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Question 23 Chapter 1 of +2-A
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Table of Contents
23. Calculate the amount to be posted to the Income and Expenditure Account for the year ended 31st March 2019:
- Amount paid for stationery during the year ended 31st March 2019 – Rs 5400; Stock of Stationery in Hand on 31st March 2019 – Rs 250.
- The stock of Stationery in Hand on 1st April 2018 – Rs 1,500; Payment made for stationery during the year ended 31st March 2019 – Rs. 5,400; Stock of Stationery in Hand on 31st March 2019 – Rs 250.
| The stock of Stationery on 1st April 2018 | 1,500 |
| Creditors for Stationery on 1st April 2018 | 1,000 |
| Amount paid for Stationery during the year | 5,400 |
| The stock off Stationery on 31st March 2019 | 250 |
The solution of Question 23 Chapter 1 of +2-A: –
The solution of (i) : –
| 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 | – | |
| Closing Creditors for Medicines | – | – |
| 5,400 | ||
| Less: – Closing Stock of Medicines | 250 | |
| Opening Creditors for Medicines | – | |
| 250 | ||
| The amount for Medicine debited to the Income and Expenditure A/c | 5,150 | |
| Income and Expenditure Account | |||
| Particular | Amount | Particular | Amount |
| To Medicines Consumed | 5,150 | ||
The solution of (ii) :
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| 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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Not-for-Profit Organisations – Meaning and Overview
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Comment if you have any questions.
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
