How Are the Following Dealt With While Preparing the Final Accounts For the Year Ended 31st , 2019

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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

Receipts₹Payments ₹
                                              By Payments for Sports Material1,40,000


Balance Sheet (an Extract)
as at 1st April, 2018

Liabilities ₹Assets₹
Creditors for Sports Materials6,000Sports Materials                  8,000
Additional information :
Sports Materials in Hand on 31st March, 2019 – ₹ 22,000.




Income and Expenditure Account
for the year ended March 31, 2019


Expenditure Amount (Rs.)IncomeAmount (Rs.)
Sports Material1,40,000  
Add: Opening Stock8,000  
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.)AssetsAmount (Rs.)
  Stock of Sport Materials22,000

Chapter-1 Financial Statements of Not for Profit Organisations-TS Grewal



Location: India

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