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Question 29 Chapter 1 of +2-A
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Table of Contents
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 |
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| 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)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
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
