Question

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 (`)

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.​

Answer 1

Answer:

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 (`)

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.