Q.No.24 | Chapter 1 – Financial Statements of Not-for-Profit Organisations | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Question 24 Chapter 1 of +2-A

24. On the basis of the following information, calculate the amount that will appear against the item “Stationery Used” in the Income and Expenditure Account for the year ended 31st March 2019

The stock of Stationery as at 1st April 2018	12,000
Creditors for Stationery as at 1st April 2018	25,600
Amount paid for Stationery during the year ended 31st March 2019	1,40,000
The stock off Stationery as at31st  March 2019	23,200
Creditors for Stationery as at 31st  March 2019	24,000

The solution of Question 24 Chapter 1 of +2-A: -

Statement Showing stationery used during the year

Particular	Details	Amount
Amount paid for stationery during the year ended 31st March 2019		1,40,000
Add: - Opening Stock of Stationery	12,000
Closing Creditors for Medicines	24,000	36,000
		1,76,000
Less: - Closing Stock of Medicines	23,200
Opening Creditors for Medicines	25,600
		48,800
The amount for Medicine debited to the Income and Expenditure A/c		1,27,200

 

Income and Expenditure Account

Particular	Amount	Particular	Amount
To Medicines Consumed	1,27,200

The solution of (ii) :                

Statement Showing stationery used during the year

Particular	Details	Amount
Amount paid for stationery during the year ended 31st March 2019		5,400
Add: - Opening Stock of Stationery	1,500
Closing Creditors for Medicines	-	1,500
		6,900
Less: - Closing Stock of Medicines	250
Opening Creditors for Medicines	-
		250
The amount for Medicine debited to the Income and Expenditure A/c		6,650

 

Income and Expenditure Account

Particular	Amount	Particular	Amount
To Medicines Consumed	6,650

The solution of (iii) : -

Statement Showing stationery used during the year

Particular	Details	Amount
Amount paid for stationery during the year ended 31st March 2019		5,400
Add: - Opening Stock of Stationery	1,500
Closing Creditors for Medicines	-	1,500
		5,400
Less: - Closing Stock of Medicines	250
Opening Creditors for Medicines	1,000
		1,250
The amount for Medicine debited to the Income and Expenditure A/c		5,650

 

Income and Expenditure Account

Particular	Amount	Particular	Amount
To Medicines Consumed	5,650

 

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication