Advertisement

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

Question 27 Chapter 1 of +2-A
Question No.27 - Chapter No.1 - T.S. Grewal +2 Book Part-A 2019-Solution-min-min

Advertisement

Question 27 Chapter 1 of +2-A

Advertisement

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
ReceiptsAmountPaymentsAmount
  By Payment for Sports Materials1,40,000

 

BALANCE SHEET (AN EXTRACT) as on 1st April 2018
LiabilitiesAmountAssetsAmount
Creditors for sports Materials6,000Sports Materials8,000

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 AmountParticularAmount
To Sports Material Expenses
(check statement attached)
1,20,000  
    

Advertisement-X

 

BALANCE SHEET (AN EXTRACT) as on 31st March 2019
Particular AmountParticularAmount
  The stock of Sports Materials22,000
    

 

Creditors for Sports Material
Particular AmountParticularAmount
To Bank a/c1,40,000By Balance b/d6,000
  By Purchased a/c (B. Fig.)1,34,000
 1,40,000 1,40,000
 

 

Statement Showing stationery used during the year
Particular DetailsAmount
Amount paid to the creditor during the year ended 31st March 2019 1,40,000
Add: – Opening Stock of Sports Material8,000 
   Closing Creditors for Sports Material 
   Cash Purchase of Sports Material8,000
  1,48,000
Less: – Closing Sports Material22,000 
   Opening Creditors for Sports Material6,000 
   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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Advertisement-Y

Advertisement

Advertisement

error: Content is protected !!