How are the following dealt with while preparing the final accounts

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 (Book value ₹ 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

Answer» 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
(Book value ₹ 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