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Accountancy · 2022 · 3 marks
CBSE 2022 · Region 2 · Set 2 · Q4
From the following information of Kapoor Sports Club, calculate the amount of 'sports material' to be kited to 'Income and Expenditure Account' for…
From the following information of Kapoor Sports Club , calculate the amount of 'sports material' to be kited to 'Income and Expenditure Account' for the year ended 31st March, $\displaystyle 2021$ : Amount Details < Stock of sports material as on 1st April, $\displaystyle 2020$ $\displaystyle 40{,}000$ Creditors for sports material as on 1st April, $\displaystyle 2020$ $\displaystyle 8{,}000$ Stock of sports material as on 31st March, $\displaystyle 2021$ $\displaystyle 20{,}000$ Amount paid for sports material during the year $\displaystyle 2020$ $\displaystyle 21$ $\displaystyle 90{,}000$ Creditors for sports material as on 31st March, $\displaystyle 2021$ $\displaystyle 10{,}000$
Show the following information in the Balance Sheet of Royal Sports Club for the year ended 31st March, $\displaystyle 2021$ : Amount Details < Match expenses $\displaystyle 10{,}000$ Match fund $\displaystyle 70{,}000$ Donation for Match fund $\displaystyle 20{,}000$ Sale of match tickets $\displaystyle 10{,}000$
Marking-scheme solution
Calculation of amount of sports material to be debited to income and expenditure
A/c :
(₹)
Amount paid for sports material $\displaystyle 90{,}000$
Less creditors for sports material as on $\displaystyle 1.4.20$ $\displaystyle (8,000)$
Add creditors for sports material as on $\displaystyle 31.3.21$ $\displaystyle 10{,}000$
Add stock of sports material as on $\displaystyle 1.4.20$ $\displaystyle 40{,}000$
Less stock of sports material on $\displaystyle 31.3.21$ $\displaystyle (20,000)$
Amount to be debited to Income & Expenditure A/c / $\displaystyle 1{,}12{,}000$
Sports Material consumed
Alternatively :
Dr Stock of Sports Material Account Cr
Particulars Amount Particulars Amount
(₹) (₹)
To Balance b/d $\displaystyle 40{,}000$ By Income and Expenditure A/c $\displaystyle 1{,}12{,}000$
(Sports Material consumed
To Creditors A/c $\displaystyle 92{,}000$
during the year- Balancing
-Credit
figure)
Purchases
By Balance c/d
$\displaystyle 20{,}000$
$\displaystyle 1{,}32{,}000$
$\displaystyle 1{,}32{,}000$
Dr Creditors for Sports Material Account Cr
Particulars Amount Particulars Amount
(₹) (₹)
To Bank A/c $\displaystyle 90{,}000$ By Balance b/d $\displaystyle 8{,}000$
To Balance c/d $\displaystyle 10{,}000$ By Stock of Sports Material
A/c (Credit purchase of Sports $\displaystyle 92{,}000$
Material)
$\displaystyle 1{,}00{,}000$ $\displaystyle 1{,}00{,}000$
Show the following information in the Balance Sheet of ‘Royal Sports
Club’……
Ans.
Balance Sheet of Royal Sports Club as at 31st March, $\displaystyle 2021$
Amount Assets Amount
Liabilities
(₹) (₹)
Match fund $\displaystyle 70{,}000$
Add: Donation for match fund $\displaystyle 20{,}000$
Add : Sale of match tickets $\displaystyle 10{,}000$
Less Match expenses $\displaystyle (10,000)$ $\displaystyle 90{,}000$
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CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.