Question 34 Chapter 1 of +2-A
Table of Contents
Calculation of the Amount of Income to be Credited to Income and Expenditure Account
34. How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March 2019?
| 1st April 2018 | 31st March 2019 | |
| Outstanding Locker Rent | 4,600 | 6,300 |
| Advance locker Rent | 3,000 | 4,000 |
Locker Rent received during the year ended 31st March 2019 – 52,000.
The solution of Question 34 Chapter 1 of +2-A: –
| Income and Expenditure Account |
|||
| Expenditure | Amount | Income | Amount |
| By Locker Rent A/c (check working note) |
52,700 | ||
| BALANCE SHEET (AN EXTRACT) as on 31st March 2019 |
|||
| Particular | Amount | Particular | Amount |
| Advance Locker Rent on 31st March 2019 | 4,000 | Outstanding Locker Rent on 31st March 2019 | 6,300 |
| Statement Showing stationery used during the year |
||
| Particular | Details | Amount |
| Amount Received against Locker Rent during the year | 52,000 | |
| Add: – Advance Locker Rent on 1st April 2018 | 3,000 | |
| Outstanding Locker Rent on 31st March 2019 | 6,300 | 9,300 |
| 61,300 | ||
| Less: – Advance Locker Rent on 31st March 2019 | 4,000 | |
| Outstanding Locker Rent on 1st April 2018 | 4,600 | |
| 8,600 | ||
| Locker Rent Credit to the Income and Expenditure A/c | 52,700 | |
Not-for-Profit Organisations – Meaning and Overview
Thanks, Please Like and share with your friends
Comment if you have any questions.
Advertisement-X
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
