
| To Dep. On building | 2500 | |||||||||||
| To Surplus | 19750 | |||||||||||
| 40850 | 40850 |
Balance Sheet As on 31st March, 2010
| Liabilities | Amount | Assets | Amount | ||
| Capital Fund | 61150 | Prepaid M. Taxes | 100 | ||
| Add Surplus | 19750 | 80900 | Investment | 20,000 | |
| O/s Salaries | 500 | O/s Interest | 500 | ||
| Adv. Sub. | 600 | Cash in Hand | 8900 | ||
| Building | 50,000 | ||||
| Less Dep. @ 5% | 25,00 | 47500 | |||
| O/s Sub. | |||||
| 2008-09 | 500 | ||||
| 2009-10 | 4500 | ||||
| 82,000 | 82,000 |
Balance Sheet As on 31st March 2009
| Liabilities | Amount | Assets | Amount |
| Capital Fund (B/F) | 61,150 | Building | 50,000 |
| O/s Sub. | 900 | ||
| Cash in hand | 10,250 | ||
| 61,150 | 61,150 |
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)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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