5.
From the following information, calculate the amount of sports material
that will be debited to the 'Income and Expenditure Account of Bright
Sports Club for the year ended 31-3-2019.
1st April, 2018 31st March, 2019
Particulars
(5)
Stock of Sports Material
1,10,000
1,50,000
Creditors for Sports Material
25,000
60,000
Advance paid for Sports Material 25,000
70,000
Additional Information:
Cash purchase of sports material during the year was ( 2,50,000
71,50,000 were paid to the creditors of sports material.
Answers
Explanation:
5.
From the following information, calculate the amount of sports material
that will be debited to the 'Income and Expenditure Account of Bright
Sports Club for the year ended 31-3-2019.
1st April, 2018 31st March, 2019
Particulars
(5)
Stock of Sports Material
1,10,000
1,50,000
Creditors for Sports Material
25,000
60,000
Advance paid for Sports Material 25,000
70,000
Additional Information:
Cash purchase of sports material during the year was ( 2,50,000
71,50,000 were paid to the creditors of sports material.
Rs.
Cash Purchase for sports material =2,50,000
Less: Opening Creditors = 25,000
Advance paid on 31.3.2014 = 70,000
= 1,55,000
Add: Creditors at end = 60,000
Advance paid on 31.3.2018 = 25,000
Credit Purchase during the year =2,40,000
Add: Cash Purchase = 1,50,000
Opening Stock = 1,10,000
= 5,00,000
Less: Closing Stock = 1,50,000
Sports material that will be debited = 3,50,000
to Income & Expenditure A/c