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 31-03-1431-03-15
The stock of Sports material20,00030,000
Amount due to suppliers6,0005,000
Advances to suppliers of sports material3,0001,000

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 Balance20,000   
Add: Amount due(closing)5,000   
Advance to suppliers(opening) 3,000   
Payment to creditors 40,000   
Cash purchases7,000   
 75,000   
Less: Closing stock30,000   
Amount due(opening)6,000   
Advance to suppliers(closing)1,000   
 (37,000)38,000  

 

Balance Sheet
As on 1-4-2015
Liabilities
AmountAssets
Amount
Amount due to Suppliers6,000Stock of sports materials 20,000
  Advance to Suppliers 3,000
     

 

Balance Sheet
As on 31-3-2015
Liabilities
AmountAssets
Amount
Amount due to Suppliers5,000Stock 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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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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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