Question 26 Chapter 1 of +2-Part-1
Table of Contents
26. (Treatment of Interest received) Calculate the amount of interest to be credited to the Income and Expenditure account for the year ended 31-3-2015 :
| Particulars | 01-04-14 | 31-03-15 |
| Interest received in advance | 2,000 | 1,500 |
| Interest Accrued | 4,000 | 5,000 |
Interest received during the year Rs.32,000.
The solution of Question 26 Chapter 1 of +2 Part-1: –
| Interest to be credited to Income and Expenditure account |
||
| Particulars |
Amount | |
| Interest received during the year | 32,000 | |
| Add: Interest accrued at the end | 5,000 | |
| Received in advance on 1-4-2014 | 2,000 | |
| 39,000 | ||
| Less: Interest accrued on 1-4-2014 | 4,000 | |
| Received in advance on 31-3-2015 | 1,500 | (5,500) |
| Interest credited to Income and Expenditure Account | 33,500 | |
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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
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