Q.No.31 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

The solution of Question 31 Chapter 1 of +2-A

: -

	Furniture A/c
Date	Particular	Amount	Date	Particular	Amount
01/04/18	To Balance b/d	60,000	30/09/18	By Depreciation a/c (on a sold part) see note	1,500
			30/09/18	By Cash a/c	20,000
			30/09/18	By loss on the sale of Furniture	8,500
			31/03/19	By Depreciation a/c (on balance) see note	3,000
			31/03/19	By Balance c/d (B. Fig.)	27,000
		60,000			60,000

 

Income and Expenditure Account

Expenditure	Amount	Income	Amount
To Loss on sale of Furniture (check working note)	8,500
To Depreciation a/c (1500 + 3000)	4,500

 

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

Particular	Amount	Particular	Amount
		Furniture	27,000

 

 

Statement Showing stationery used during the year

Particular	Amount
Book value of furniture as on 1st April 2018 which is sold (60,000 * ½)	30,000
Less: - Amount of Depreciation up to the date of sale i.e. 30th September 2018
30,000 * 10% *6/12	1,500
Book value of furniture as on 30th September 2018	28,500
Less: - Sale Price	20,000
The amount for Medicine debited to the Income and Expenditure A/c	8,500

Calculation of the amount of Depreciation on Balance of Furniture: -
30,000 * 10%
= 3,000/-

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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

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