# 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

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

 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:

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)

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