Question 27 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 27 Chapter 1 of +2-A

Question 27 Chapter 1 of +2-A

27. How are the following dealt with while preparing the final accounts for the year ended 31st March 2019

RECEIPTS AND PAYMENT ACCOUNT(AN EXTRACT) FOR THE YEAR ENDED 31ST MARCH, 2019
Receipts Amount Payments Amount
    By Payment for Sports Materials 1,40,000

 

BALANCE SHEET (AN EXTRACT) as on 1st April 2018
Liabilities Amount Assets Amount
Creditors for sports Materials 6,000 Sports Materials 8,000

Additional Information:
Sports Materials in Hand on 31st March 2019 – Rs 22,000

The solution of Question 27 Chapter 1 of +2-A

: –

Income and Expenditure Account
Particular Amount Particular Amount
To Sports Material Expenses
(check statement attached)
1,20,000    
       

 

BALANCE SHEET (AN EXTRACT) as on 31st March 2019
Particular Amount Particular Amount
    The stock of Sports Materials 22,000
       

 

Creditors for Sports Material
Particular Amount Particular Amount
To Bank a/c 1,40,000 By Balance b/d 6,000
    By Purchased a/c (B. Fig.) 1,34,000
  1,40,000   1,40,000
 

 

Statement Showing stationery used during the year
Particular Details Amount
Amount paid to the creditor during the year ended 31st March 2019   1,40,000
Add: – Opening Stock of Sports Material 8,000  
   Closing Creditors for Sports Material  
   Cash Purchase of Sports Material 8,000
    1,48,000
Less: – Closing Sports Material 22,000  
   Opening Creditors for Sports Material 6,000  
   Book Value of sale of Sports Material  
    28,000
The amount for Medicine debited to the Income and Expenditure A/c   1,20,000

 

Not-for-Profit Organisations – Meaning and Overview

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

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)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 27 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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