How are the following dealt with while preparing the final accounts of a sports club for the year e...........

How are the following dealt with while preparing the final accounts of a sports club for the year ended 31st March, 2019?

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March, 2019

Dr. Cr.

Receipts

Payments

To Sale of Sports

Materials

26,000

By Creditors for Sports

Materials

61,000

Bookvalue 20, 000

By Cash purchase of Sports Materials

10,000

Additional information :

As at 31st March, 2018 As at 31st March, 2019

Sports Materials 20,000 25,000

Creditors for Sports Materials 7,000 15,000

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