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
Thanks, Please Like and share with your friends
Comment if you have any questions.
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)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
