Question 26 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 26 Chapter 1 of +2-A

Question 26 Chapter 1 of +2-A

26. Calculate the amount of sports material to be transferred to Income and Expenditure Account of Raman Bhalla Sports Club, Ludhiana, for the year ended 31st March 2018:

  Particulars Rs
(i) Sports Material sold during the year (Book Value Rs 50,000) 56,000
(ii) Amount paid to creditors for Sports Materials 91,000
(iii) Cash Purchased of sports material 40,000
(iv) Sports Material as on 31st March 2017 50,000
(v) Sports Material as on 31st  March 2018 55,000
(vi) Creditors for Sports Material as on 31st  March 2017 37,000
(vii) Creditors for Sports Material as on 31st March 2018 45,000

The solution of Question 26 Chapter 1 of +2-A

: –

Statement Showing stationery used during the year
Particular Details Amount
Amount paid for stationery during the year ended 31st March 2019   91,000
Add: – Opening Stock of Sports Material 50,000  
Closing Creditors for Sports Material 45,000  
Cash Purchase of Sports Material 40,000 1,35,000
    2,26,000
Less: – Closing Sports Material 55,000  
Opening Creditors for Sports Material 37,000  
Book Value of sale of Sports Material 50,000  
    1,42,000
The amount for Medicine debited to the Income and Expenditure A/c   84,000

 

Income and Expenditure Account
Particular Amount Particular Amount
To Sports Material Expenses 84,000    
       

 

 

Not-for-Profit Organisations – Meaning and Overview

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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

 

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2 Book 1 min - Question 26 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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