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Question

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
     


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 31st March, 2017

37,000

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

55,000

Sports Material sold during the year

50,000

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

45,000

Cash purchase of Sports Material

40,000

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

50,000

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

84,000

 

 


Accountancy
TS Grewal Vol. I (2019)
All

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