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

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

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Question 42 Chapter 1 of Class 12 Part – 1

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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 BalancesRs.Credit BalancesRs.
Cash in Hand200Fees Received1,25,000
Cash at Bank10,5,00Hire of Hall6,700
Furniture12,000Entrance Fees2,000
Library Books30,000Miscellaneous Receipts10,000
Laboratory Equipments50,000Governments Grant32,300
Building3,00,000Capital Fund4,70,000
Investment 15% p.a.1,00,000Creditors for Supplies2,700
Stationery5,000  
General Expenses7,000  
Annual Function Expenses2,000  
 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

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Income and Expenditure Account

For the year ended on 31st March, 2018

Expenditure
 
AmountIncome
 
Amount
To Salaries1,32,000 By Fee received1,25,000 
Add: Outstanding12,0001,44,000Add : Outstanding4,0001,29,000
To General Expenses 7,000By Hire of hall  6,700
To Annual Function Expenses 2,000By Entrance fees 2,000
To Stationery 5,000By Miscellaneous Receipts 10,000
To Depreciation on:  By Government Grant 32,300
Furniture1,200 By Outstanding Interest on Investment 15,000
Laboratory Equipments7,500    
Library Books3,00011,700   
To Surplus 25,300   
  1,95,000  1,95,000

Balance Sheet (as at 31st March 2018)

Liabilities 

AmountAssets
 
 Amount
Creditors for Supplies 2.7000Furniture 12,0000 
Capital Fund4,70,000 Less: Depreciation 1,20010,800
Add: Surplus25,30004,95,300Laboratory Equipments 50,000 
Outstanding Salary 12,000Less: Depreciation 7,50042,500
   Library Books 30,000 
   Less: Depreciation 3,00027,000
   Investments 1,00,000 
   Add: Outstanding Interest 15,0001,15,000
   Building 3,00,000
   Fees Receivable 4,000
   Cash in hand 200
   Cash at Bank 10,500
  5,10,000  5,10,000

 

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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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