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प्रश्न
How are the following dealt with while preparing the final accounts for the year ended 31st , 2019?
| RECEIPTS AND PAYMENTS ACCOUNT (AN EXTRACT) for the year ended 31st March, 2019 |
||||
| Dr. | Cr. | |||
| Receipts | ₹ | Payments | ₹ | |
| By Payments for Sports Material | 1,40,000 | |||
| BALANCE SHEET (AN EXTRACT) as at 1st April, 2018 |
||||
|
Liabilities |
₹ |
Assets |
₹ | |
| Creditors for Sports Materials | 6,000 | Sports Materials | 8,000 | |
Additional information :
Sports Materials in Hand on 31st March, 2019 – ₹ 22,000.
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उत्तर
|
Income and Expenditure Account for the year ended March 31, 2019 |
||||||
|
Dr. |
|
Cr. |
||||
|
Expenditure |
Amount (₹) |
Income |
Amount (₹) |
|||
|
Sports Material |
1,40,000 |
|
|
|
||
|
Add: Opening Stock |
8,000 |
|
|
|
||
|
Less: Closing Stock |
(22,000) |
|
|
|
||
|
Less: Creditors in the beginning |
(6,000) |
1,20,000 |
|
|
||
|
Balance Sheet as on March 31, 2019 |
|||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
|
Stock of Sport Materials |
22,000 |
Alternatively, Sports Material consumed can also be calculated as
|
Creditors for Sports Material Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Expenditure |
Amount (₹) |
Income |
Amount (₹) |
||
|
Bank A/c |
1,40,000 |
Balance b/d (Creditors in the beginning) |
6,000 |
||
|
(Amount paid for sports materials) |
|
Purchases A/c (Balancing Figure) |
1,34,000 |
||
|
|
1,40,000 |
|
1,40,000 |
||
Sports Material Consumed
= Opening Stock + Purchases – Closing Stock
= 8,000 + 1,34,000 – 22,000 = Rs 1,20,000
