Question

From the following information calculate the amount of sports material to be transfer to
income and expenditure account for the year ended 31st March 2020
a. Sport material sold during the year (Book Value Rs 1,00,000) Rs 1,12,000
b. Amount paid to creditors for sports materials
Rs 1,82,000
C. Cash Purchase of sports materials
Rs 80,000
d. Sport materials as on 31st march 2019
Rs 1,00,000
e. Sport materials as on 31st March 2020
Rs 1,10,000
f. Creditors as on 31st march 2019
Rs 74,000
g. Creditors as on 31st march 2020
Rs 90,000

Answer 1

Answer:

Sports Material Creditors A/C

Particulars Amount Particulars Amount

To Cash A/C. 182000 By Balance b/d 74000

To Balance b/d 90000. By Purchases 198000

Balancing fig.

272000. 272000

Sports Material A/C

Particulars Amount Particulars Amount

To Balance b/d 100000 By Sales A/C 112000

To Creditors A/C198000 ByIncome & Exp 156000

To Cash A/C 80000. By Balance c/d 110000

378000 378000

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