Calculate the amount of sports material consumed for the year ended 31st March 2016.
|
Particulars |
Amount (₹) |
|
Stock of sports material on 1.4.2015 |
7,500 |
|
Creditor for sports material on 1.4.2015 |
2,000 |
|
Stock of sports material on 31.3.2016 |
6,200 |
|
Amount paid for sports material during the year 2015-16 |
17,000 |
|
Advance paid for sports material as on 31.3.2016 |
3,500 |
|
Creditor for sports material on 31.3 .2016
|
1,200 |
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) - ₹14,000.
Amount paid for sports material during the year 2015-16 = 17,000
Add: opening stock = 7,500
Less: Closing stock = 6,200
= (17,000 + 7,500 - 6,200)
= ₹18,300
Less: Creditor for sports material on 1.4.2015 = 2,000
Add: Creditor for sports material on 31.3 .2016 = 1,200
= (18,300 + 1,200 - 2,000)
= 17,500
Less: Advance paid for sports material as on 31.3.2016 = 3,500
= (17,500 - 3,500)
= 14,000