How are the following dealt with while preparing the final accounts for the year ended 31st 2019 REC...........

How are the following dealt with while preparing the final accounts for the year ended 31st , 2019?

RECEIPTS AND PAYMENTS ACCOUNT AN EXTRACT

for the year ended 31st March, 2019

Dr. Cr.

Receipts		Payments
		By Payments for Sports Material	1,40,000

BALANCE SHEET ANEXTRACT

as at 1st April, 2018

Liabilities		Assets
Creditors for Sports Materials	6,000	Sports Materials	8,000

Additional information :

Sports Materials in Hand on 31st March, 2019 – 22,000.

Download Model Answer

Submit Error