Advertisement

Question 46 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Posted by By Shubham Sharma 7 Min Read June 1, 2023
Question 46 Chapter 1 of +2- Part-
Q-46 - CH-1 - Usha +2 Book 2018 - Solution

Advertisement

Question 46 Chapter 1 of +2-Part-1

Advertisement

46. (I & E A/c/ B/S) Given below is the receipts and payments account of Popular Club for the year ended 31st March 2015:

RECEIPTS AND PAYMENTS ACCOUNT
Receipts  Rs. Payments Rs. 
To entrance fees 1,000 By printing and stationary 900
To legacies 4,000 By salaries 1,400
To subscriptions 6,000 By rent 1,600
To donations for the building fund 12,000 By insurance: 2014-15 300
To interest 200 2015-16 100
To contribution to annual dinner 500 By furniture 1,000
To picnic receipts 300 By building advance 10,000
To Receipts tournament 800 By expenses on annual dinner 250
To telephone receipts 100 By expenses on a tournament 700
To billiards fees 550 By Upkeep of grounds 650
To tennis fees 350 By billiard table 2,000
    By newspapers 450
    By national savings certificate 5,000
    By balance 1,450
  25,800   25,800

Further information:
1) Subscriptions include subscriptions for 2016- Rs.500
2) Subscriptions outstanding for the current year- Rs.800 of which Rs. 200 are considered as doubtful.
3) 60% of the entrance fees are to be capitalized.
4) 12% National Savings Certificates were bought on 31-3-2015
5) Sundry persons owed Rs.200 for advertisement in the club’s yearbook
6) Provide Rs.50 as depreciation on furniture.
You are required to prepare:
(a) the Income and Expenditure Account for the year ended 31st March 2015 and
(b) the balance sheet as of that date.

The solution of Question 46 Chapter 1 of +2 Part-1: – 

Income and Expenditure account of Popular Club For the year ending 31.3.2015
Expenditure
 Amount Income
 Amount
To printing and stationary   900 By entrance fees (40%)   400
To salaries   1,400 By subscriptions 6,000  
To rent   1,600 Add: subscription outstanding 800  
To insurance   300 Less: received in advance 500  
To expenses on annual dinner   250 Less: provision for doubtful subscription 200 6,100
To expenses on a tournament   700 By interest   200
To Upkeep of grounds   650 By interest on NSC   300
To newspapers   450 By contribution for annual dinner   500
To depreciation on furniture   50 By picnic receipts   300
      By Receipts tournament   800
      By telephone receipts   100
      By billiards fees   550
      By tennis fees   350
      By advertisement amount due   200
To surplus   3,500      
    9,800     9,800
Balance Sheet As of 31st March 2015
Liabilities
 Amount Assets
 Amount
Capital Fund:     Insurance prepaid   100
-Balance –   Building advance   10,000
Add: Surplus 3,500 3,500 Billiard Table   2,000
Entrance fees   600 National Savings Certificate   5,000
Donations for building   12,000 Furniture 1,000  
Subscriptions received in advance   500 Less: Depreciation 50 950
Legacies   4,000 Interest on NSC due   300
      Cash   1,450
      Advertisement amount due   200
      Subscription   outstanding    600
    20,600     20,600

Thanks, Please Like and share with your friends  

Comment if you have any questions.

Advertisement-X

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

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

Advertisement

error: Content is protected !!