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

Question 24 Chapter 1 of +2-A

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    
       

 

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)

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)

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2 Book 1 min - Question 24 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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