How Are the Following Dealt with While Preparing the Final Accounts for the Year Ended 31st March, 2019? - Accountancy

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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 Medicines1,50,000

 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.)
Medicine1,50,000  
Add: Opening Stock50,000  
Less: Closing Stock(75,000)  
Less: Creditors in the beginning(40,000)  
Add: Creditors at the end60,0001,45,000 

Balance Sheet 
as on March 31, 2018

Liabilities Amount (Rs.)AssetsAmount (Rs.)
Creditors for Medicines40,000Stock of Medicines50,000

Balance Sheet 
as on March 31, 2019

Liabilities Amount (Rs.)AssetsAmount (Rs.)
Creditors for Medicines60,000Stock of Medicines75,000

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



Location: India

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