Question 43 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 43 Chapter 1 of +2-A

Question 43 Chapter 1 of +2-A

43. From the following Receipts and Payments Account of Social Club and the information supplied, prepare Income and Expenditure Account for the year ended 31st March 2019 and Balance  Sheet as at the date:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March 2019
Receipts    Rs. Payments Rs. 
To Balance b/d (Cash)   7,000 By Salaries  28,000
To Subscriptions     By General Expenses  6,000
     2017-18 5,000   By Electricity Charges 4,000
     2018-19 20,000   By Books 10,000
     2019-20 4,000 29,000 By Newspapers 8,000
To Hire of Ground   14,000 By Balance C/d 4,000
To Surplus from Entertainment Events   8,000    
To Sale of Old Newspaper   2,000    
    60,000   2,64,500

Additional Information:

  1. The Club has 50 members each paying an annual subscription of Rs 500. Subscriptions Outstanding on 31st March 2018 were Rs 6,000.
  2. On 31st March 2019, Salaries Outstanding amounted to Rs 2,000.Salaries paid in the year ended 31st March 2019 included Rs 6,000 for the year ended 31st March 2018.
  3. On 1st April, 2018, the Club owned building valued at Rs 2,00,000; Furniture Rs 20,000 and Books Rs 20,000.
  4. Provide Depreciation on Furniture at 10%.

The solution of Question 43 Chapter 1 of +2-A

: –

Income and Expenditure Account (for the year ended 31st March 2019)
Expenditure

Amount Income
Amount
To Salaries   28,000   By Subscription 2018-19 20,000  
Add: – Closing O/s Rent   2,000   Add O/s Sub. for 2018 -19* 5,000 25,000
Less: – Opening O/s Salary     6,000 24,000 By Hire of Ground   14,000
To General Expenses     6,000 By Surplus from Entertainment Event   8,000
To Electricity Charges     4,000 By Sale of Old Newspapers   2,000
To Newspapers     8,000      
To Depreciation on Furniture     2,000      
             
             
To Surplus(Balancing Figure)     5,000      
      49,000       49,000

 

Balance Sheet (for the year ended 31st March 2018)
Liabilities
Amount Assets Amount
Outstanding Salaries 6,000 Cash in Hand 4,000
    Building 2,00,000
    Furniture 20,000
    Books 20,000
Capital Fund(Balancing Figure) 2,47,000 Outstanding Subscription 6,000
  2,53,000   2,53,000

 

Balance Sheet (for the year ended 31st March 2018)
Liabilities
Amount Assets
  Amount
Capital Fund   2,47,000   Cash in Hand   4,000
Add: – Surplus   5,000 2,52,000 Building   2,00,000
Outstanding Salaries     2,000 Furniture 2,0,000  
Advance Subscription for 19-20     4,000 Less: Depreciation 2,000 18,000
        Outstanding Subscription   2,10,000
        2018-19 5,000  
        2017-18 1,000 6,000
      2,58,000       2,58,000

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

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

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

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

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

2 Book 1 min - Question 43 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.