Question no 7 Chapter 1 V K Publication class 12
7. From the following information, prepare the Income and Expenditure Account of Friends Club on 31st March, 2018: Life Membership Fees 40,000
| Particulars | ₹ | Particulars | ₹ |
| Subscriptions collected (including ₹ 1,60,000 for previous year) | 9,60,000 | Travelling expenses | 36,000 |
| Salaries paid (Including ₹ 60,000 for previous year) | 5,60,000 | Purchase of Books | 36,000 |
| Salaries outstanding at the end of year | 1,00,000 | Rent paid | 24,000 |
| Tournament expenses | 30,000 | Postage and telephone charges | 20,000 |
| Meeting expenses | 30,000 | Donations received (Capitalized) | 1,00,000 |
| Fire Insurance Premium | 4,000 | Depreciation on Books | 2,000 |
The Solution of Question No 7 Chapter No 01 – V K Publications Class 12
| Friends Club Income and Expenditure Account For the year ended 3 1st March, 2018 |
|||||
| Expenditures | Amount | incomes | Amount | ||
| To Salaries | 5,60,000 | By Subscriptions | 9,60,000 | ||
| Less Outstanding in the beginning | 60,000 | Less: Outstanding in the beginning | 1,60,000 | 8,00,000 | |
| 5,00,000 | |||||
| Add: Outstanding at the end | 1,00,000 | 6,00,000 | |||
| To Tournament Expenses | 30,000 | ||||
| To Meeting Expenses | 30,000 | ||||
| To Travelling Expenses | 36,000 | ||||
| To Rent paid | 24,000 | ||||
| To Postage and Telephone | 20,000 | ||||
| To Fire Insurance Premium | 4,000 | ||||
| To Depreciation on Books | 2,000 | ||||
| To Surplus, i.e., Excess of Income over Expenditures | 54,000 | ||||
| 8,00,000 | 8,00,000 | ||||
Note: Expenses unpaid during the year and non-cash expenses like depreciation are not included Receipts and Payments Account
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Also, Check out the solved question of all Chapters: –
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Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
Part-III
- Chapter No. 18 – Introduction to Computers and Accounting information System
- Chapter No. 19 – Computerised Accounting
- Chapter No. 20 – Accounting Software: Tally
- Chapter No. 21 – Data Base System
- Chapter No. 22 – Concept of Entity and Relationship
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
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Chapter No. 18 – Financial Statements – (With Adjustments)
Check out V. K. Publication Class 12 @ Oficial Website of V. K. Publication