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