Question 40 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 40 Chapter 1 - Unimax Class 12 Part 1 - 2021

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
[ 20,000 x 5 x 6 ]
12 100
 
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    
[ 400 x 3 ]
12
       
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)

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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