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Question : On the basis of the following information, calculate the amount of sports materials to be shown in the Income and Expenditure Account for the year ended 31st March 2022:

Amount paid for Sports material purchased during 2021-22 100000
Creditors for Sports material on 1-4-2021 10000
Creditors for Sports material on 31-3-2022 5000
Stock of Sports material on 1-4-2021 25000
Stock of Sports material on 31-3-2022 20000

 

Option 1: Rs. 1,10,000

Option 2: Rs. 95,000

Option 3: Rs. 1,05,000

Option 4: Rs. 1,00,000


Team Careers360 13th Jan, 2024
Answer (1)
Team Careers360 17th Jan, 2024

Correct Answer: Rs. 1,00,000


Solution :

Amount paid for Sports material purchased during 2021-22 100000
Less: Creditors for Sports material on 1-4-2021 10000
Add: Creditors for Sports material on 31-3-2022 5000
Sports material purchased during the year 95000
Add: Stock of Sports material on 1-4-2021 25000
Less: Stock of Sports material on 31-3-2022 20000
Amount to be shown in Income and Expenditure Account 100000

Hence, the correct option is 4.

 

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