Question 24 Chapter 1 of +2-A - T.S. Grewal 12 Class Part

Question 24 Chapter 1 of +2-A

Table of Contents

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

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

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

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

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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