Question 22 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 22 Chapter 1 of +2-A

Question 22 Chapter 1 of +2-A

22. Calculate the number of medicines consumed during the year ended 31st March 2019:

Opening Stock of Medicines  1,00,000
Opening Creditors for Medicines  18,20,700
Cash Purchases of Medicines During the year  3,00,000
Closing Stock of Medicines  1,50,000
Closing Creditors for Medicines  1,30,000

The solution of Question 22 Chapter 1 of +2-A

: –

Statement Showing Medicines consumed during the year
Particular Details Amount
Cash Purchase of Medicines during the year   3,00,000
Add: – Opening Stock of Medicines 1,00,000  
Closing Creditors for Medicines 1,30,000 2,30,000
    5,30,000
Less: – Closing Stock of Medicines 1,50,000  
Opening Creditors for Medicines 90,000  
    2,40,000
The amount for Medicine debited to the Income and Expenditure A/c   2,90,000

Note: Because of in this question, we have only cash paid for the purchase of medicines, not a total purchased of Medicines, that’s why we have treated opening & closing creditors for the medicine to get the total amount of purchase.

Income and Expenditure Account
Particular Amount Particular Amount
To Medicines Consumed 2,90,000    
       

                                        

Not-for-Profit Organisations – Meaning and Overview

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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)

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

 

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2 Book 1 min - Question 22 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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