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


Team Careers360 9th Jan, 2024
Answer (1)
Team Careers360 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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