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Question

​How are the following dealt with while preparing the final accounts of a sports club for the year ended 31st March, 2019?
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March, 2019
Dr. Cr.
Receipts
Payments
To Sale of Sports Materials 26,000 ​By Creditors for Sports Materials 61,000
(Book value ₹ 20,000) By Cash purchase of Sports Materials 10,000

Additional information :
As at 31st March, 2018
(₹)
As at 31st March, 2019
(₹)
Sports Materials 20,000 25,000
Creditors for Sports Materials 7,000 15,000

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Solution

Income and Expenditure Account

for the year ended March 31, 2019

Dr.

Cr.

Expenditure

Amount

()

Income

Amount

()

Payment for Sports Material

71,000

Profit on Sale of Sports Material (26,000 – 20,000)

6,000

Add: Opening Stock

20,000

Less: Closing Stock

(25,000)

Less: Creditors in the beginning

(7,000)

Add: Creditors at the end

15,000

Less: Book Value of Material Sold

(20,000)

54,000

Balance Sheet

as on March 31, 2018

Liabilities

Amount

()

Assets

Amount

()

Creditors for Sport Materials

7,000

Stock of Sport Materials

20,000

Balance Sheet

as on March 31, 2019

Liabilities

Amount

()

Assets

Amount

()

Creditors for Sport Materials

15,000

Stock of Sport Materials

25,000


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