Question 16 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 16 Chapter 1 of +2- Part-1

Question 16 Chapter 1 of +2-Part-1

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
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

Amounrt

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: –

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)

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

2 Book 1 min - Question 16 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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