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Question 32 Chapter 1 of Class 12 Part – 1 VK Publication

Question 32 Chapter 1 of Class 12 Part - 1 VK Publication
Question 32 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 32 Chapter 1 of Class 12 Part – 1

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32. Calculate the amount to be shown under the head ‘sports material used’ in the Income and Expenditure A/c of a sports club for the year ended 31st December, 2018:

ReceiptsRs.PaymentsRs.
To Sale of Sports Materials (Book Value Rs. 30,000)39,000By Creditors for Sports Materials91,500
  By Cash Purchases of Sports Materials15,000

Additional Information:

ReceiptsAs at 1st April, 2017 (Rs. )As at 1st April, 2017 (Rs. )
Stock of Sports Materials30,00091,500
Creditors for Sports Material10,50022,500

The solution of Question 32 Chapter 1 of Class 12 Part – 1: – 

District Club

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Income and Expenditure Account

For the year ended on 31st March, 2018

ExpenditureAmountIncomeAmount
To Sports Material Used (Note 2) 81,000By Profit on Sale of Sports Material (39,000 – 30,000)9,000

Balance Sheet

(as at 31st March, 2018)

Liabilities AmountAssetsAmount
Creditors for Sports Material 22,500Stock of Sports Material

37,500

Creditors for Sports Material Account

ParticularsAmountParticularsAmount
To Bank A/c 91,500By Balance b/d10,500
To Balance c/d 22,500By Purchases A/c (on Credit) (Balancing Figure)1,03,500
  1,14,000 1,14,000

2. Sports Material used during the year:

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Opening Stock of Sports Material + Cash Purchases + Credit Purchases – Sale ot o

Material (Book Value) – Closing Stock of Sports Material
= 30,000 + 15,000 + 1,03,500 (WN 1)- 30,000- 37,500 = Rs. 81,000

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Also, Check out the solved question of all Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

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Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

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Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Chapter No. 1 – Financial Statements of a Company

Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

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Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

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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