Question : In a hospital, the opening stock of medicines are Rs.45,000 and closing stock is Rs.22,000. During the year Rs.1,53,000 worth of medicines are purchased. The amount of medicines consumed to be debited to Income and Expenditure Account will be:
Option 1: Rs.1,76,000
Option 2: Rs.1,30,000
Option 3: Rs.1,98,000
Option 4: None of these
Answer (1)
20th Jan, 2024
Correct Answer: Rs.1,76,000
Solution : Amount debited to Income and Expenditure Account = Opening stock + Purchases - Closing stock = Rs.45,000 + Rs.1,53,000 - Rs.22,000 = Rs.1,76,000. Hence, the correct option is 1.
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