Question 29 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 29 Chapter 1 of +2-A

Question 29 Chapter 1 of +2-A

29. How are the following dealt with while preparing the final accounts for the year ended 31st March 2019?

RECEIPTS AND PAYMENT ACCOUNT(AN EXTRACT) FOR THE YEAR ENDED 31ST MARCH, 2019
Receipts Amount Payments Amount
To Sale of Sports Materials
(Book value Rs 20,000)
26,000 By Creditors for Sports Materials 1,50,000
    By Cash Purchase of Sports Materials 1,50,000

 

Additional Information:     
  1st April 2018 (Rs.) 31st March 2019 (Rs.)
The stock of Sports Materials  20,000 25,000
Creditors for Sports Materials  7,000 15,000

The solution of Question 29 Chapter 1 of +2-A

: –

Income and Expenditure Account
Particular Amount Particular Amount
To Sports Materials Expenses
(check statement attached)

54,000 To Gain on sale of Sports Materials
(Sale price – Book Value)
(26,000 – 20,000 )
6,000
       

 

BALANCE SHEET (AN EXTRACT) as on 31st March 2019
Particular Amount Particular Amount
Creditors for Sports Materials 15,000 Stock of Sports Materials 25,000
       

 

Creditors for Sports Material
Particular Amount Particular Amount
To Bank a/c 61,000 By Balance b/d 7,000
To Balance c/d 15,000 By Purchased a/c (B. Fig.) 69,000
  76,000   76,000

 

Statement Showing stationery used during the year
Particular Details Amount
Amount paid for Medicines during the year ended 31st March 2019   61,000
Add: – Opening Stock of Sports Material 20,000  
Closing Creditors for Sports Material 15,000  
Cash Purchase of Sports Material 10,000 45,000
    1,06,000
Less: – Closing Sports Material 25,000  
Opening Creditors for Sports Material 7,000  
Book Value of sale of Sports Material 20,000  
    52,000
The amount for Medicine debited to the Income and Expenditure A/c   54,000

 

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 29 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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