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

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

The Content covered in this article:

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

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

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