Question 32 Chapter 1 of Class 12 Part – 1
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:
| Receipts | Rs. | Payments | Rs. |
| To Sale of Sports Materials (Book Value Rs. 30,000) | 39,000 | By Creditors for Sports Materials | 91,500 |
| By Cash Purchases of Sports Materials | 15,000 |
Additional Information:
| Receipts | As at 1st April, 2017 (Rs. ) | As at 1st April, 2017 (Rs. ) |
| Stock of Sports Materials | 30,000 | 91,500 |
| Creditors for Sports Material | 10,500 | 22,500 |
The solution of Question 32 Chapter 1 of Class 12 Part – 1: –
District Club
Income and Expenditure Account
For the year ended on 31st March, 2018
| Expenditure | Amount | Income | Amount | |
| To Sports Material Used (Note 2) | 81,000 | By Profit on Sale of Sports Material (39,000 – 30,000) | 9,000 | |
Balance Sheet
(as at 31st March, 2018)
| Liabilities | Amount | Assets | Amount | |
| Creditors for Sports Material | 22,500 | Stock of Sports Material |
37,500 | |
Creditors for Sports Material Account
| Particulars | Amount | Particulars | Amount | |
| To Bank A/c | 91,500 | By Balance b/d | 10,500 | |
| To Balance c/d | 22,500 | By 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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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
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)
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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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