Commerce Exam > Commerce Notes > Crash Course of Accountancy - Class 12 > Illustrations - Not For Profit Organisations
Illustrations - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce PDF Download
| Download, print and study this document offline |
Please wait while the PDF view is loading
Page 1
Add: Creditors at the End
Add: Advance to Creditors in the Beginning ...
Add: Opening Stock
Less: Closing Stock
Goods Consumed During the Year (to be shown in the Income and Expenditure Account)
Ex-
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if: Stock of Stationery on 1
st
January, 2014 - Rs. 300. Creditors for Stationery on 1
st
January, 2014 - Rs. 120. Amount paid for
Stationery during the year 2014 - Rs. 600. Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution
Income and Expenditure Account for the year ended 31
s1
December, 2014
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Whenever, the opening and closing stock of consumable goods (Say, Sports Material) is given along with opening and closing
creditors, then:
• First of all, Account of Creditors of Sports Material is made to ascertain value of "Purchase of Sports Material"; and
• Then, Account of Sports Material is made to ascertain "Value of Sports Material Consumed" during the year, i.e. to ascertain
value of Sports Material to be debited to Income and Expenditure Account.
Illustration 1
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if:
Stock of Stationery on 1
st
January, 2014 - Rs. 300.
Creditors for Stationery on 1
st
January, 2014 - Rs. 120.
Amount paid for Stationery during the year 2014 - Rs. 600.
Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Illustration 2
From the following information, calculate the amount of sports material to be debited to the Income and Expenditure
Account of a Sport Club for the year ended 31
st
March, 2015.
Particulars Amt.(Rs.)
Balance of Sports Material as on 1
st
April, 2014 20,000
Balance of Sports Material as on 31
8f
March, 2015 15,000
Creditors for Sports Material as on 1
st
April, 2014 40,000
Creditors for Sports Material as on 31
8t
March, 2015 45,000
Payment made to Creditors for Sports Material during the year ended 31
st
March, 2015 2,00,000
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt. (Rs.)
To Sports Material A/c
Amount Paid to Creditors for Sports
Material
2,00,000
Page 2
Add: Creditors at the End
Add: Advance to Creditors in the Beginning ...
Add: Opening Stock
Less: Closing Stock
Goods Consumed During the Year (to be shown in the Income and Expenditure Account)
Ex-
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if: Stock of Stationery on 1
st
January, 2014 - Rs. 300. Creditors for Stationery on 1
st
January, 2014 - Rs. 120. Amount paid for
Stationery during the year 2014 - Rs. 600. Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution
Income and Expenditure Account for the year ended 31
s1
December, 2014
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Whenever, the opening and closing stock of consumable goods (Say, Sports Material) is given along with opening and closing
creditors, then:
• First of all, Account of Creditors of Sports Material is made to ascertain value of "Purchase of Sports Material"; and
• Then, Account of Sports Material is made to ascertain "Value of Sports Material Consumed" during the year, i.e. to ascertain
value of Sports Material to be debited to Income and Expenditure Account.
Illustration 1
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if:
Stock of Stationery on 1
st
January, 2014 - Rs. 300.
Creditors for Stationery on 1
st
January, 2014 - Rs. 120.
Amount paid for Stationery during the year 2014 - Rs. 600.
Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Illustration 2
From the following information, calculate the amount of sports material to be debited to the Income and Expenditure
Account of a Sport Club for the year ended 31
st
March, 2015.
Particulars Amt.(Rs.)
Balance of Sports Material as on 1
st
April, 2014 20,000
Balance of Sports Material as on 31
8f
March, 2015 15,000
Creditors for Sports Material as on 1
st
April, 2014 40,000
Creditors for Sports Material as on 31
8t
March, 2015 45,000
Payment made to Creditors for Sports Material during the year ended 31
st
March, 2015 2,00,000
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt. (Rs.)
