Question : Amount paid for the Stationary during the year Rs. 40,000; stock of stationary at the beginning and end of the year Rs. 6,600 and Rs. 5,800 respectively; creditors for sports materials at the beginning and end of the year Rs. 10000 and Rs. 8000 respectively. What amount will be recorded in Income and Expenditure Account?
Option 1: Rs. 40,800
Option 2: Rs. 38,800
Option 3: Rs. 38,000
Option 4: Rs. 40,000
Answer (1)
19th Jan, 2024
Correct Answer: Rs. 38,800
Solution :
| Amount paid for Sports material purchased during 2021-22 | 40000 |
| Less: Creditors for Sports material on 1-4-2021 | 10000 |
| Add: Creditors for Sports material on 31-3-2022 | 8000 |
| Sports material purchased during the year | 38000 |
| Add: Stock of Sports material on 1-4-2021 | 6600 |
| Less: Stock of Sports material on 31-3-2022 | 5800 |
| Amount to be shown in Income and Expenditure Account | 38800 |
Hence, the correct option is 2.
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