Match the following lists.
| List 1 | List 2 |
| A) Advance to supplier at the end | I) Shown on the liabilities side of balance sheet |
| B) Sports material consumed | II) Asset side of the closing balance sheet |
| C) Amount payable to creditors | III) Asset side of opening balance sheet |
| D) Opening stock of stationery | IV) Income and expenditure account |
Choose the correct answer from the options given below.
Answer & explanation
Correct answer: option 4
The correct answer is option 4- A-II, B-IV, C-I, D-III.
| List 1 | List 2 |
| A) Advance to supplier at the end | II) Asset side of the closing balance sheet |
| B) Sports material consumed | IV) Income and expenditure account |
| C) Amount payable to creditors | I) Shown on the liabilities side of balance sheet |
| D) Opening stock of stationery | III) Asset side of opening balance sheet |
* Advance to supplier at the end- Prepaid expenses at the end of the year will be shown on the assets side of the balance sheet of that year means closing balance sheet.
* Sports material consumed- Materials consumed will be shown in income and expenditure account.
* Amount payable to creditors- O/s expenses at the end of the year will be shown on the liabilities side of the balance sheet of that year means closing balance sheet.
* Opening stock of stationery- Opening stock of materials are shown in the previous year balance sheet on the assets side means opening balance sheet.