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Question 43 Chapter 1 of Class 12 Part – 1 VK Publication

Question 43 Chapter 1 of Class 12 Part - 1 VK Publication
Question 43 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 43 Chapter 1 of Class 12 Part – 1

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  1. Gavaskar Cricket Club gives you the following Receipts and Payments Account for the year ended 31st March, 2018:
Receipts Rs.Payments Rs.
To Balance b/d  By Salaries and Wages 12,000
At Office150 By Sports Equipment 46,785
At Bank14,20014,350By Stationery and Printing 1,220
To Subscriptions 61,000By Maintenance of Ground 6,000
To Admission Fees 350By Prizes 1,060
To Interest on Investments @9% per annum for full year 9,000dBy Balance c/d  
   At Office380 
   At Bank17,35517,735
  84,800  84,800

The following additional information is provided to you:

Particulars1st April 201731st March 2018
(a) Subscriptions Due480560
(b) Subscriptions Received in Advance80 40 
(c) Sports Equipment21,80029,700
(d) Land and Buildings (cost less depreciation)80,00076,000

Prepare Income and Expenditure Account for the year ended 31st March, 2018 and
Balance Sheet as at that date.

The solution of Question 43 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 Salaries and Wages 12,000By Subscriptions61,000 
To Stationery and Printing 1,220Less: Outstanding in the beginning(480) 
To Maintenance of ground 6,000Add: Outstanding at the end560 
To Depreciation on Land and Building 4,000Add: Received in Advance in the beginning80 
To Prizes 1,060Less: Received in Advance at the end(40)61,220
To Sports Equipments used  By Admission fees 350
Sports equipments purchased46,785 By Interest on Investment 9,000
Add: Opening stock of sports equipments21,800    
Less: Closing stock of sports equipments(29,700)    
To Surplus. i.e., Excess of Income over Expenditure 7,405   
  70,570  70,570

Balance Sheet (as at 1st April 2017)

Liabilities 

AmountAssets
 
Amount
Subscription Received in Advance 80Sports Equipments 218021,800
   Land and Building80,000
   Cash in Hand150
   Cash at Bank14,200
Capital Fund
(Balancing Figure)
 2,16,550Outstanding Subscriptions480
   Investment =100×9,000/950,000
  2,16,630 2,16,630

 

Balance Sheet (as at 31st March 2018)

Liabilities 

AmountAssets
 
Amount
Subscription Received in Advance 40Investment1,00,000
Capital Fund2,16,550 Outstanding Subscriptions560
Add: Surplus7,4052,23,995Land and Building76,000
   Sports Equipments29,700
   Cash in Hand380
   Cash at Bank17,355
  2,23,995 2,23,995

 

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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)

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Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

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)

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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

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

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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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