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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 VK Publication

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Question 41 Chapter 1 of Class 12 Part – 1

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

ReceiptsRs.PaymentsRs.
To Balance b/d300By Rent5,200
To Entrance Fees550By Stationary, Expenses , etc3,068
To Subscriptions: By Wages5,330
2016      200 By Billiards Table3,900
2017    16,900 By Repairs And Renewals806
2018    30017,400By Interest1,500
To Locker Rent500By Balance c/d2,396
To Special Subscription for Governor’s Party3,450  
 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

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For the year ended on 31st December 2017

Expenditure
 
AmountIncome
 
Amount
To Rent5,200 By Entrance Fees 550
Less : For 2016(1,300) By Locker Rent(500-60+90)630
Add: Outstanding at the end1,3005,200By Subscriptions16,900 
To stationary , Expenses , etc3,068 Add: Outstanding86817,768
Less: For 2016(312)    
Add: Outstanding at the end3643,120   
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 

AmountAssets
 
Amount
Outstanding Stationary , Expenses, etc. 312Cash in hand300
Loan 20,000Outstanding Subscription200
Outstanding Rent 1,300Outstanding Locker Rent60
   Sports Material16,000
   Deficiency (opening) (Balancing Figure)5052
  21,162 21,162

Balance Sheet (as at 31st December 2017)

Liabilities 

AmountAssets
 
 Amount
Loan 20,000Cash in Hand 2,396
      
Outstanding Rent 1,300Sports Material 13,500
Outstanding Stationary , Expenses, etc. 364Outstanding Locker Rent 90
Subscriptions Received in advance (2018) 300Billiards Table 3,900
Special Subscriptions 3,450 Open Defiency 5052 
Add: Outstanding5504,000Less: Surplus 3924,660
   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)

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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

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Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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