Calculate the Amount of Sports Material to be Transferred to Income and Expenditure Account of Raman Bhalla Sports Club, Ludhiana

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Calculate the amount of sports material to be transferred to income and Expenditure Account of Raman Bhalla Sports Club, Ludhiana, for the year ended 31st March, 2018 :

 Particulars(₹)
(i)Sports material sold during the year (Book Value ₹ 50,000)56,000
(ii)Amount paid to creditors for sports materials91,000
(iii)Cash purchase of sports material40,000
(iv)Sports material as on 31st March, 201750,000
(v)Sports material as on 31st March, 201855,000
(vi)Creditors for sports material as on 31st March, 201737,000
(vii)Creditors for sports material as on 31st March, 201845,000



Sports Material Consumed to be debited to Income & Expenditure A/c

ParticularsAmount (Rs.)
Amount Paid to the creditors of Sports Materials91,000
Less: Creditors of the sports material as on 31st March, 201737,000
Closing Stock of Sports Material as on 31st March, 201855,000
Sports Material sold during the year50,000
Add: Creditors of the sports material as on 31st March, 201845,000
Cash purchase of Sports Material40,000
Opening Stock of Sports Material as on 31st  March, 201750,000
Sports Material consumed during the year to be debited to Income & Expenditure A/c84,000

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



Location: India

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