To Sports Material A/c
Amount Paid to Creditors for Sports
Material
2,00,000
Add: Opening Stock of Sports Material 20,000
Add: Closing Creditors for Sports Material 45,000
Less: Closing Stock of Sports Material 15,000
Less: Opening Creditors for Sports Material 40,000 2,10,000
Or
CREDITORS FOR SPORTS MATERIAL ACCOUNT
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
To Bank A/c (Payment made during the
year)
2,00,000 By Balance b/d (Opening Creditors) 40,000
To Balance c/d (Closing Creditors) 45,000 By Sports Material A/c (Bal Fig.:
Purchase)
2,05,000
2,45,000 2,45,000
SPORTS MATERIAL ACCOUNT
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
To Balance b/d (Opening Sports
Material)
20,000 By Income and Expenditure A/c 0F: Used
up)
2,10,000
To Creditors for Sports Material A/c
(Purchase)
2,05,000 By Balance c/d (Closing Sports Material) 15,000
2,25,000 2,25,000
Sports Material to be debited to Income and Expenditure Account = Rs. 2,10,000
Illustration 3.
On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure
Account of Family Care Hospital for the year ended 31
st
March, 2014. Also, show the relevant figures in the Balance Sheets
as at 31.03.13 and 31.03.14.
Particulars 01.04.13 (Rs.) 31.03.14 (Rs.)
Stock of Medicines 10,000 8,000
Creditors for Medicines 42,000 53,000
Amount paid to creditors during the year ended 31.3.14 were Rs. 80,000.
Solution:
CREDITORS FOR MEDICINES ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt. (Rs.)
To Bank A/c (Payment made during the
year)
80,000 By Balance b/d (Opening Creditors) 42,000
To Balance c/d (Closing Creditors) 53,000 By Sports Material A/c (Bal. Fig.:
Purchase)
91,000
1,33,000 1,33,000
MEDICINES ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt. (Rs.)
To Balance b/d (Opening Stock of
Medicines)
10,000 By Income and Expenditure A/c (B/F:
Used up)
93,000
To Creditors for Medicines A/c
(Purchase)
91,000 By Balance c/d (Closing Stock of
Medicines)
8,000
1.01,000 1,01,000
Amount of Medicines to be debited to the Income and Expenditure Account = Rs. 93,000
An Extract of Balance Sheet as at 31
s
' March, 2013
Liabilities Amt.(Rs.) Assets Amt. (Rs.)
Creditors for Medicine 42,000 Stock of Medicines (Opening Stock) 10,000
An Extract of Balance Sheet as at 31
s
' March, 2014
Liabilities Amt. (Rs.) Assets Amt. (Rs.)
Creditors for Medicine 53,000 J Stock of Medicines (Closing Stock) 8,000
Page 3
Add: Creditors at the End
Add: Advance to Creditors in the Beginning ...
Add: Opening Stock
Less: Closing Stock
Goods Consumed During the Year (to be shown in the Income and Expenditure Account)
Ex-
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if: Stock of Stationery on 1
st
January, 2014 - Rs. 300. Creditors for Stationery on 1
st
January, 2014 - Rs. 120. Amount paid for
Stationery during the year 2014 - Rs. 600. Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution
Income and Expenditure Account for the year ended 31
s1
December, 2014
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Whenever, the opening and closing stock of consumable goods (Say, Sports Material) is given along with opening and closing
creditors, then:
• First of all, Account of Creditors of Sports Material is made to ascertain value of "Purchase of Sports Material"; and
• Then, Account of Sports Material is made to ascertain "Value of Sports Material Consumed" during the year, i.e. to ascertain
value of Sports Material to be debited to Income and Expenditure Account.
Illustration 1
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if:
Stock of Stationery on 1
st
January, 2014 - Rs. 300.
Creditors for Stationery on 1
st
January, 2014 - Rs. 120.
Amount paid for Stationery during the year 2014 - Rs. 600.
Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Illustration 2
From the following information, calculate the amount of sports material to be debited to the Income and Expenditure
Account of a Sport Club for the year ended 31
st
March, 2015.
