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Question 28 Chapter 1 of Class 12 Part – 1 VK Publication

Question 28 Chapter 1 of Class 12 Part - 1 VK Publication
Question 28 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 28 Chapter 1 of Class 12 Part – 1

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28. From the following information, calculate the amount of sports material to be debited to the Income and Expenditure Account of a Sports Club for the year ended 31st March, 2018

ParticularsRs.
Stock of sports material as on 1st April, 201720,000
Balance of sports material as on 31st March, 201815,000
Creditors for sports material as on 1st April, 201740,000
Creditors for sports material as on 31st March, 201845,000
Payment made for sports material creditors during the year ended 31st March, 20182,00,000

 

The solution of Question 28 Chapter 1 of Class 12 Part – 1: – 

Income and Expenditure Account

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For the year ended on 31st March, 2018

ExpenditureAmountIncomeAmount
To Sports Material Consumed    
Payment made2,00,000   
Less: Creditors in the beginning40,000   
 1,60,000   
Add: Creditors at the end45,000   
 2,05,000   
Add: Stock in the beginning20,000   
 2,25,000   
Less: Stock at the end15,0002,10,000  

 

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

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

Chapter No. 1 – Accounting Not for Profit Organisations

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Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

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Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

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

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Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

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

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