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Question 29 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 1 of +2- Part-
Q-29 - CH-1 - Usha +2 Book 2018 - Solution

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Question 29 Chapter 1 of +2-Part-1

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29. (Treatment of Sports Fund) How will you deal with sports fund items, while preparing final account of Delhi Citizens Club for the year 2014-15.

Particulars Dr. Cr. 
 Balance (Rs.)Balance (Rs.)
Sports Fund 90,000
10% Sports Fund Investments70,000
Interest on Investments7,000
Sports Expenses1,04,000
Sports fees collected12,000

The solution of Question 29 Chapter 1 of +2 Part-1: – 

Interest to be credited to Income and Expenditure account
Particulars
Amount
Sports Fund as on 1-4-2014 90,000
Add: Interest earned on Sports Fund Investments 7,000
Sports fees collected during the year 2,000
  99,000
Less: Sports Expenses incurred during the year (4,000)
Sports Fund balance as on 31-3-2015 (95,000)

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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