Question 41 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 34 Chapter 1 – Unimax Class 12 Part 1

Table of Contents

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

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

41. The following is the Receipts and Payments A/c of Khana Club for the year ended 31st Dec., 2021 :

Receipts	Amount	Payments	Amount
To Balance b/d	300	By Rent	5200
To Entrance fees	550	By Stationery	3068
To Subscription 2020	200	By Wages	5330
To Subscription 2021	16900	By Billiard Table	3900
To Subscription 2022	300	By Repairs	806
To Lockers Rent	500	By Interest	1500
To Special Subscription for dinner party	3450
		By Balance c/d	2396
	22,200		22,200

Additional Information :

(1) Subscription unpaid for the year 2021, Rs. 468.
(2) Stationery Rs. 312 related to 2020 and Rs. 364 on account is still owing.
(3) Locker’s rent include Rs 60 for 2020 and Rs. 90 is still owing. Rent Rs. 1300 relates to 2020 and Rs. 1300 is still due.
(4) Building on 31 Dec. 2020 was Rs. 50,000.
Prepare Income & Expenditure Account of Khana Club for the year ending 31st December 2021.

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

Income and Expenditure A/c of Gymkhana Club
For the year ended 31st Dec., 2009

Liabilities		Amount	Assets		Amount
To Rent	5200		By Entrance Fees		500
+ O/s end	1300		By Sub.	16900
– O/s Beg.	1300	5200	+ O/s	468	17,368
To Stationery.		3120
(3068 + 364 – 312)		5330	By Lockers Rent		530
To Wages		806	(500 – 60 + 90)
To Repair		806
To Interest		1500
To Surplus		2492
		18,448			18,448

Balance Sheet As on 31st March, 2009

Liabilities		Amount	Assets	Amount
Capital Fund	48948		Billiard table	3900
Add Surplus	2492	51440	Cash in hand	2396
Adv. Subscription		300	Sub. O/S	468
O/s Rent		1300	O/S Lockers Rent	90
O/s Stationery		364	Building	50000
Special Subscription for dinner party		3450
		56,854		56,854

Balance Sheet As on 31st Dec. 2010

Liabilities	Amount	Assets	Amount
O/S Rent	1300	Cash	300
O/S Stationery	312	O/S Sub.	200
Capital Fund (B/F)	48948	O/S Locker Rent	60
		Building	50,000
	50,560		50,560