Q.No.30 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

The solution of Question 30 Chapter 1 of +2-A: -

Income and Expenditure Account

Particular	Amount	Particular	Amount
To Sports Materials Expenses (check statement attached)	92,800

 

BALANCE SHEET (AN EXTRACT) as on 31st March 2019

Particular	Amount	Particular	Amount
Creditors for Sports Materials	7,200	Stock of Sports Materials	4,800
		Advance to Suppliers for Sports Materials	19,000

 

BALANCE SHEET (AN EXTRACT) as on 31st March 2018

Particular	Amount	Particular	Amount
Creditors for Sports Materials	9,800	Stock of Sports Materials	6,200
		Advance to Suppliers for Sports Materials	11,000

 

Creditors for Sports Material

Particular	Amount	Particular	Amount
To Balance b/d (Advance to Suppliers)	11,000	By Balance b/d (Opening Creditors)	9,800
To Bank a/c	1,02,000	By Balance c/d (Advance to Suppliers)	19,000
To Balance c/d (Opening Creditors)	7,200	By Purchased a/c (B. Fig.) (Credit purchase)	91,400
	1,20,200		1,20,200

 

Statement Showing stationery used during the year

Particular	Details	Amount
Amount paid for Medicines during the year ended 31st March 2019		1,02,000
Add: - Opening Stock of Sports Material	6,200
Closing Creditors for Sports Material	7,200
Cash Purchase of Sports Material	11,000	24,400
		1,26,400
Less: - Closing Sports Material	4,800
Opening Creditors for Sports Material	9,800
Book Value of sale of Sports Material	19,000
		33,600
The amount for Medicine debited to the Income and Expenditure A/c		92,800

 

https://tutorstips.com/not-for-profit-organisations

Thanks, Please Like and share with your friends  

Comment if you have any questions.

Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication