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

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

Question 41 Chapter 1 of Class 12 Part – 1

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

 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

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Also, Check out the solved question of all Chapters: –

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

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

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

Chapter No. 2 – Financial Statement Analysis