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Question 29 Chapter 1 of +2-Part-1
29. (Treatment of Sports Fund) How will you deal with sports fund items, while preparing final account of Delhi Citizens Club for the year 2014-15.
| Particulars | Dr. | Cr. |
| Balance (Rs.) | Balance (Rs.) | |
| Sports Fund | - | 90,000 |
| 10% Sports Fund Investments | 70,000 | - |
| Interest on Investments | - | 7,000 |
| Sports Expenses | 1,04,000 | - |
| Sports fees collected | - | 12,000 |
Interest to be credited to Income and Expenditure account
| Particulars |
Amount | |
|---|---|---|
| Sports Fund as on 1-4-2014 | 90,000 | |
| Add: Interest earned on Sports Fund Investments | 7,000 | |
| Sports fees collected during the year | 2,000 | |
| 99,000 | ||
| Less: Sports Expenses incurred during the year | (4,000) | |
| Sports Fund balance as on 31-3-2015 | (95,000) | |
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 29 Chapter 1 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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