Question

From the following information,calculate the amount of sports material to be debited to the Income and Expenditure account of a sports club for the year ended 31st March 2018. Balance of sports material as on 1-4-2017 Rs.10,000 Balance of sports material as on 31-3-2018 7,500 Creditors for sports material as on 1-4-2017 20,000 Creditors for sports material as on 31-3-2018 22,500 Payment made for sports material during the year ended 31-3-2018 Rs.1,00,000

Answer 1

Answer:

income and expenditure a/c will be debited by 105000

Explanation:

income and expenditure a/c for the year 1/4/2017 - 31/3/2018

expenditure                          amt  

sports material      100000

(+)opening bal

of st.on 1/4/2017      10000

(-)closing bal

of st.on 31/3/2018   (7500)

(-)opening creditors

of st.on 1/4/2017   (20000)

(+)closing creditors

of st.on 31/3/2018   22500   105000