Q.3From the following, Calculate the Amount of Sports Material to be Debited to Income and Expenditure A/c of Young Football club for the year ended 31st March, 2020 :Opening Stock of Sports Material 21,000Closing Stock of Sports Material 24,000Opening Creditors of Sports Material 23,500Closing Creditors of Sports Material 27,000During the year the Creditors for Sports Material were paid ₹1,10,000
Answers
Answer:
1,10,500
Explanation:
Payment During the Year 1,10,000
Add. Opening Stock 21,000
1,31,000
Less. Closing Stock 24,000
1,07,000
Less. Opening Creditors 23,500
83,500
Add. Closing Creditors 27,000
1,10,500
Here is the calculation for the amount:-
In the books of Young Football Club
Income and expenditure account
for the year ended 31st March 2020
Statement showing the calculation of amount of sports material:-
Particulars Amount
Payment made during the year for sports material ₹ 1,10,000
Add: opening stock +21,000
₹1,31,000
Less: closing stock -(24,000)
₹1,07,000
Add: closing creditors +27,000
₹1,34,000
Less: opening creditors -(23,500)
Total _________
₹1,10,500
________________________________________________________
Amount of sports material for the income and expenditure account will be ₹1,10,500.