Question

Calculate the amount to be debited to Income & Expenditure account from the following: Amount paid for Sports material during 2017-18 is Rs. 5,780 Stock of sports material on 1st April 2017 Rs. 2,600 & on 31st March 2018 Rs. 4,600 Creditors for sports material on 1st April 2017 Rs. 2,400 & on 31st March 2018 Rs. 2,660​

Answer 1

Answer:

Income & Expenditure account

dr. cr

Expenditure

Sports material

consumed

Amount paid. 5780

(-) Creditors

on 1.4.2017. 2400

(+) creditors

on 31.3.2018. 2660

(+) opening stock. 2600

(-) closing stock. 4600

= 4040