Question 28 Chapter 1 of +2 Part-1 - USHA Publication 12 Class Part

Question 28 Chapter 1 of +2-Part-1

Table of Contents

28. (Treatment of Election Fund) How the following information will appear in the Balance Sheet as on 31-3-2015:

Particulars	Dr.	Cr.
	Balance (Rs.)	Balance (Rs.)
Election Fund	–	20,000
Election Fund Investments	20,000	–
Interest on Election Fund Investments	–	2,000
Election Expenses	4,200	–
Election fees collected	–	800

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

Interest to be credited to Income and Expenditure account
Particulars		Amount
Prize fund balance as on 1-4-14		20,000
Add: Interest on Election Fund Investments		2,000
Election fees collected during the year		800
		22,800
Less: Election Expenses paid during the year		(4,200)
Election Fund balance as on 31-3-2015		18,600

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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 and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement