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
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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