Question : Amount debited to Income and Expenditure Account in respect of stationery was Rs 30,000. Following information is provided to you.
1st April 2018, opening stock of stationery Rs 7,000 and closing stock of stationery Rs 6,000. Opening balance of creditors of stationery Rs 10,000 and closing balance of creditors of stationery Rs 8,200. What was the amount paid for stationery during the year.
Option 1: Rs 29,000
Option 2: Rs 30,800
Option 3: Rs 27,200
Option 4: Rs 40,800
Correct Answer: Rs 30,800
Solution :
Amount debited to Income and Expenditure Account for stationery = Rs 30,000
(-) Opening stock = (Rs.7,000)
(+) Closing stock = Rs.6,000
(+) Opening balance of creditors = Rs.10,000
(-) Closing balance of creditors = (
Rs.8,200)
Amount paid paid for stationery =
Rs.30,800
Hence, the correct option is 2.
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