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Question 18 Chapter 1 of +2-Part-1
18. (Sports Material Consumption) Calculate the amount of sports material to be charged to Income and Expenditure account for the year ended 31-3-15.
| Particulars | Rs. |
| Sports material on 1.1.2014 | 9,000 |
| Sports material on 31.3.2015 | 8,000 |
| Creditors for sports material on 1.4.2014 | 4,000 |
| Cash paid to creditors | 38,000 |
| Creditors for sports material on 31.3.2015 | 7,000 |
Income and Expenditure Account for the year ending 31-3-201
| Expenditure |
Amount |
Income |
Amount |
||
|---|---|---|---|---|---|
| Opening stock of sports materials | 9,000 | ||||
| Add: Opening Stock | 38,000 | ||||
| Closing Creditors | 7,000 | ||||
| Less: Closing stock | 8,000 | ||||
| Creditors opening | 4,000 | ||||
| 42,000 | |||||
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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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