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Question 44 Chapter 1 of Class 12 Part – 1 VK Publication

Question 44 Chapter 1 of Class 12 Part - 1 VK Publication
Question 44 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 44 Chapter 1 of Class 12 Part – 1

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44. From the following particulars of Indore Readers Club, Pune, prepare Receipts &
Payments Account and Income & Expenditure Account for the year ended 31st March,
2018:

Particulars(₹)
Cash in hand on600
Cash at bank on1,200
Subscription received16,500
Entrance Fees1,500
Sale of old Newspapers200
Interest received300
Salaries and Wages2,100
Honorarium to secretary Accountancy1,300
Rent, rates and taxes2,200
Miscellaneous Expenses400
Entertainment and Sports Expenses2,200
Library Books bought2,500
Furniture bought3,000
Closing cash at Bank1,600

 

The solution of Question 44 Chapter 1 of Class 12 Part – 1: –

Receipts and Payments Account

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For the year ended on 31st March, 2018

Receipts
 
AmountPayments
 
Amount
To Balance b/d (600+ 1200)1,800By Salaries and Wages2,100
To Subscriptions16,500By Honorarium to Secretary1,300
To Entrance fees1,500By Rent, Rates and Taxes2,200
To Sale of old newspapers200By Miscellaneous Expenses400
To Interest Received300By Library books2,500
  By Entertainment and Sports Expenses2,200
  By Furniture3,000
  By Balance c/d 
  Cash at Bank (Balancing figure)1,600
  Cash in Hand (Balancing figure)5,000
 20,300 20,300

Income and Expenditure Account (For the year ended 31st March 2018)

ExpenditureAmountIncome
 
Amount
To Salaries and Wages 2,100By Subscriptions16,500
To Honorarium to Secretary 1,300By Entrance fees1,500
To Rent, Rates and Taxes 2,200By Sale of old newspapers200
To Miscellaneous Expenses 400By Interest Received300
To Library books 2,500  
To Entertainment and Sports Expenses 2,200  
To Surplus, ie., Excess of Income over Expenditure 10,300  
  18,500 18,500

 

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

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

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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)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

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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

Chapter No. 2 – Financial Statement Analysis

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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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