The following information is provided by a cultural club:
Stock of sports goods : Rs. 20,000
Purchase of sports goods during the accounting period : Rs. 80,000
Sports goods sold as scrap : Rs. 500
Closing balance : Rs. 30,000
The amount to be charged to Income and Expenditure Accounts as sports goods consumed will be:
A. Rs. 69,500
B. Rs. 70,000
C. Rs. 70,500
D. Rs. 80,000
Answer: Option A
This Question Belongs to Commerce >> Accounting
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