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

Question 28 Chapter 1 of +2-A

Question 28 Chapter 1 of +2-A

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
ReceiptsAmountPaymentsAmount
  By Payment for Medicines1,50,000

 

Additional Information: 1st April 2018 (Rs.)31st March 2019 (Rs.)
Stock of Medicine50,00075,000
Creditors for Medicine40,00060,000

 

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

: –

Income and Expenditure Account
Particular AmountParticularAmount
To Medicines Expenses
(check statement attached)

1,45,000  
    

 

BALANCE SHEET (AN EXTRACT) as on 31st March 2019
Particular AmountParticularAmount
Creditors for Medicines60,000Stock of Medicines75,000
    

 

Creditors for Sports Material
Particular AmountParticularAmount
To Bank a/c1,50,000By Balance b/d40,000
To Balance c/d60,000By Purchased a/c (B. Fig.)1,70,000
 2,10,000 2,10,000 

 

Statement Showing stationery used during the year
Particular DetailsAmount
Amount paid for Medicines during the year ended 31st March 2019 1,50,000
Add: – Opening Stock of Sports Material50,000 
Closing Creditors for Sports Material60,000 
Cash Purchase of Sports Material1,10,000
  2,60,000
Less: – Closing Sports Material75,000 
Opening Creditors for Sports Material40,000 
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: –

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)

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

2 Book 1 min - Question 28 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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