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M.492 An Aid to Accountancy—CBSE XII

13. Following is the Receipts and Payments Account of Jaipur Club for the year ended
31st March, 2018:
RECEIPTS AND PAYMENTS ACCOUNT
Dr. for the year ended 31st March, 2018 Cr.

Receipts ` Payments `
To Balance b/d 50,000 By Salary 90,000
To Subscriptions: By Newspapers and Magazines 20,000
2016–17 15,000 By Rent 70,000
2017–18 2,20,000 By Fixed Deposit 2,50,000
2018–19 10,000 2,45,000 (On 1st April, 2017 @ 12% p.a.)
To Sale of Old Newspapers and Magazines 15,000 By Books 40,000
To Government Grants 2,00,000 By Furniture 80,000
To Sale of Old Furniture 60,000 By Balance c/d 40,000
(Book Value ` 90,000)
To Surplus from Entertainment 20,000
5,90,000 5,90,000
Additional Information:
(i) Subscriptions outstanding as on 31st March, 2017 were ` 20,000 and on
31st March, 2018 ` 30,000.
(ii) On 31st March, 2018, salary outstanding was ` 40,000 and rent outstanding was
` 10,000.
(iii) On 1st April, 2017, the Club owned furniture ` 2,00,000 and books ` 1,80,000.
Prepare Income and Expenditure Account of the Club for the year ended 31st March,
2018 and ascertain the Capital Fund on 31st March, 2017. (6)
14. X, Y and Z were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2.
Due to difference of opinion, they decided to dissolve the partnership with effect from
1st April, 2018, on which date the firm’s Balance Sheet was as follows:
BALANCE SHEET OF X, Y and Z as at 1st April, 2018
Liabilities ` Assets `
Employees’ Provident Fund 8,000 Cash at Bank 20,000
Sundry Creditors 10,000 Sundry Debtors 22,000
Investment Fluctuation Reserve 4,000 Less: Provision for Doubtful Debts 2,000 20,000
Current Accounts: Stock 12,000
X 8,000 Plant and Machinery 30,000
Y 10,000 18,000 Land and Building 45,000
Capital Accounts: Investments 35,000
X 60,000 Advertisement Suspense A/c 3,000
Y 40,000 Current Account:
Z 30,000 1,30,000 Z 5,000
1,70,000 1,70,000
Following additional information was given:
(a) Plant and Machinery costing ` 20,000 was taken by X at ` 16,000 and the remaining
machineries realised ` 9,000.
(b) Land and Building realised ` 42,000.