Particulars Amt.(Rs.)
Balance of Sports Material as on 1
st
April, 2014 20,000
Balance of Sports Material as on 31
8f
March, 2015 15,000
Creditors for Sports Material as on 1
st
April, 2014 40,000
Creditors for Sports Material as on 31
8t
March, 2015 45,000
Payment made to Creditors for Sports Material during the year ended 31
st
March, 2015 2,00,000
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt. (Rs.)
To Sports Material A/c
Amount Paid to Creditors for Sports
Material
2,00,000
Add: Opening Stock of Sports Material 20,000
Add: Closing Creditors for Sports Material 45,000
Less: Closing Stock of Sports Material 15,000
Less: Opening Creditors for Sports Material 40,000 2,10,000
Or
CREDITORS FOR SPORTS MATERIAL ACCOUNT
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
To Bank A/c (Payment made during the
year)
2,00,000 By Balance b/d (Opening Creditors) 40,000
To Balance c/d (Closing Creditors) 45,000 By Sports Material A/c (Bal Fig.:
Purchase)
2,05,000
2,45,000 2,45,000
SPORTS MATERIAL ACCOUNT
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
To Balance b/d (Opening Sports
Material)
20,000 By Income and Expenditure A/c 0F: Used
up)
2,10,000
To Creditors for Sports Material A/c
(Purchase)
2,05,000 By Balance c/d (Closing Sports Material) 15,000
2,25,000 2,25,000
Sports Material to be debited to Income and Expenditure Account = Rs. 2,10,000
Illustration 3.
On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure
Account of Family Care Hospital for the year ended 31
st
March, 2014. Also, show the relevant figures in the Balance Sheets
as at 31.03.13 and 31.03.14.
Particulars 01.04.13 (Rs.) 31.03.14 (Rs.)
Stock of Medicines 10,000 8,000
Creditors for Medicines 42,000 53,000
Amount paid to creditors during the year ended 31.3.14 were Rs. 80,000.
Solution:
CREDITORS FOR MEDICINES ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt. (Rs.)
To Bank A/c (Payment made during the
year)
80,000 By Balance b/d (Opening Creditors) 42,000
To Balance c/d (Closing Creditors) 53,000 By Sports Material A/c (Bal. Fig.:
Purchase)
91,000
1,33,000 1,33,000
MEDICINES ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt. (Rs.)
To Balance b/d (Opening Stock of
Medicines)
10,000 By Income and Expenditure A/c (B/F:
Used up)
93,000
To Creditors for Medicines A/c
(Purchase)
91,000 By Balance c/d (Closing Stock of
Medicines)
8,000
1.01,000 1,01,000
Amount of Medicines to be debited to the Income and Expenditure Account = Rs. 93,000
An Extract of Balance Sheet as at 31
s
' March, 2013
Liabilities Amt.(Rs.) Assets Amt. (Rs.)
Creditors for Medicine 42,000 Stock of Medicines (Opening Stock) 10,000
An Extract of Balance Sheet as at 31
s
' March, 2014
Liabilities Amt. (Rs.) Assets Amt. (Rs.)
Creditors for Medicine 53,000 J Stock of Medicines (Closing Stock) 8,000
Illustration 4.
How will you deal with the following items while preparing the Income and Expenditure Account for the ended year on 31
st
March, 2015 and a Balance Sheet as on that date?
Particulars 01.04.14 (Rs.) 31.03.15 (Rs.)
Amount due to Suppliers of Sports Material 14,000 8,000
Advances to Suppliers of Sports Material 6,000 2,000
Stock of Sports Material 18,000 3,000
During 2014-15, the payment made to the Suppliers of Sports Material was Rs. 54,000. There was no cash purchase.
Solution:
SUPPLIERS OF SPORTS MATERIAL ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt.
(Rs.)
To Balance b/d (Opening advance to
Suppliers)
6,000 By Balance b/d (Amount due to Suppliers
in beg.)
