Question

From the following information of a not-for-profit organization show the ‘Sports Material’ item in the Income and Expenditure A/c for the year ending on 31^st March 2009 and Balance Sheet as on 31^st March 2008 and 31^st March 2009. 

	31.3.2008 Rs	31.3.2009 Rs
Stock of Sports Material	7,200	5,800
Creditors for Sports Material	5,800	9,200
Advance to supplied for Sport Material	12,000	21,000

Payment to supplies for the Sports Material during the year was Rs 1,00,000. There were no cash purchases made.

Answer 1

Income and Expenditure Account                    for the year ending on March 31, 2009
Dr.			Cr.
Expenditure	Amount Rs	Income	Amount Rs
Sports Material (WN)	95,800

 

Balance Sheet                                 as on March 31, 2008
Liabilities	Amount Rs	Assets	Amount Rs
Creditors for Sports Material	5,800	Stock of Sports Material	7,200
		Advance to supplier for Sports Material	12,000

 

Balance Sheet                            as on March 31, 2009
Liabilities	Amount Rs	Assets	Amount Rs
Creditors for Sports Material	9,200	Stock of Sports Material	5,800
		Advance to supplier for Sports Material	21,000