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

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How are the following dealt with while preparing the final accounts of a sports club for the year ended 31st March, 2019?

RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March, 2019

Receipts(Rs.)Payments (Rs.)
To Sale of Sports Materials26,000​By Creditors for Sports Materials61,000
(Book value ₹ 20,000) By Cash purchase of Sports Materials10,000

Additional information :

 
As at 31st March, 2018
(Rs.)
As at 31st March, 2019
(Rs.)
Sports Materials 20,000 25,000
Creditors for Sports Materials   7,000 15,000



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


Expenditure Amount (Rs.)IncomeAmount (Rs.)
Payment for Sports Material71,000 Profit on Sale of Sports Material (26,000-20,000)6,000
Add: Opening Stock20,000  
Less: Closing Stock(25,000)  
Less: Creditors in the beginning(7,000)  
Add: Creditors at the end15,000  
Less: Book Value of Material Sold(20,000)54,000 


Balance Sheet
as on March 31, 2018

Liabilities Amount (Rs.)AssetsAmount (Rs.)
Creditors for Sport Materials7,000Stock of Sport Materials20,000



Balance Sheet
as on March 31, 2019

Liabilities Amount (Rs.)
AssetsAmount (Rs.)
Creditors for Sport Materials15,000Stock of Sport Materials25,000

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



Location: India

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