14,000
To Bank A/c (Payment made during the
year)
54,000 By Sports Material A/c (Bal. Fig.:
Purchase)
52,000
To Balance c/d (Amount due to Suppliers
at end)
8,000 By Balance c/d (Closing advance to
Suppliers)
2,000
68,000 68,000
SPORTS MATERIAL ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt.
(Rs.)
To Balance b/d (Opening Stock of Sports
Material)
18,000 By Income and Expenditure A/c (B/F:
Used up)
67,000
To Creditors for Medicines A/c
(Purchase)
52,000 By Balance c/d (Closing Stock of Sports
Material)
3,000
70,000 70,000
Amount of Sports Material to be debited to the Income and Expenditure Account =Rs. 67,000
Income and Expenditure Account
Expenditure Amt.
(Rs.)
Income Amt. (Rs.)
To Sports Material A/c 67,000
An Extract of Balance Sheet as at 31
st
March, 2015
Liabilities Amt.
(Rs.)
Assets Amt. (Rs.)
Amount due to Suppliers of Sports
Material
8,000 Advances to Suppliers of Sports
Material Sports Material (Closing
Stock)
2,000
3,000
Illustration 5.
Calculate the amount that will appear against the item Stationery Account, in the Income and Expenditure Account for the
year ended 31
st
March, 2015:
Particulars 01.04.14
(Rs.)
31.03.15
(Rs.)
Creditors for Stationery 3,000 12,000
Stock of Stationery 14,000 40,000
During 2014-15, the payment made to these creditors amounted to Rs. 60,000. Stationery purchased in cash during the
year was 25°/. of the total purchase of Stationery.
solution:
CREDITORS FOR STATIONERY ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt.
(Rs.)
Page 4
Add: Creditors at the End
Add: Advance to Creditors in the Beginning ...
Add: Opening Stock
Less: Closing Stock
Goods Consumed During the Year (to be shown in the Income and Expenditure Account)
Ex-
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if: Stock of Stationery on 1
st
January, 2014 - Rs. 300. Creditors for Stationery on 1
st
January, 2014 - Rs. 120. Amount paid for
Stationery during the year 2014 - Rs. 600. Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution
Income and Expenditure Account for the year ended 31
s1
December, 2014
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Whenever, the opening and closing stock of consumable goods (Say, Sports Material) is given along with opening and closing
creditors, then:
• First of all, Account of Creditors of Sports Material is made to ascertain value of "Purchase of Sports Material"; and
• Then, Account of Sports Material is made to ascertain "Value of Sports Material Consumed" during the year, i.e. to ascertain
value of Sports Material to be debited to Income and Expenditure Account.
Illustration 1
Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31
st
December, 2014,
if:
Stock of Stationery on 1
st
January, 2014 - Rs. 300.
Creditors for Stationery on 1
st
January, 2014 - Rs. 120.
Amount paid for Stationery during the year 2014 - Rs. 600.
Stock of Stationery on 31
st
December, 2014 - Rs. 140.
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt.(Rs.)
To Stationery
Amount Paid for Stationery 600
Less: Opening Creditors for Stationery 120
Add: Opening Stock of Stationery 300
Less: Closing Stock of Stationery 140 640
Illustration 2
From the following information, calculate the amount of sports material to be debited to the Income and Expenditure
Account of a Sport Club for the year ended 31
st
March, 2015.
Particulars Amt.(Rs.)
Balance of Sports Material as on 1
st
April, 2014 20,000
Balance of Sports Material as on 31
8f
March, 2015 15,000
Creditors for Sports Material as on 1
st
April, 2014 40,000
Creditors for Sports Material as on 31
8t
March, 2015 45,000
Payment made to Creditors for Sports Material during the year ended 31
st
March, 2015 2,00,000
Solution:
Income and Expenditure Account
Expenditure Amt.(Rs.) Income Amt. (Rs.)
