Question

what are partners sharing profits loses its activities prepare income expenditure accounts of youth club started its activities prepare income expenditure accounts of youth club ​

Answer 1

Answer:

Working Notes:- (i) Consumption of Sports Material = Opening stock of sports material+ Purchases of sports material during the year – Closing stock of sports material = Rs.3,000 + Rs. 11,500 – Rs. 4,500= Rs. 10,000 (ii) Depreciation of furniture = Rs.20,000 x (6/12) x (10/100) = Rs. 1,000 (iii) Interest on investment = Rs 70,00 x (10/100) x (6/12) = Rs. 3,500Read more on Sarthaks.com - https://www.sarthaks.com/294163/prepare-income-expenditure-account-from-following-particulars-youth-club-year-ended-march