Important question for class 12 Accountancy chapter Not for organisation.
QUESTION:1 From the following details, ascertain the amount of subscription to be credited to income and expenditure account for the year 2012′ ” subscriptions Received in 2012 including Rs, 20,000 for 2011and Rs, 15,000 for 2013 Rs, 2,45,000 ” subscription due but not received at the end of the year 2012 were Rs, 19,000 subscription Received in 2011 in advance for 2012 were Rs, 18,400,
[ Ans 2,47,400]
Not For Organisation Question and answer
QUESTION:2 in 2012, the subscription received by modern club of Delhi were Rs, 20,450 including Rs, 250 for 2011 and Rs, 500 for 2013, at the end of 2012,subscription outstanding for 2012 were Rs, 750. the subscription due but not received at the end of the previous year I”:e 31.12.2011 were Rs, 400 while subscription received in advance on the same date were Rs, 900. calculate the amount of subscription to be credited to income and expenditure account for the year ending 31.12.2012′
[Ans, 21,350]
QUESTION:3 In 2013, the actual salaries paid amounted to Rs, 1,02,000. ascertain the amount chargeable to income and expenditure account for the year ending on December 31,2013 from the following additional information:
- prepaid salaries on 31.12.2012 Rs 12,000
- prepaid salaries on 31.12,2013 Rs, 6,000
- outstanding salaries on 31.12.2012 Rs, 9,000
- outstanding salaries on 31.12.2013 Rs, 7,500
[Ans1,06,500]
Not For Organisation Question and answer
QUESTION:4 calculate the amount of stationery consumed during the year 2012 from the following date:
- stock of stationery on january 1, 2012 Rs, 30,000
- creditors for stationery on january 1, 2012 Rs, 20,000
- Advance paid for stationery carried forward from 2011 Rs, 2,000
- Amount paid for stationery during the year 2012 Rs, 1,08,000
- stock of stationery on December 31, 2012 Rs, 5,000
- creditors for stationery for December 31, 2012 Rs, 13,000
- Advance paid for stationery on December 31, 2012 Rs, 3,000
[Ans; 1,25,000]
QUESTION:5 how will you deal with the following in the income and expenditure Account and balance sheet of a club as at 31 march, 2013:
subscription received for 2012–13, Rs 1,25,000, subscription outstanding on 31 march 2012, Rs 25,000. subscription outstanding on 31 march 2013 Rs, 15,000 subscription received in advance as on 31 march , 2012 Rs, 20,000 subscription received in advance on 31 march 2013 Rs, 14,500
[Ans. 1,20,500]
QUESTION:6 the following relevant information is available from the books of a NPO:
- opening balance of machinery from the opening balance sheet or additional information Rs, 40,000
- sale of machinery for Rs, 35,000. the written down value of the machinery Rs, 20,000
- depreciation on machinery as per income and expenditure Account Rs, 5,000
- closing balance of machinery account from the additional information Rs 1,00,000, find out the value of machinery purchased
[Ans: purchase of machinery, 85,000]
Not For Organisation Question and answer
QUESTION:7 prepare Receipt and payments Account and income and expenditure Account of western club for the year 31 December, 2019
- subscription received (including Rs, 4,000 for earlier years) Rs, 30,000
- Donation received Rs, 2,000
- subscription outstanding Rs, 6,000
- Rent paid Rs, 1,800
- purchases of furniture (life 10 years) at the beginning of the yr Rs, 1,000
- purchase of books Rs, 2,500
- purchase of magazines and newspapers Rs,1,200
- sale of all old furniture at the beginning of the year(book value Rs, 300) Rs, 500
- opening cash and bank balance Rs, 6,800
- investments purchased Rs, 4,000
- interest on investment received Rs, 1,000
- bank charges Rs, 20
- postage, Telegram & Telephone Rs, 1,800
- printing & stationery (one bill of Rs, 300 for last year) Rs, 1,000
- printer’s bill outstanding Rs, 500
- entrance fees (50% to be capitalised) Rs, 14,00
- legacies Received ( to be capitalised ) Rs, 2,000
- Allowances (including Rs, 200 for last year) Rs, 1,800
- outstanding Allowances Rs, 300
[Ans: cash (closing)=28,580. surplus=27,880]
QUESTION:8 summary of Receipts and payments of kolkata medical Aid society for the year ended 31 march, 2013 are as follows:
opening cash balance in hand Rs, 8,000, subscription Rs, 50,000, Donation , interest on investments @9% p.a Rs, 9,000, payment for medicine supply Rs 30,000, Honorarium to Doctors Rs, 10,000, salaries Rs, 28,000, sundry expenses Rs, 1,000 Equipment purchased Rs, 15,000, charity show expenses Rs, 1,500, charity show collection Rs, 12,500
Additional Information:
| particular | 1.4.2012 | 31.3.2013 |
| subscription due | 1,500 | 2,200 |
| subscription received in advance | 1,200 | 700 |
| stock of medicine | 10,000 | 15,000 |
| due for medicine | 9,000 | 13,000 |
| Equipment | 21,000 | 30,000 |
| building | 50,000 | 48,000 |
prepare income and expenditure Account for the year ended 31 march, 2013 and also the balance sheet as on that date.
[Ans: surplus=10,200, capital fund=1,80,300″ b/c=2,04,200]
QUESTION:9 given below is the Receipts and payments account of the national club for the year ended 31 march, 2014
| Receipts | Amount | payment | Amount |
| balance b/d | 10,250 | salaries | 6,000 |
| subscription 2012-13 2013-14 2014-15 | 400 20,500 600 | general expenses | 800 |
| Donation | 5,400 | entertainment programme | 4,500 |
| proceeds of entertainment programme | 9,500 | newspaper | 1,500 |
| sale of waste papers | 450 | charity | 3,500 |
| investment(govt.bonds) | 20,000 | ||
| municipal Taxes | 500 | ||
| Electricity charges | 1,400 | ||
| balance c/d | 8,900 | ||
| 47,100 | 47,100 |
- there are 500 member’s paying an annual subscription of Rs 50 each: Rs 500 is still in arrear for 2012-13
- municipal taxes amounting to Rs, 400 per annum have been paid up to 30 june, 2014 and Rs, 500 for salaries are outstanding
- building stand in the books at Rs, 50,000 and it is required to write off depreciation at 5% per annum
- 6% per annum interest is accrued on government bonds for 5 months
[Ans: surplus =19,750; capital fund =61,150″ b/c = 82,000]