Question 30 Chapter 1 of +2-A
Table of Contents
30. From the following information of a Not-for-Profit Organisation show the ‘Sports Materials’ item in the Income and Expenditure Account for the year ended 31st March 2019 and Balance Sheets as at 31st March 2018 and 31st March 2019
| Particulars | 1st April 2018 | 31st March 2019 |
| Rs. | Rs. | |
| Stock of Sports Materials | 6,200 | 4,800 |
| Creditors for Sports Materials | 9,800 | 7,200 |
| Advance to Suppliers for Sports Materials | 11,000 | 19,000 |
Payment made to suppliers for sports Materials During the year was Rs 1,02,000. There were no cash purchases made.
The solution of Question 30 Chapter 1 of +2-A: –
| Income and Expenditure Account |
|||
| Particular | Amount | Particular | Amount |
| To Sports Materials Expenses (check statement attached) |
92,800 | ||
| BALANCE SHEET (AN EXTRACT) as on 31st March 2019 |
|||
| Particular | Amount | Particular | Amount |
| Creditors for Sports Materials | 7,200 | Stock of Sports Materials | 4,800 |
| Advance to Suppliers for Sports Materials | 19,000 | ||
| BALANCE SHEET (AN EXTRACT) as on 31st March 2018 |
|||
| Particular | Amount | Particular | Amount |
| Creditors for Sports Materials | 9,800 | Stock of Sports Materials | 6,200 |
| Advance to Suppliers for Sports Materials | 11,000 | ||
| Creditors for Sports Material |
|||
| Particular | Amount | Particular | Amount |
| To Balance b/d (Advance to Suppliers) |
11,000 | By Balance b/d (Opening Creditors) |
9,800 |
| To Bank a/c | 1,02,000 | By Balance c/d (Advance to Suppliers) |
19,000 |
| To Balance c/d (Opening Creditors) |
7,200 | By Purchased a/c (B. Fig.) (Credit purchase) |
91,400 |
| 1,20,200 | 1,20,200 | ||
| Statement Showing stationery used during the year |
||
| Particular | Details | Amount |
| Amount paid for Medicines during the year ended 31st March 2019 | 1,02,000 | |
| Add: – Opening Stock of Sports Material | 6,200 | |
| Closing Creditors for Sports Material | 7,200 | |
| Cash Purchase of Sports Material | 11,000 | 24,400 |
| 1,26,400 | ||
| Less: – Closing Sports Material | 4,800 | |
| Opening Creditors for Sports Material | 9,800 | |
| Book Value of sale of Sports Material | 19,000 | |
| 33,600 | ||
| The amount for Medicine debited to the Income and Expenditure A/c | 92,800 | |
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
