Question : How much amount is to be shown in the Income and Expenditure Account in the following case:
| Amount paid for sports materials | 10000 |
| Creditors at the end of the year | 900 |
| Closing Stock of sports material | 1000 |
Option 1: Rs. 9,900
Option 2: Rs. 11,000
Option 3: Rs. 10,900
Option 4: Rs. 10,100
Answer (1)
13th Jan, 2024
Correct Answer: Rs. 9,900
Solution :
| Amount paid for sports materials | 10000 |
| Add: Creditors at the end of the year | 900 |
| Less: Closing Stock of Sports material | 1000 |
| Amount to be shown in Income and Expenditure Account | 9900 |
Hence, the correct option is 1.
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