Question : How much amount will be shown in the Income and Expenditure Account in the following case:
| Creditors for the stationary on 1-4-2021 | 8000 |
| Amount paid for stationary purchased during the year 2021-22 | 90000 |
| Creditors for the stationary on 31-3-2022 | 13000 |
Option 1: Rs. 1,03,000
Option 2: Rs. 95,000
Option 3: Rs. 98,000
Option 4: Rs. 85,000
Correct Answer: Rs. 95,000
Solution :
| Amount paid for stationary purchased during the year 2021-22 | 90000 |
| Add: Creditors for the stationary on 31-3-2022 | 13000 |
| Less: Creditors for the stationary on 1-4-2021 | 8000 |
| Amount to be shown in Income and Expenditure Account | 95000 |
Hence, the correct option is 2.
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