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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 2 · Set 2 · Q9
From the following Receipts and Payments Account and additional information of STU Welfare Society for the year ended 31st March, 2021, prepare…
From the following Receipts and Payments Account and additional information of STU Welfare Society 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 STU Welfare Society
for the year ended 31st March, $\displaystyle 2021$
Additional Information : (i) Subscriptions received include ₹ $\displaystyle 1,700$ for the year $\displaystyle 2021$ 22. Amount of subscriptions outstanding on 31st March, $\displaystyle 2021$ were ₹ 700. (ii) Furniture was purchased on 1st February, 2021. Depreciation was to be charged @ $\displaystyle 6$% p.a.
| Receipts | Amount (₹) | Payments | Amount (₹) |
| Balance b/d | $\displaystyle 22,500$ | Salaries | $\displaystyle 10,500$ |
| Interest on Investments | $\displaystyle 2,900$ | Furniture | $\displaystyle 4,000$ |
| Subscriptions | $\displaystyle 30,000$ | Telephone Charges | $\displaystyle 800$ |
| Sale of old newspapers | $\displaystyle 740$ | Investments | $\displaystyle 10,000$ |
| Computer | $\displaystyle 7,500$ | ||
| Miscellaneous Expenses | $\displaystyle 300$ | ||
| Balance c/d | $\displaystyle 23,040$ | ||
| $\displaystyle 56,140$ | $\displaystyle 56,140$ |
Marking-scheme solution
Dr. Income and Expenditure Account for the year ending 31st March, $\displaystyle 2021$ Cr
Expenditure (₹) Income (₹)
To Salaries $\displaystyle 10,500$ By Interest on Investment $\displaystyle 2,900$
$\displaystyle 800$
To Telephone Expenses
To Miscellaneous Expense $\displaystyle 300$ By Subscription $\displaystyle 30,000$
(+) O/S $\displaystyle 700$ $\displaystyle 29,000$
To Depreciation on furniture
$\displaystyle 40$
(–) Advance $\displaystyle 1,700$
[ $\displaystyle 6$ $\displaystyle 2$ ]
$\displaystyle 4,000$ × ×
[ ]
[ $\displaystyle 100$ $\displaystyle 12$ ] By Sale of old newspaper
$\displaystyle 740$
To Excess of Income over $\displaystyle 21,000$
Expenditure: Surplus
$\displaystyle 32,640$ $\displaystyle 32,640$
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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.