Question 9 - CBSE Class 12 Sample Paper for 2022 Boards [Term 2] - Accounts - Solutions to CBSE Sample Paper - Accounts Class 12

Transcript

From the following Receipts and Payments Account and additional information provided by Ramanath Club, Prepare Income and Expenditure Account for the year ending on 31st March 2021. Receipts and Payments Account for the year ending 31st March, 2021 Receipts Amount Payments Amount To Balance b/d 48,000 By Salaries and Wages: To Subscription 95,000 2019-20 10,600 To Entrance Fee 1,56,000 2020-21 1,03,200 1,13,800 To Locker rent 50,000 By Sundry expenses 47,000 To Interest on 8% govt. By Refreshment expenses 60,400 Securities 5,400 By Telephone bill 5,000 To Revenue from refreshment 52,000 By Rent & Rates 24,000 To Sale of old newspapers 4,600 By Library Book 25,000 To Sale of furniture By 8% Govt. Securities 30,000 (Book value: 11,000) 12,000 By Honorarium to Secretary By Balance c/d 5,000 1,12,800 Total 4,23,000 Total 4,23,000 Additional Information: (i) Subscription received during the year includes ₹ 25,000 as donation for Building. (ii) Telephone bill unpaid as on March 31, 2020 was ₹ 4,000 and on March 31, 2021 ₹ 2,600. (iii) Value of 8% Government Securities on March 31, 2020 was ₹ 80,000. (iv) Additional Government Securities worth ₹ 30,000 were purchased on March 31, 2021. Answer INCOME AND EXPENDITURE ACCOUNT Parrticulars Amount Particulars Amount To Salary and Wages 103200 By Subscription 95000 To Sundry Expenses 47000 Less: Donation 25000 70000 To Refreshment Expense 60400 for Building To Telephone Bill 5000 By Entrance Fees 156000 Add : O/s for 2020-21 2600 By locker Rent 50000 Less : O/s for 2019-20 4000 3600 By Interest on 8% 5400 To rent and rates 24000 Govt. Securities To Honorarium to secretary 5000 Add: Accrued Interest 1000 6400 To Surplus 96800 By Revenue from refreshment 52000 By Sale of old newspapers 4600 By Profit on sale of Furniture 1000 340000 340000