Calculate the amount of sports material to be transferred to income and Expenditure Account of Raman Bhalla Sports Club, Ludhiana, for the year ended 31st March, 2018:

Particulars (₹)

(i) Sports material sold during the year (Book Value ₹ 50,000) 56,000

(ii) Amount paid to creditors for sports materials 91,000

(iii) Cash purchase of sports material 40,000

(iv) Sports material as on 31st March, 2017 50,000

(v) Sports material as on 31st March, 2018 55,000

(vi) Creditors for sports material as on 31st March, 2017 37,000

(vii) Creditors for sports material as on 31st March, 2018 45,000

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Solution

Calculation of Amount of Sports Material Consumed to be debited to Income & Expenditure A/c

Particulars

Amount
(₹)

Amount Paid to the creditors of Sports Materials
91,000

Less: Creditors of the sports material as on 31^st March, 2017
37,000

Closing Stock of Sports Material as on 31^st March, 2018
55,000

Sports Material sold during the year
50,000

Add: Creditors of the sports material as on 31^st March, 2018
45,000

Cash purchase of Sports Material
40,000

Opening Stock of Sports Material as on 31^st March, 2017
50,000

Sports Material consumed during the year to be debited to Income & Expenditure A/c
84,000

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Q. From the following information of a Not-for-Profit Organisation, show the 'Sports Materials' item in the Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheets as at 31st March, 2018 and 31st March, 2019:

Particulars	31st March, 2018 ₹	31st March, 2019 ₹
Stocks of Sports Materials	6,200	4,800
Creditors for Sports Materials	9,800	7,200
Advance to Suppliers for Sports Materials	11,000	19,000

Payment to suppliers for Sports Materials during the year was ₹ 1,02,000. There were no cash purchases made.

Q. From the following information of a Not-for-Profit Organisation, show the 'Sports Materials' item in the Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheets as at 31st March , 2018:



Particulars	31st March, 2017 ₹	31st March, 2018 ₹
Stocks of Sports Materials Creditors for Sports Materials Advance to Suppliers for Sports Materials	6,200 9,800 11,000	4,800 7,200 19,000

From the following information of a not for profit organisation, show the 'sports material' items in the 'Income and Expenditure Account' for the year ending 31st March, 2017 and the Balance Sheets as at 31st March 2016 and 31st March 2017 :

$\begin{matrix} 31-3-2016 & 31-3-2017 Rs & Rs Stock of sports material & 2, 200 & 5, 800 Creditors for sports material & 7, 800 & 9, 200 Advance to Suppliers for sports material & 15, 000 & 25, 000 \end{matrix}$

Payment to suppliers for the sports material during the year was Rs 1,20,000, there were no cash purchases made.

Q. What amount of sports material will be posted to Income and Expenditure Account for the year ended March 31, 2006 as expenditure?
Amt.(Rs.)
Stock of sports material as on April 1, 2011 7,500
Creditors for sports material as on April 1, 2011 2,000
Stock of sports material as on March 31, 2012 6,200
Amount paid for sports material during the year 2011-12 17,000
Advance paid for sports material as on March 31, 2012 3,500
Creditors for sports material as on March 31,2012 1,200

Q. How are the following dealt with while preparing the final accounts for the year ended 31st March , 2018?

RECEIPTS AND PAYMENTS ACCOUNT ( AN EXTRACT ) for the year ended 31ST March, 2018
Dr.			Cr.
Receipts	₹	Payments	₹
		By Payments for Sports Material	1,40,000

BALANCE SHEET (AN EXTRACT) as at 1st April, 2017

Liabilities	₹	Assets	₹

Creditors foe Sports Materials	6,000	Sports Materials	8,000

Additional information :
(i) Sports Materials in Hand on 31st March, 2018

—

₹ 22,000

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	Particulars	(₹)
(i)	Sports material sold during the year (Book Value ₹ 50,000)	56,000
(ii)	Amount paid to creditors for sports materials	91,000
(iii)	Cash purchase of sports material	40,000
(iv)	Sports material as on 31st March, 2017	50,000
(v)	Sports material as on 31st March, 2018	55,000
(vi)	Creditors for sports material as on 31st March, 2017	37,000
(vii)	Creditors for sports material as on 31st March, 2018	45,000

Calculation of Amount of Sports Material Consumed to be debited to Income & Expenditure A/c
Particulars	Amount (₹)
Amount Paid to the creditors of Sports Materials	91,000
Less: Creditors of the sports material as on 31^st March, 2017	37,000
Closing Stock of Sports Material as on 31^st March, 2018	55,000
Sports Material sold during the year	50,000
Add: Creditors of the sports material as on 31^st March, 2018	45,000
Cash purchase of Sports Material	40,000
Opening Stock of Sports Material as on 31^st March, 2017	50,000
Sports Material consumed during the year to be debited to Income & Expenditure A/c	84,000