
Question 15 Chapter 1 of +2 Part-1
15. (Medicine Consumption) Calculate the amount of expenditure on medicine to be debited to Income and Expenditure account for the year ending 31-3-2015:
| Particulars | 01-04-14 | 31-03-15 |
| Stock of medicines | 22,500 | 19,200 |
| Creditors for medicines | 6,000 | 7,800 |
Amount paid for medicines during the year Rs.57,000.
Amount of Expenditure to be debited to Income and Expenditure account:
| ₹ | |
| Amount paid for medicines during the year | 57,000 |
| Add: - Creditors for medicines at the end of year | 7,800 |
| Opening stock of medicines | 22,500 |
| 87,300 | |
| Less: - Opening balance of creditors for medicines | (6,000) |
| Closing stock of medicines | (19,200) |
| Amount of expenditure debited to the Income and Expenditure A/c | 62,100 |
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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