Question 16 Chapter 1 of +2- Part-1
Table of Contents
16. (Sports Material Consumption/B/S Treatment) Show the treatment of the following items in Income and Expenditure Account for the year ending 31-3-15 and opening balance sheet and closing balance sheet :
| Particulars | 31-03-14 | 31-03-15 |
| The stock of Sports material | 20,000 | 30,000 |
| Amount due to suppliers | 6,000 | 5,000 |
| Advances to suppliers of sports material | 3,000 | 1,000 |
During the year ending 31-3-15, the payments made to creditors amounted to Rs.40,000 and cash purchases amounted to Rs.7,000.
The solution of Question 16 Chapter 1 of +2- Part-1: –
| Income and Expenditure Account for the year ending 31-3-2015 | |||||
| Expenditure |
Amount |
Income |
Amount |
||
| To Sports Material Consumed: | |||||
| Opening Balance | 20,000 | ||||
| Add: Amount due(closing) | 5,000 | ||||
| Advance to suppliers(opening) | 3,000 | ||||
| Payment to creditors | 40,000 | ||||
| Cash purchases | 7,000 | ||||
| 75,000 | |||||
| Less: Closing stock | 30,000 | ||||
| Amount due(opening) | 6,000 | ||||
| Advance to suppliers(closing) | 1,000 | ||||
| (37,000) | 38,000 | ||||
| Balance Sheet As on 1-4-2015 |
||||||
| Liabilities |
Amount | Assets |
Amount | |||
| Amount due to Suppliers | 6,000 | Stock of sports materials | 20,000 | |||
| Advance to Suppliers | 3,000 | |||||
| Balance Sheet As on 31-3-2015 |
||||||
| Liabilities |
Amount | Assets |
Amount | |||
| Amount due to Suppliers | 5,000 | Stock of sports materials | 30,000 | |||
| Advance to Suppliers | 1,000 | |||||
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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