Question 24 Chapter 1 of +2-A
Table of Contents
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 | ||
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)
- 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
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