Question 28 Chapter 1 of +2-A - T.S. Grewal 12 Class Part

Question 28 Chapter 1 of +2-A

Table of Contents

28. How are the following dealt with while preparing the final accounts for the year ended 31st March, 201?

RECEIPTS AND PAYMENT ACCOUNT(AN EXTRACT) FOR THE YEAR ENDED 31ST MARCH, 2019
Receipts	Amount	Payments	Amount
		By Payment for Medicines	1,50,000

The solution of Question 28 Chapter 1 of +2-A: –

Income and Expenditure Account
Particular	Amount	Particular	Amount
To Medicines Expenses (check statement attached)	1,45,000

BALANCE SHEET (AN EXTRACT) as on 31st March 2019
Particular	Amount	Particular	Amount
Creditors for Medicines	60,000	Stock of Medicines	75,000

Creditors for Sports Material
Particular	Amount	Particular	Amount
To Bank a/c	1,50,000	By Balance b/d	40,000
To Balance c/d	60,000	By Purchased a/c (B. Fig.)	1,70,000
	2,10,000		2,10,000

Statement Showing stationery used during the year
Particular	Details	Amount
Amount paid for Medicines during the year ended 31st March 2019		1,50,000
Add: – Opening Stock of Sports Material	50,000
Closing Creditors for Sports Material	60,000
Cash Purchase of Sports Material	–	1,10,000
		2,60,000
Less: – Closing Sports Material	75,000
Opening Creditors for Sports Material	40,000
Book Value of sale of Sports Material	–
		1,15,000
The amount for Medicine debited to the Income and Expenditure A/c		1,45,000

Not-for-Profit Organisations – Meaning and Overview

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Also, Check out the solved question of previous Chapters: –

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