Question 26 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 26 Chapter 1 of +2- Part-

Question 26 Chapter 1 of +2-Part-1

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 7,000
    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

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 26 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