Question 34 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 34 Chapter 1 of +2-A

Question 34 Chapter 1 of +2-A

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

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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

 

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2 Book 1 min - Question 34 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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