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

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)

• 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