To Sports Material A/c
Amount Paid to Creditors for Sports
Material
2,00,000
Add: Opening Stock of Sports Material 20,000
Add: Closing Creditors for Sports Material 45,000
Less: Closing Stock of Sports Material 15,000
Less: Opening Creditors for Sports Material 40,000 2,10,000
Or
CREDITORS FOR SPORTS MATERIAL ACCOUNT
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
To Bank A/c (Payment made during the
year)
2,00,000 By Balance b/d (Opening Creditors) 40,000
To Balance c/d (Closing Creditors) 45,000 By Sports Material A/c (Bal Fig.:
Purchase)
2,05,000
2,45,000 2,45,000
SPORTS MATERIAL ACCOUNT
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
To Balance b/d (Opening Sports
Material)
20,000 By Income and Expenditure A/c 0F: Used
up)
2,10,000
To Creditors for Sports Material A/c
(Purchase)
2,05,000 By Balance c/d (Closing Sports Material) 15,000
2,25,000 2,25,000
Sports Material to be debited to Income and Expenditure Account = Rs. 2,10,000
Illustration 3.
On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure
Account of Family Care Hospital for the year ended 31
st
March, 2014. Also, show the relevant figures in the Balance Sheets
as at 31.03.13 and 31.03.14.
Particulars 01.04.13 (Rs.) 31.03.14 (Rs.)
Stock of Medicines 10,000 8,000
Creditors for Medicines 42,000 53,000
Amount paid to creditors during the year ended 31.3.14 were Rs. 80,000.
Solution:
CREDITORS FOR MEDICINES ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt. (Rs.)
To Bank A/c (Payment made during the
year)
80,000 By Balance b/d (Opening Creditors) 42,000
To Balance c/d (Closing Creditors) 53,000 By Sports Material A/c (Bal. Fig.:
Purchase)
91,000
1,33,000 1,33,000
MEDICINES ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt. (Rs.)
To Balance b/d (Opening Stock of
Medicines)
10,000 By Income and Expenditure A/c (B/F:
Used up)
93,000
To Creditors for Medicines A/c
(Purchase)
91,000 By Balance c/d (Closing Stock of
Medicines)
8,000
1.01,000 1,01,000
Amount of Medicines to be debited to the Income and Expenditure Account = Rs. 93,000
An Extract of Balance Sheet as at 31
s
' March, 2013
Liabilities Amt.(Rs.) Assets Amt. (Rs.)
Creditors for Medicine 42,000 Stock of Medicines (Opening Stock) 10,000
An Extract of Balance Sheet as at 31
s
' March, 2014
Liabilities Amt. (Rs.) Assets Amt. (Rs.)
Creditors for Medicine 53,000 J Stock of Medicines (Closing Stock) 8,000
Illustration 4.
How will you deal with the following items while preparing the Income and Expenditure Account for the ended year on 31
st
March, 2015 and a Balance Sheet as on that date?
Particulars 01.04.14 (Rs.) 31.03.15 (Rs.)
Amount due to Suppliers of Sports Material 14,000 8,000
Advances to Suppliers of Sports Material 6,000 2,000
Stock of Sports Material 18,000 3,000
During 2014-15, the payment made to the Suppliers of Sports Material was Rs. 54,000. There was no cash purchase.
Solution:
SUPPLIERS OF SPORTS MATERIAL ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt.
(Rs.)
To Balance b/d (Opening advance to
Suppliers)
6,000 By Balance b/d (Amount due to Suppliers
in beg.)
14,000
To Bank A/c (Payment made during the
year)
54,000 By Sports Material A/c (Bal. Fig.:
Purchase)
52,000
To Balance c/d (Amount due to Suppliers
at end)
8,000 By Balance c/d (Closing advance to
Suppliers)
2,000
68,000 68,000
SPORTS MATERIAL ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt.
(Rs.)
