Pragya Madan, an Ex Indian hockey woman player decided to start a hockey academy to train young enthusiastic girls of her village with the support of her family, She started Bright Hockey Academy. On 1st April 2022. Her neighbor Ishwar died and he willed his land to start the academy. Her father 'Ramkumar' spent Rs.20,00,000 for construction of pavilion. 100 young girls joined the academy and they paid yearly of Rs.1,000 each. 10 members paid a single amount Rs.25,000 to get life membership. Hockey and balls purchased during the year amounted to Rs.27,000 Closing stock of these item is nil. Based on the above information you are required to answer the questions.
Sports material consumed during financial year 2022-2023 will be of
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs.27,000
The cost of sports material (hockey sticks and balls) used up in the year is the expense shown in the Income and Expenditure Account. It is found from the opening stock, purchases and closing stock.
Opening stock = nil (the academy started on 1 April 2022)
Add: Purchases during the year = Rs. 27,000
Less: Closing stock = nil
Sports material consumed = Rs. 0 + Rs. 27,000 − Rs. 0 = Rs. 27,000
Note: This question is from the pre-rationalised NCERT book. The topic is not there in the latest NCERT book (2026-27), but it is still in the CUET 2026 syllabus, so do not skip it.
NCERT (Pre-rationalised edition): |