
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
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: –
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
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