Question 30 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 30 Chapter 1 of +2-A

Question 30 Chapter 1 of +2-A

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)

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 30 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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