Question 44 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 1 of +2- Part-

Question 44 Chapter 1 of +2-Part-1

44. (I & E A/c/ B/S) Following Receipts and Payments Account has been prepared from cash book of Ganges Club, Kanpur:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts  Rs. Payments Rs. 
To balance on 1-4-17 25 By rents and rates 1,680
To member’s entrance fees 231 By printing and advertising 800
To subscription of playing members:   By postage and stationary 278
  2016-17 63 By wages and umpire’s fees 1,200
  2017-18 600 By players’ travelling expenses 500
To subscription of Honorary members:   By repairs to pavillion 209
2016-17 260 By extension of Pavillion 1,956
2017-18 4,725 By wicket matting 221
2018-19 120 By bats balls etc 455
To public matches 1,120 By balance on 31-3-18 216
To interest on fixed deposit @10% p.a. 141    
To sale of old newspapers 230    
  7,515   7,515

An examination of invoices, vouchers, and other records disclosed the following information:
Rent at Rs.100 per month has been paid only up to 31-12-17 and rates have been paid in advance to the extent of Rs.120. There is Rs.180 owing for wages and umpire’s fees and a bill for Rs.55 for bats, balls, etc. is still outstanding. Playing members’ subscriptions are Rs.40 in arrear for the year and the amount still owing by Honorary members is Rs.425.
Make out the Income and Expenditure Account and the balance sheet as of 31st March 2018.

The solution of Question 44 Chapter 1 of +2 Part-1: – 

Income and Expenditure account of Ganges Club For the year ending 31st March 2018
Expenditure
Amount Income
Amount
To printing and advertising   800 By entrance fees   231
To rent and rates 1,680   By subscription of players 600  
Add: outstanding(3*100) 300   Add: outstanding 40 640
Less: prepaid rent 120 8,160 By Honorary’s subscription 4,725  
To postage and stationary   278 Add: outstanding 425 5,150
To wages and umpire’s fees 1,200   By public matches   1,120
Add: outstanding wages 180 1,380 By interest on fixed deposit   141
To traveling expenses   500 By sale of old newspapers   230
To repairs to Pavillion   209      
To wicket matting   221      
To bats balls etc: 455        
Add: outstanding bill 55 510      
By the excess of income over expenditure   1,754      
           
    7,512     7,512
Balance Sheet As of 31st March 2018
Liabilities
Amount Assets
Amount
Capital Fund:     Cash in hand   216
-Balance on 1-4-17 1,758   Extension to Pavillion   1,956
Add: Surplus 1,754 3,512 Fixed deposits(100/10*141)   1410
Outstanding wages   180 Prepaid rates   120
Outstanding rent   300 Outstanding subscriptions:    
Subscription received in advance   120 Playing members 63  
Outstanding for bats and balls   55 Honorary members 260 323
           
           
           
           
    4,167     4,167

Working Note:
1. Opening Capital Fund:

Balance Sheet As of 1st April 2017
Liabilities
Amount Assets
Amount
Capital Fund (Balancing Figure)   1,758 Cash in hand   25
      Fixed deposits   1,410
      Subscription due:   1,000
      Playing members   63
      Honorary members   260
    1,758     1,758

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

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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2 Book 1 min - Question 44 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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