To Balance b/d (Opening Stock of Sports
Material)
18,000 By Income and Expenditure A/c (B/F:
Used up)
67,000
To Creditors for Medicines A/c
(Purchase)
52,000 By Balance c/d (Closing Stock of Sports
Material)
3,000
70,000 70,000
Amount of Sports Material to be debited to the Income and Expenditure Account =Rs. 67,000
Income and Expenditure Account
Expenditure Amt.
(Rs.)
Income Amt. (Rs.)
To Sports Material A/c 67,000
An Extract of Balance Sheet as at 31
st
March, 2015
Liabilities Amt.
(Rs.)
Assets Amt. (Rs.)
Amount due to Suppliers of Sports
Material
8,000 Advances to Suppliers of Sports
Material Sports Material (Closing
Stock)
2,000
3,000
Illustration 5.
Calculate the amount that will appear against the item Stationery Account, in the Income and Expenditure Account for the
year ended 31
st
March, 2015:
Particulars 01.04.14
(Rs.)
31.03.15
(Rs.)
Creditors for Stationery 3,000 12,000
Stock of Stationery 14,000 40,000
During 2014-15, the payment made to these creditors amounted to Rs. 60,000. Stationery purchased in cash during the
year was 25°/. of the total purchase of Stationery.
solution:
CREDITORS FOR STATIONERY ACCOUNT
Particulars Amt.
(Rs.)
Particulars Amt.
(Rs.)
To Bank A/c (Payment made during
the year)
60,000 By Balance b/d (Opening Creditors) 3,000
To Balance c/d (Closing Creditors) 12,000 By Stationery A/c (Bal. Fig.:
Purchase)
69,000
72,000 72,000
STATIONERY ACCOUNT
Particulars Amt.
(Rs.)
Particulars Am;
To Balance b/d (Opening
Stationery)
14,000 By Income and Expenditure A/c (B/R
Used up)
66,000
To Creditors for Stationery A/c
(Purchase)
69,000 By Balance c/d (Closing Stationery) 40,000
To Bank A/c
(WN :1)
23,000
1,06,00
0
1,06,000
Stationery to be debited to Income and Expenditure Account = Rs. 66,000
Working Note:
1. Calculation of Cash Purchase of Stationery:
Credit Purchase of Stationery = Rs. 69,000
Let Total Purchase of Stationery = x
It means, Cash Purchase of Stationery = 25% of x = 0.25x
Credit Purchase of Stationery = Total Purchase of Stationery - Cash Purchase of Stationery
Rs. 69,000 = X-0.25X
x or Total Purchase of Stationery = Rs. 92,000
Cash Purchase of Stationery = 0.25 x Rs. 92,000 = Rs. 23,000
Determination of Value of Fixed Assets:
Fixed Assets appearing in the Opening Balance Sheet or Previous Year's Balance Sheet should be adjusted for assets
purchased, sold and depreciation charged during the year. The adjustment is made in the following manner: a
Add Purchase of Fixed Assets:
If some new asset has been purchased during the year, then it is added to previous year's asset. Payment for such asset is
reflected on the credit side of the Receipts and Payments Account.
Deduct Sale of Fixed Assets:
If an asset has been sold during the year, then the book value of such asset is deducted from the concerned
asset.Receipts from sale of such asset is reflected on the debit side of the Receipts and
Payments Account.
The difference between book value and sale proceeds is shown as Profit or Loss in the Income and Expenditure Account.
Deduct Depreciation Charged:
The depreciation charged on the asset during the year must be deducted from the concerned asset.
