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Question

From the following information of Lions' Club, Show the sports material items in the Income and Expenditure Account for the year ending 31-03-2018.

2017(Rs)2018(Rs)Sports Material22,00058,000Creditors for Sports Material78,00092,000Advance to Suppliers for Sports Material15,00025,000Payment to suppliers for the sports material during the year war Rs. 1,20,000.


Solution

    ExpenditureAmountIncomeAmount   (Rs)   (Rs)To Sports Material Consumed (Note 1)88,000

Working Note:

Cost of Sports Material Consumed = Opening Stock + Purchases - Closing Stock

= 22,000 + 1,24,000* - 58,000

= Rs. 88,000

* Purchases = Closing Balance of Creditors + Opening Balance of Advance of Creditors + Amount paid to Creditors - Opening Balance of Creditors- Closing Balance of Advance of Creditors

= 92,000 + 15,000 + 1,20,000 - 78,000 - 25,000

=Rs. 1,24,000

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