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

Question 26 Chapter 1 of +2- Part-
Q-26 - CH-1 - Usha +2 Book 2018 - Solution

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Question 26 Chapter 1 of +2-Part-1

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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

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

 

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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