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

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?

Locker Rent received during the year ended 31st March 2019 – 52,000.

The solution of Question 34 Chapter 1 of +2-A

The Content covered in this article:

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: –

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

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