Question 35 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 35 Chapter 1 of +2-A

Question 35 Chapter 1 of +2-A

Preparation of Income and Expenditure Account

35. Prepare Income and Expenditure Account for the year ended 31st March 2019 from the following:-

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March 2019
Receipts  Rs. Payments Rs. 
To Balance b/d (Cash) 1,80,000 By Salaries 4,80,000
To Subscriptions  9,00,000 By Rent 50,000
To Sale of Investments  2,00,000 By Stationery 20,000
To Sale of Old Furniture 30,000 By Defense Bonds  3,00,000
     (Book Value Rs. 40,000)      
To Donations  10,000 By Furniture 2,00,000
    By Bicycles 30,000
    By Balance c/d (Cash) 2,40,000
  13,20,000   13,20,000

 

The solution of Question 35 Chapter 1 of +2-A

: –

Income and Expenditure Account (for the year ended 31st March 2019)
Expenditure Amount Income Amount
To Salaries A/c 4,80,000 By Subscriptions A/c 9,00,000
To Rent A/c 50,000 By Donation A/c 10,000
To Stationery A/c 20,000    
To Loss on sale of Old Furniture A/c 10,000    
To Surplus (Balancing Figure) 3,50,000    
  9,10,000   9,10,000

Note: 

These Following items are related to Balance sheet (i.e. These are assets or Liabilities) Related to Assets: – Sale of Investments, Sale of Old Furniture(only profit/loss treated), Defence Bonds (this is an investment), Furniture, Bicycles.

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 35 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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