How Are the Following Dealt with While Preparing the Final Accounts for the Year Ended 31st March, 2019? - Accountancy
How are the following dealt with while preparing the final accounts for the year ended 31st March, 2019?
Receipts and Payments Account (an Extract)
for the year ended 31st March, 2019
| Receipts | (Rs.) | Payments | (Rs.) |
| By Payments for Medicines | 1,50,000 |
Additional information :
| As at 1st April, 2018 (Rs.) | As at 31st March, 2019 (Rs.) | |
| Stock of Medicines | 50,000 | 75,000 |
| Creditors for Medicines | 40,000 | 60,000 |
Income and Expenditure Account
for the year ended March 31, 2019
| Expenditure | Amount (Rs.) | Income | Amount (Rs.) | |
| Medicine | 1,50,000 | |||
| Add: Opening Stock | 50,000 | |||
| Less: Closing Stock | (75,000) | |||
| Less: Creditors in the beginning | (40,000) | |||
| Add: Creditors at the end | 60,000 | 1,45,000 |
Balance Sheet
as on March 31, 2018
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Creditors for Medicines | 40,000 | Stock of Medicines | 50,000 |
Balance Sheet
as on March 31, 2019
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Creditors for Medicines | 60,000 | Stock of Medicines | 75,000 |
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