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Question 38 Chapter 1 – Class 12 Part 1 Unimax
38. The following is the Receipts and Payments Account of Sydney Club for the year ended on 31.3.2021
| Receipts | Amount | Payments | Amount | |
| To Opening Balance Cash | 10,000 | By entrance donation refund | 20,000 | |
| Bank | 3850 | By Salaries | 1,20,000 | |
| To Subscription received | 2,02,750 | By Creditors for supplies | 15,20,000 | |
| To Entrance donation | 1,00,000 | By Printing and Stationery | 70,000 | |
| To Interest received | 58,000 | By Postage | 40,000 | |
| To Sale of assets | 8,000 | By Telephone and telex | 52,000 | |
| To Miscellaneous income | 9,000 | By Repairs and maintenance | 48,000 | |
| To Receipts at : | By Glass and table linen | 12000 | ||
| Coffee room | 10,70,000 | By Crockery and cutlery | 14,000 | |
| Wines and spirits | 5,10,000 | By Garden upkeep | 8000 | |
| Swimming pool | 80,000 | By Membership fees | 4,000 | |
| Tennis court | 1,02,000 | By Insurance | 5,000 | |
| By Electricity | 8000 | |||
| By Closing Balance : Cash | 8,000 | 2,32,600 | ||
| Bank | 2,24,600 | |||
| 21,53,600 | 21,53,600 |
The assets and liabilities as on 31.3.2020 were as follows :
Fixed assets (net) : Rs. 5,00,000, Stock of Supplies Rs. 3,80,000, Investment in government securities Rs. 5,00,000, outstanding subscription Rs. 12,000, prepaid insurance Rs. 1,000, Sundry creditors for supplies Rs. 1,12,000, subscription received in advance Rs. 15,000, entrance donation received pending membership Rs. 1,00,000, Gratuity fund Rs. 1,50,000.
The following adjustments are to be made while drawing up the accounts :
(a) Subscription received in advance as on 31st March, 2021 was Rs. 18,000.
(b) Outstanding Subscription as on 31st March, 2021 was Rs. 7,000.
(c) Outstanding expenses are : salaries Rs. 8,000 and Electricity Rs. 15,000.
(d) 50% of the entrance donation was to be capitalized. There was no pending membership as on 31st March, 2021.
(e) The cost of assets sold net as on 1.4.20 was Rs. 10,000.
(f) Depreciation is to be provided at the rate of 10% on assets.
(g) A sum of Rs. 20,000 received in October 2020 as entrance donation from an applicant was to be refunded as he had not fulfilled the requisite membership qualifications. The refund was made on 31.3.2021.
(h) The value of closing stock of supplies was Rs. 2,10,000.
(i) The club as a matter of policy charges off to income and expenditure account all purchases made on account of crockery, cutlery, glass and linen in the year of purchase.
Prepare an income and expenditure account for the year ended 31st March, 2021 and the balance sheet as on 31st March, 2021 along with necessary workings.
The solution of Question 38 Chapter 1 – Class 12 Part 1 Unimax:
Working Notes :
(1) Calculation of Capital Fund on 1st April, 2011.
(3) Calculation of purchases and consumption of supplies for the year ended 31-3-12.
Total Creditors Account
In the Books of Sudney Club. Income and Expenditure account
For the year ended 31st March, 2012
Balance Sheet of M/s Sydney Club As on 31st March, 2012
End of Solution
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1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax
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- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Punjab School Education Board (PSEB) Solutions of Usha Publication.
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