Question 47 Chapter 1 of +2-Part-1
47. (I & E A/c/ B/S) Following is the Receipts and Payments account of Manav Sewa Sangh for the year ending 31st December 2015:
|RECEIPTS AND PAYMENTS ACCOUNT|
|To balance b/d||800||By salaries||300|
|To subscriptions:||By stationary||300|
|2015||1,000||By telephone charges||100|
|2016||200||By investments(4% Govt securities purchased on 30.6.2015)||1,000|
|To admission fees||3,200||By sundry expenses||150|
|To dividend on shares||800||By balance c/d||500|
1) There are 600 members paying annual premium Of Rs. 2 per head, Rs.90 being in arrear for 2014 at the beginning of 2015.
2) Stock of stationery on 31st December 2014 was Rs.200, on 31st December, 2015-Rs.100.
3) The rates were paid for 15 months up to 31st March 2016.
4) Sundry expenses outstanding on 31st December 2014 were Rs.50.
5) Telephone charges for 3 months outstanding, the amount due is Rs.40.
6) At 31st December 2014 – investments in shares were Rs.4,000.
7) At 31st December 2014 – the building stood in the books at Rs.10,000 and it is required to write off depreciation at 5% p.a.
You are required to prepare:
(a) the Income and Expenditure Account for the year ended 31st December 2015 and
(b) the balance sheet as on that date.
The solution of Question 47 Chapter 1 of +2 Part-1: –
|Income and Expenditure account of Manav Sewa Sangh For the year ending 31st December 2015
|To salaries||300||By subscriptions||1,000|
|To stationary||300||Add: outstanding (600*2)-1,000||200||1,200|
|Add: opening stock||200||By dividend on shares||200|
|Less: closing stock||100||400||By interest on investments
(1,000 x 4/100 x 6/12)
|To rates||300||By excess of expenditure over income||260|
|Less: Prepaid 1/5||60||360|
|To telephone charges||100|
|To sundry expenses||150|
|Less: paid for 2014||50||100|
|To depreciation on building @5%||500|
|Balance Sheet As on 31st March 2015
|Capital Fund:||Cash in hand||500|
|-Opening Balance||15,040||Outstanding Subscriptions:|
|Add: Admission fees||400||-2014||40|
|Outstanding telephone charges||40||Stock of stationary||100|
|Subscriptions received in advance||200||Prepaid rates||60|
|Investments in shares||4,000|
1. Opening Capital Fund:
|Balance Sheet As on 1st January 2015
|Outstanding sundry expenses||50||Outstanding Subscriptions||90|
|Capital Fund (Balancing Figure)||15,040||Cash in hand||800|
|Stock of stationary||200|
|Investments in shares||200|
Note: In the absence of any instructions, the legacy has been treated as revenue income as the amount was very small.
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- 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)
- 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
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement