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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 2 · Set 3 · Q9
From the following Receipts and Payments Account and additional information of Truth Club for the year ended 31st March, 2021, prepare Income and…
From the following Receipts and Payments Account and additional information of Truth Club for the year ended 31st March, $\displaystyle 2021$, prepare Income and Expenditure Account for the year ended 31st March, $\displaystyle 2021$ : Receipts and Payments Account of Truth Club for the
year ended 31st March, $\displaystyle 2021$
Additional Information : (i) The club had $\displaystyle 80$ members each paying an annual subscription of ₹ $\displaystyle 1$,000. (ii) Furniture was purchased on 1st January, 2021. (iii) Depreciation on furniture was charged @ $\displaystyle 10$% p.a.
| Receipts | Amount (₹) | Payments | Amount (₹) |
| Balance b/d | $\displaystyle 1{,}50{,}000$ | Salaries | $\displaystyle 1{,}80{,}000$ |
| Donation for building | $\displaystyle 88{,}000$ | Rent | $\displaystyle 50{,}000$ |
| Locker rent | $\displaystyle 80{,}000$ | Postage | $\displaystyle 2{,}000$ |
| Sale of old newspapers | $\displaystyle 200$ | Books | $\displaystyle 28{,}000$ |
| Subscriptions : | Furniture | $\displaystyle 80{,}000$ | |
| $\displaystyle 2019$ – $\displaystyle 20$ $\displaystyle 1{,}800$ | Balance c/d | $\displaystyle 51{,}000$ | |
| $\displaystyle 2020$ – $\displaystyle 21$ $\displaystyle 70{,}000$ | |||
| $\displaystyle 2021$ – $\displaystyle 22$ $\displaystyle 1{,}000$ | $\displaystyle 72{,}800$ | ||
| $\displaystyle 3{,}91{,}000$ | $\displaystyle 3{,}91{,}000$ |
Marking-scheme solution
Dr. Income and Expenditure Account for the year ending 31st March, $\displaystyle 2021$ Cr
Amount Amount
Expenditure Income
(₹) (₹)
To Salaries $\displaystyle 1{,}80{,}000$ By Locker Rent $\displaystyle 80{,}000$
To Rent $\displaystyle 50{,}000$ By Sale of old newspaper $\displaystyle 200$
To Postage $\displaystyle 2{,}000$ By Subscription [$\displaystyle 80$×$\displaystyle 1000$] $\displaystyle 80{,}000$
To Depreciation of furniture By Excess of Expenditure over
Income : Deficit $\displaystyle 73{,}800$
[ $\displaystyle 10$ $\displaystyle 3$ ]
$\displaystyle 80000$ × ×
[ ] $\displaystyle 2{,}000$
[ $\displaystyle 100$ $\displaystyle 12$ ]
$\displaystyle 2{,}34{,}000$ $\displaystyle 2{,}34{,}000$
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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.