From the following information, calculate the amount to be charged to Income and Expenditure Account for
Sports material consumed for the year 2019 20.
Particulars
Amount(*)
60000
3,00,000
1,00,000
Stock of Sports material (01-04-2019)
Amount paid to creditors (during 2019 20)
Creditors for Sports Materials (01-04-2019)
Creditors for Sports Materials (31-03-2020)
Sports Material sold During the year (Book Value Rs 35,000)
Cash Purchases of Sports Material (During the Year 2019 20)
There was zero stock at the end of financial year 2019-20.
80000
15000
1,30,000
Or
Calculate the amount of Subscription to be credited to Income and Expenditure account for the year 2019-20
Particulars
Amount )
Amount received during the year (induding 20,000 for 2018-19, '30,000 for
2020 21 and 10.000 for 2021-22)
7,80,000
Subscription received in advance as on 01-04-2019 (including '15,000 for
35000
2020-21)
Subscription in arrears as on 01-04-2019
40000
Subscription in arrears as on 31-03-2020
50000
Out of subscription in arrears on 01-04-2019, '15,000 are no longer recoverable.
Answers
Answer:
ANSWER
Details Amt.(Rs.)
Amount Paid for sports material during the year 2011-12
(+) Creditors for sports material Purchases 31.03.2012
(-) Creditors for medicines Purchases 1.04.2011
(-) Advance Paid for sports material on 31.03.2012
(+) Opening stock of sports material as on 1.4.2011
(-) Closing stock om Medicine as on 31.03.2012
Amount of sports material consumed during the year to be
posted to income and expenditure account 17,000
1,200
18,200
2,000
3,500
12,700
7,500
20,200
6,200
14,000
Calculate the amount to be charged to Income and Expenditure Account is Rs. 4,35,000
Explanation:
Table for calculation for Sports Material Consumed :
Credit Purchase of Sports Material 2,80,000
Add: Cash purchase of sports material 1,30,000
Add: Stock of Sports material (1/04/2019) 60,000
Less: Book value of sports material sold
during the year (35,000)
Sports material consumed during the year 4,35,000
(amount t/f to Income & Expenditure A/c)
