The Receipts and Payments Account of Lead Sports Club showed payment for sports materials as Rs. 46,000 for the year ended 31st March 2022.
Additional Information provided is as follows:
Calculate the amount of Sports Materials consumed during the year ended 31st March 2022.
- ARs. 48,000
- BRs. 35,000
- CRs. 57,000
- DRs. 46,000
Solution & Step-by-step Explanation
Payment made to creditors = Rs. 46,000.Add: Closing creditors (31-3-2022) = Rs. 5,000.Less: Opening creditors (31-3-2021) = Rs. 18,000.Credit purchases of sports materials = .Materials consumed = Opening Stock + Purchases - Closing Stock= .