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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 1 · Set 1 · Q8
From the following 'Receipts and Payments Account of Space Club, prepare an Income and Expenditure Account for the year ended 31" March, 2021.…
From the following 'Receipts and Payments Account of Space Club, prepare an Income and Expenditure Account for the year ended $\displaystyle 31$" March, 2021. Receipts and Payments Account of Space Club
for the year ended 31st March, $\displaystyle 2021$
Additional Information : (i) Subscriptions in arrears on $\displaystyle 31.03.2021$ were ₹ $\displaystyle 2$,000. (ii) On $\displaystyle 31$" March, $\displaystyle 2021$, outstanding salaries were ₹ $\displaystyle 4$,000. (iii) $\displaystyle 8$% Investments were purchased on $\displaystyle 31$" March, 2021. (iv) The club owned Machinery of ₹ $\displaystyle 1,00,000$ on lst April 2020. Depreciate Machinery @ $\displaystyle 6$% p.a.
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | $\displaystyle 5,000$ | By Salaries | $\displaystyle 31,000$ |
| To Subscriptions | $\displaystyle 73,000$ | By Machinery ($\displaystyle 1.7.2020$) | $\displaystyle 40,000$ |
| To Sale of old furniture (Book value ₹ $\displaystyle 2,000$) | $\displaystyle 800$ | By $\displaystyle 8$% Investments | $\displaystyle 30,000$ |
| To Donations | $\displaystyle 41,800$ | By Balance c/d | $\displaystyle 19,600$ |
| $\displaystyle 1,20,600$ | $\displaystyle 1,20,600$ |
Marking-scheme solution
Income and Expenditure Account of Space Club
Dr. for the year ended 31st March $\displaystyle 2021$ Cr.
Expenditure Amount Income Amount
(₹) (₹)
To Loss on Sale of By Subscriptions $\displaystyle 73,000$
Old Furniture $\displaystyle 1,200$ Add : O/s for
To Salaries $\displaystyle 31,000$ $\displaystyle 2020$-$\displaystyle 21$ $\displaystyle 2,000$ $\displaystyle 75,000$
Add : O/s Salaries By Donations $\displaystyle 41,800$
$\displaystyle 2020$-$\displaystyle 21$ $\displaystyle 4,000$ $\displaystyle 35,000$
To Depreciation on
Machinery ($\displaystyle 6,000$ + $\displaystyle 1,800$) $\displaystyle 7,800$
To Surplus-Excess of Income over
Expenditure
$\displaystyle 72,800$
$\displaystyle 1,16,800$ $\displaystyle 1,16,800$
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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.