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

Question 46 Chapter 1 of +2- Part-
Q-46 - CH-1 - Usha +2 Book 2018 - Solution

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Question 46 Chapter 1 of +2-Part-1

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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.PaymentsRs. 
To entrance fees1,000By printing and stationary900
To legacies4,000By salaries1,400
To subscriptions6,000By rent1,600
To donations for the building fund12,000By insurance: 2014-15300
To interest2002015-16100
To contribution to annual dinner500By furniture1,000
To picnic receipts300By building advance10,000
To Receipts tournament800By expenses on annual dinner250
To telephone receipts100By expenses on a tournament700
To billiards fees550By Upkeep of grounds650
To tennis fees350By billiard table2,000
  By newspapers450
  By national savings certificate5,000
  By balance1,450
 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
AmountIncome
Amount
To printing and stationary 900By entrance fees (40%) 400
To salaries 1,400By subscriptions6,000 
To rent 1,600Add: subscription outstanding800 
To insurance 300Less: received in advance500 
To expenses on annual dinner 250Less: provision for doubtful subscription2006,100
To expenses on a tournament 700By interest 200
To Upkeep of grounds 650By interest on NSC 300
To newspapers 450By contribution for annual dinner 500
To depreciation on furniture 50By 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
AmountAssets
Amount
Capital Fund:  Insurance prepaid 100
-Balance Building advance 10,000
Add: Surplus3,5003,500Billiard Table 2,000
Entrance fees 600National Savings Certificate 5,000
Donations for building 12,000Furniture1,000 
Subscriptions received in advance 500Less: Depreciation50950
Legacies 4,000Interest on NSC due 300
   Cash 1,450
   Advertisement amount due 200
   Subscription   outstanding  600
  20,600  20,600

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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

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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