Question

33. How are the following dealt with while preparing the final accounts of a sports club for the year ended
31st March, 2020?
Dr.
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2020
Receipts
Payments
26,000
To Sale of Sports Materials
(Book value 20,000)
By Creditors for Sports Materials
By Cash purchase of Sports Materials
61,000
10,000
Additional Information:
Sports Materials
Creditors for Sports Materials
As at 31st March, 2019 (5)
20,000
7,000
As at 31st March, 2020)
25,000
15,000​

Answer 1

Explanation:

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