RECEIPTS AND PAYMENTS ACCOUNT ( AN EXTRACT ) for the year ended 31ST March, 2018 |
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Dr. |
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Cr. | ||
Receipts
|
₹ |
Payments |
₹ | |
|
By Payments for Sports Material | 1,40,000 | ||
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BALANCE SHEET (AN EXTRACT) as at 1st April, 2017 |
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Liabilities
|
₹ |
Assets |
₹ | |
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| |||
Creditors foe Sports Materials | 6,000 | Sports Materials | 8,000 | |
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Income and Expenditure Account for the year ended March 31, 2015 |
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Dr. |
|
Cr. |
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Expenditure |
Amount (Rs) |
Income |
Amount (Rs) |
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Sports Material |
1,40,000 |
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Add: Opening Stock |
8,000 |
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Less: Closing Stock |
(22,000) |
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Less: Creditors in the beginning |
(6,000) |
1,20,000 |
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Balance Sheet as on March 31, 2015 |
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Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
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Stock of Sport Materials |
22,000 |
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Alternatively, Sports Material consumed can also be calculated as.
Creditors for Sports Material Account |
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Dr. |
|
Cr. |
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Expenditure |
Amount (Rs) |
Income |
Amount (Rs) |
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Bank A/c |
1,40,000 |
Balance b/d (Creditors in the beginning) |
6,000 |
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(Amount paid for sports materials) |
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Purchases A/c (Balancing Figure) |
1,34,000 |
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1,40,000 |
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1,40,000 |
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Sports Material Consumed = Opening Stock + Purchases – Closing Stock = 8,000 + 1,34,000 – 22,000 = Rs 1,20,000