Question 28 Chapter 1 of +2- Part-

Question 28 Chapter 1 of +2-Part-1

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 Investments20,000
Interest on Election Fund Investments2,000
Election Expenses4,200
Election fees collected800

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: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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

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