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: –

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 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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