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

Question 44 Chapter 1 of Class 12 Part – 1

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

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

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

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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 on	600
Cash at bank on	1,200
Subscription received	16,500
Entrance Fees	1,500
Sale of old Newspapers	200
Interest received	300
Salaries and Wages	2,100
Honorarium to secretary Accountancy	1,300
Rent, rates and taxes	2,200
Miscellaneous Expenses	400
Entertainment and Sports Expenses	2,200
Library Books bought	2,500
Furniture bought	3,000
Closing cash at Bank	1,600

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

Receipts and Payments Account

For the year ended on 31st March, 2018

Receipts	Amount	Payments	Amount
To Balance b/d (600+ 1200)	1,800	By Salaries and Wages	2,100
To Subscriptions	16,500	By Honorarium to Secretary	1,300
To Entrance fees	1,500	By Rent, Rates and Taxes	2,200
To Sale of old newspapers	200	By Miscellaneous Expenses	400
To Interest Received	300	By Library books	2,500
		By Entertainment and Sports Expenses	2,200
		By Furniture	3,000
		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)

Expenditure	Amount	Income	Amount
To Salaries and Wages	2,100	By Subscriptions	16,500
To Honorarium to Secretary	1,300	By Entrance fees	1,500
To Rent, Rates and Taxes	2,200	By Sale of old newspapers	200
To Miscellaneous Expenses	400	By Interest Received	300
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