Question 41 Chapter 1 of Class 12 Part - 1 VK Publication

Question 41 Chapter 1 of Class 12 Part – 1

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The solution of Question 41 Chapter 1 of Class 12 Part – 1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

41. The following is the Receipts and Payments Account of the Bombay Citizen Club for the
year ending December 31, 2017:

Receipts	Rs.	Payments	Rs.
To Balance b/d	300	By Rent	5,200
To Entrance Fees	550	By Stationary, Expenses , etc	3,068
To Subscriptions:		By Wages	5,330
2016 200		By Billiards Table	3,900
2017 16,900		By Repairs And Renewals	806
2018 300	17,400	By Interest	1,500
To Locker Rent	500	By Balance c/d	2,396
To Special Subscription for Governor’s Party	3,450
	22,200		22,200

Locker rent Rs. 60 referred to 2016 and Rs. 90 is still owing. Rent Rs. 1,300 pertained to 2016 and Rs. 1,300 is still owing. Stationery Expenses, etc. Rs. 312 related to 2016 and still owing Rs. 364. Subscriptions unpaid for 2017 Rs. 868. Special subscriptions for Outstanding Rs. 550.
The Club owned sports materials of the value Rs. 16,000 on 1st January, 2017. This was
valued at Rs. 13,500 on 31st December, 2017. The Club took a loan of Rs. 20,000 in 2016.
Prepare the Income and Expenditure Account and Balance Sheet.

The solution of Question 41 Chapter 1 of Class 12 Part – 1: –

Income and Expenditure Account

For the year ended on 31st December 2017

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Expenditure		Amount	Income		Amount
To Rent	5,200		By Entrance Fees		550
Less : For 2016	(1,300)		By Locker Rent	(500-60+90)	630
Add: Outstanding at the end	1,300	5,200	By Subscriptions	16,900
To stationary , Expenses , etc	3,068		Add: Outstanding	868	17,768
Less: For 2016	(312)
Add: Outstanding at the end	364	3,120
To wages		5,330
To Repair and Renewals		806
To Interest		1,500
To Depreciation on Sports Material		2,500
To Surplus, i.e., Excess of income over expenditure.		392
		18,848			18,848

Opening Balance Sheet (as at 31st December 2016)

Liabilities	Amount	Assets	Amount
Outstanding Stationary , Expenses, etc.	312	Cash in hand	300
Loan	20,000	Outstanding Subscription	200
Outstanding Rent	1,300	Outstanding Locker Rent	60
		Sports Material	16,000
		Deficiency (opening) (Balancing Figure)	5052
	21,162		21,162

Balance Sheet (as at 31st December 2017)

Liabilities		Amount	Assets		Amount
Loan		20,000	Cash in Hand		2,396

Outstanding Rent		1,300	Sports Material		13,500
Outstanding Stationary , Expenses, etc.		364	Outstanding Locker Rent		90
Subscriptions Received in advance (2018)		300	Billiards Table		3,900
Special Subscriptions	3,450		Open Defiency	5052
Add: Outstanding	550	4,000	Less: Surplus	392	4,660
			Outstanding Special subscription for Governor’s Party		550
			Outstanding Subscription for 2017		868
		25,964			25,964