Question 42 Chapter 1 of Class 12 Part - 1 VK Publication

Question 42 Chapter 1 of Class 12 Part – 1

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The solution of Question 42 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

42. From the following information related to the BD Education Society, you are required to prepare Income and Expenditure Account for the year ending 31st March ,2018 and Balance Sheet as at the close of the year.

Debit Balances	Rs.	Credit Balances	Rs.
Cash in Hand	200	Fees Received	1,25,000
Cash at Bank	10,5,00	Hire of Hall	6,700
Furniture	12,000	Entrance Fees	2,000
Library Books	30,000	Miscellaneous Receipts	10,000
Laboratory Equipments	50,000	Governments Grant	32,300
Building	3,00,000	Capital Fund	4,70,000
Investment 15% p.a.	1,00,000	Creditors for Supplies	2,700
Stationery	5,000
General Expenses	7,000
Annual Function Expenses	2,000
	6,48,700		6,48,700

Salaries for the year still payable are Rs. 12,000. Fees still receivable are Rs. 4,000. Depreciation Furniture 10%. Laboratory @ 15% and Library Books @ 10%.

The solution of Question 42 Chapter 1 of Class 12 Part – 1: –

Gavaskar Cricket Club

Income and Expenditure Account

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For the year ended on 31st March, 2018

Expenditure		Amount	Income		Amount
To Salaries	1,32,000		By Fee received	1,25,000
Add: Outstanding	12,000	1,44,000	Add : Outstanding	4,000	1,29,000
To General Expenses		7,000	By Hire of hall		6,700
To Annual Function Expenses		2,000	By Entrance fees		2,000
To Stationery		5,000	By Miscellaneous Receipts		10,000
To Depreciation on:			By Government Grant		32,300
Furniture	1,200		By Outstanding Interest on Investment		15,000
Laboratory Equipments	7,500
Library Books	3,000	11,700
To Surplus		25,300
		1,95,000			1,95,000

Balance Sheet (as at 31st March 2018)

Liabilities		Amount	Assets		Amount
Creditors for Supplies		2.7000	Furniture	12,0000
Capital Fund	4,70,000		Less: Depreciation	1,200	10,800
Add: Surplus	25,3000	4,95,300	Laboratory Equipments	50,000
Outstanding Salary		12,000	Less: Depreciation	7,500	42,500
			Library Books	30,000
			Less: Depreciation	3,000	27,000
			Investments	1,00,000
			Add: Outstanding Interest	15,000	1,15,000
			Building		3,00,000
			Fees Receivable		4,000
			Cash in hand		200
			Cash at Bank		10,500
		5,10,000			5,10,000