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

Question 29 Chapter 1 of +2- Part-

Question 29 Chapter 1 of +2-Part-1

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 Investments 70,000
Interest on Investments 7,000
Sports Expenses 1,04,000
Sports fees collected 12,000

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   (1,04,000)
Sports Fund balance as on 31-3-2015   (5,000)

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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

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2 Book 1 min - Question 29 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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