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Question 16 Chapter 1 of +2- Part-1
16. (Sports Material Consumption/B/S Treatment) Show the treatment of the following items in Income and Expenditure Account for the year ending 31-3-15 and opening balance sheet and closing balance sheet :
| Particulars | 31-03-14 | 31-03-15 |
| The stock of Sports material | 20,000 | 30,000 |
| Amount due to suppliers | 6,000 | 5,000 |
| Advances to suppliers of sports material | 3,000 | 1,000 |
During the year ending 31-3-15, the payments made to creditors amounted to Rs.40,000 and cash purchases amounted to Rs.7,000.
Income and Expenditure Account for the year ending 31-3-2015
| Expenditure |
Amount |
Income |
Amount |
||
|---|---|---|---|---|---|
| To Sports Material Consumed: | |||||
| Opening Balance | 20,000 | ||||
| Add: Amount due(closing) | 5,000 | ||||
| Advance to suppliers(opening) | 3,000 | ||||
| Payment to creditors | 40,000 | ||||
| Cash purchases | 7,000 | ||||
| 75,000 | |||||
| Less: Closing stock | 30,000 | ||||
| Amount due(opening) | 6,000 | ||||
| Advance to suppliers(closing) | 1,000 | ||||
| (37,000) | 38,000 | ||||
Balance Sheet As on 1-4-2015
| Liabilities |
Amount | Assets |
Amount | |||
|---|---|---|---|---|---|---|
| Amount due to Suppliers | 6,000 | Stock of sports materials | 20,000 | |||
| Advance to Suppliers | 3,000 | |||||
Balance Sheet As on 31-3-2015
| Liabilities |
Amount | Assets |
Amount | |||
|---|---|---|---|---|---|---|
| Amount due to Suppliers | 5,000 | Stock of sports materials | 30,000 | |||
| Advance to Suppliers | 1,000 | |||||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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