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 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 |
Sports Materials in Hand on 31st March, 2019 – ₹ 22,000.
Income and Expenditure Account
for the year ended March 31, 2019
| Expenditure | Amount (Rs.) | Income | Amount (Rs.) | |
| 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 |