Calculate the amount of sports material consumed for the year ended 31st March 2016 ₹ 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

Question

Calculate the amount of sports material consumed for the year ended 31st March 2016 ₹ 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

cdquestions Admin · Accepted Answer

The correct option is (D) : 14,000

Answer

Answer

Answer

Answer

List-I (Name of account to be debited or credited, when shares are forfeited)	List-II (Amount to be debited or credited)
(A) Share Capital Account	(I) Debited with amount not received
(B) Share Forfeited Account	(II) Credited with amount not received
(C) Calls-in-arrears Account	(III) Credited with amount received towards share capital
(D) Securities Premium Account	(IV) Debited with amount called up

The Correct Option is D

Solution and Explanation

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	₹
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