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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 , 2018? RECEIPTS AND PAYMENTS ACCOUNT ( AN EXTRACT ) for the year ended 31ST March, 2018 Dr. Cr. Receipts ₹ Payments ₹ To Sale of Sports Materials 26,000 By Creditors for Sports Materials 61,000 (Book value ₹ 20,000) By Cash purchase of Sports Materials 10,000 Additional information : As at 1st April, 2017 (₹) As at 31st March, 2018 (₹) Sports Materials 20,000 25,000 Creditors for Sports Materials 7,000 15,000
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