1.

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:ParticularsAmount(Rs.)i.Sports Material sold during the year (Book Value Rs.50,000) 56,000 iiAmount paid to creditors for sports material91,000iii.Cash purchase of sports material 40,000iv.Sports material as on 31.3.17 50,000v.Sports Material as on 31.3.18 55,000vi.Creditors for sports material as on 31.3.1737,000 viiCreditors for sports material as on 31.3.18 45,000 

Answer»

Calculation of amount of sports material to be transferred to Income and Expenditure Account of Raman Bhalla Sports Club, Ludhiana for the year ended on 31st March, 2018.

Particulars Amount (Rs.)
Payment to creditors of sports material 91,000
Add: Closing creditors of sports material 45,000 
Less: Opening creditors of sports material(37,000)
Add: Cash purchases of sports material40,000 
Total purchases1,39,000 
Less: Sports material sold during the year (Book Value) (50,000
Add: Opening stock of sports material 50,000 
Less: Closing stock of sports material (55,000) 
Amount to be shown to Income and Expenditure Account 84,000


Discussion

No Comment Found

Related InterviewSolutions