Read More
|
79 docs|41 tests
|
FAQs on Illustrations - Not For Profit Organisations - Crash Course of Accountancy - Class 12 - Commerce
| 1. What are illustrations in the context of not-for-profit organizations? |  |
Ans. Illustrations in the context of not-for-profit organizations refer to visual representations, such as drawings, diagrams, or pictures, used to convey information or ideas about the organization's mission, projects, or impact.
| 2. How can illustrations be beneficial for not-for-profit organizations? | |
Ans. Illustrations can be beneficial for not-for-profit organizations in several ways. They can help capture the attention of the audience, make complex concepts easier to understand, evoke emotions, and enhance the overall communication and storytelling efforts of the organization.
| 3. What types of illustrations are commonly used by not-for-profit organizations? | |
Ans. Not-for-profit organizations often use various types of illustrations, including infographics, charts, graphs, photographs, and drawings. These visual elements are used to present data, highlight key messages, tell stories, and engage with the audience.
| 4. How can not-for-profit organizations effectively incorporate illustrations into their communication materials? | |
Ans. To effectively incorporate illustrations into their communication materials, not-for-profit organizations should consider the following steps:
1. Identify the purpose and goals of the illustration.
2. Choose the appropriate type of illustration that aligns with the message and target audience.
3. Work with skilled designers or illustrators to create visually appealing and high-quality illustrations.
4. Ensure that the illustrations are consistent with the organization's branding and messaging.
5. Test the illustrations with a sample audience to gather feedback and make necessary improvements.
| 5. Are there any ethical considerations to keep in mind when using illustrations in not-for-profit organizations? | |
Ans. Yes, there are ethical considerations to keep in mind when using illustrations in not-for-profit organizations. It is important to ensure that the illustrations accurately represent the organization's work and impact, avoiding any misleading or exaggerated claims. Additionally, organizations should obtain proper permissions and give credit when using copyrighted or licensed illustrations to respect intellectual property rights.
Related Exams
About this Document
|
4.93/5 Rating |
|
Dec 25, 2024 Last updated |
Document Description: Illustrations - Not For Profit Organisations for Commerce 2024 is part of Crash Course of Accountancy - Class 12 preparation.
The notes and questions for Illustrations - Not For Profit Organisations have been prepared according to the Commerce exam syllabus. Information about Illustrations - Not For Profit Organisations covers topics
like and Illustrations - Not For Profit Organisations Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Illustrations - Not For Profit Organisations.
Introduction of Illustrations - Not For Profit Organisations in English is available as part of our Crash Course of Accountancy - Class 12
for Commerce & Illustrations - Not For Profit Organisations in Hindi for Crash Course of Accountancy - Class 12 course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Illustrations - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce
Description
Full syllabus notes, lecture & questions for Illustrations - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Crash Course of Accountancy - Class 12 | Best notes, free PDF download
Information about Illustrations - Not For Profit Organisations
In this doc you can find the meaning of Illustrations - Not For Profit Organisations defined & explained in the simplest way possible. Besides explaining types of
Illustrations - Not For Profit Organisations theory, EduRev gives you an ample number of questions to practice Illustrations - Not For Profit Organisations tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Viva Questions
,past year papers
,Important questions
,video lectures
,mock tests for examination
,Summary
,practice quizzes
,Illustrations - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce
,MCQs
,Illustrations - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce
,Objective type Questions
,Previous Year Questions with Solutions
,Free
,study material
,Semester Notes
,shortcuts and tricks
,Exam
,Sample Paper
,ppt
,Illustrations - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce
,Extra Questions
;
Additional Information about Illustrations - Not For Profit Organisations for Commerce Preparation
Illustrations - Not For Profit Organisations Free PDF Download
The Illustrations - Not For Profit Organisations is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Illustrations - Not For Profit Organisations now and kickstart your journey towards success in the Commerce exam.
Importance of Illustrations - Not For Profit Organisations
The importance of Illustrations - Not For Profit Organisations cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Illustrations - Not For Profit Organisations Notes
Illustrations - Not For Profit Organisations Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Illustrations - Not For Profit Organisations.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Illustrations - Not For Profit Organisations Notes on EduRev are your ultimate resource for success.
Illustrations - Not For Profit Organisations Commerce Questions
The "Illustrations - Not For Profit Organisations Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Illustrations - Not For Profit Organisations on the App
Students of Commerce can study Illustrations - Not For Profit Organisations alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Illustrations - Not For Profit Organisations,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Illustrations - Not For Profit Organisations is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup