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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 5 · Set 2 · Q8
Following is the Receipts and Payments Account of Indian Youth Club for the year ended 31st March, 2021: 'Receipts and Payments Account' of Indian…
Following is the Receipts and Payments Account of Indian Youth Club for the year ended 31st March, $\displaystyle 2021$ : 'Receipts and Payments Account' of Indian Youth Club for the year ended 31st March, $\displaystyle 2021$ Receipts Amount Payments Amount (?) ($\displaystyle 3$) To Balance b/d : By Salaries $\displaystyle 3,60,000$ Cash $\displaystyle 25,000$ By Printing & Stationery $\displaystyle 19,000$ Bank $\displaystyle 2,85,000$ $\displaystyle 3$, $\displaystyle 10,000$ By Printer $\displaystyle 40,000$ To Subscriptions $\displaystyle 4,00,000$ By Investments $\displaystyle 80,000$ (including $\displaystyle 40,000$ By Balance c/d : for year ending $\displaystyle 31$ .3.2022) Cash $\displaystyle 12,000$ To Interest on investments $\displaystyle 1,000$ Bank $\displaystyle 2,00,000$ $\displaystyle 2,12,000$ $\displaystyle 7,11,000$ $\displaystyle 7,11,000$ Additional Information : (i) Investments were made on 1st October, $\displaystyle 2020$ @ $\displaystyle 5$% p.a. (ii) Salaries for March, $\displaystyle 2021$ ₹ $\displaystyle 5,000$ are unpaid. (iii) ₹ $\displaystyle 3,000$ are payable for stationery. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2021.
Marking-scheme solution
Indian Youth Club
Dr. Income and Expenditure A/c Cr.
for the year ended 31st March, $\displaystyle 2021$
Expenditure Amount Income Amount
(₹) (₹)
To Salaries $\displaystyle 3,60,000$ By Subscription $\displaystyle 4,00,000$
Add : Outstanding + $\displaystyle 5,000$ $\displaystyle 3,65,000$ Less : Received
for $\displaystyle 2021$-$\displaystyle 22$ $\displaystyle 40,000$ $\displaystyle 3,60,000$
To Printing and Stationery
$\displaystyle 19,000$ $\displaystyle 22,000$ By Interest on investments
$\displaystyle 1,000$
Add : Outstanding + $\displaystyle 3,000$
$\displaystyle 2,000$
Add : Accrued $\displaystyle 1,000$
By Excess of Expenditure over
$\displaystyle 25,000$
Income - Deficit
$\displaystyle 3,87,000$ $\displaystyle 3,87,000$
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CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.