Question

From the following information, calculate the amount of sports material to be debited to Income and Expenditure Account of a sports club for the year ending 31st March, 2020: Particulars Amount (₹) Stock of Sports Material on 1st April,2019 Stock of Sports Material on 31st March, 2020 Creditors for Sports Material on 1st April,2019 Creditors for Sports Material on 31st March, 2020 Payment made to creditors of Sports Material during the year ending 31st March ,2020 10,000 7,500 20,000 22,500 1,00,000​

Answer 1

Answer:

Particulars Amount (Rs.) Stock of Sports material (01-04-2019) 60000 Amount paid to creditors (during 2019-20) 3,00,000 Creditors for Sports Materials (01-04-2019) 1,00,000 Creditors for Sports Materials (31-03-2020) 80000 Sports Material sold During the year (Book Value Rs.35,000) 15000 Cash Purchases of Sports Material (During the Year 2019-20) 1,30,000 There was zero stock at the end of financial year 2019-20.Read more on Sarthaks.com - https://www.sarthaks.com/968875/following-information-calculate-amount-charged-expenditure-account-material-consumed