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
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.
Question :
Salary paid by Lancer Club for the year is
A club has the policy of capitalising 25% of its
Which of the following will not appear on the asset
Salary outstanding in the beginning of the year
The surplus generated by a not-for-profit
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