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

Question 34 Chapter 1 of +2-A
Question No.34 - Chapter No.1 - T.S. Grewal +2 Book Part-A 2019-Solution-min-min

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Question 34 Chapter 1 of +2-A

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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 201831st March 2019
Outstanding Locker Rent4,6006,300
Advance locker Rent3,0004,000

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
ExpenditureAmountIncomeAmount
  By Locker Rent A/c
(check working note)
52,700

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BALANCE SHEET (AN EXTRACT) as on 31st March 2019
Particular AmountParticularAmount
Advance Locker Rent on 31st March 20194,000Outstanding Locker Rent on 31st March 20196,300
    

 

Statement Showing stationery used during the year
Particular DetailsAmount
Amount Received against Locker Rent during the year 52,000
Add: – Advance Locker Rent on 1st April 20183,000 
Outstanding Locker Rent on 31st March 20196,3009,300
  61,300
Less: – Advance Locker Rent on 31st March 20194,000 
Outstanding Locker Rent on 1st April 20184,600 
  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)

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)

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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