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
         

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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

 

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

Leave a Reply