Question : On the basis of the information given below, calculate the amount of stationery to be debited to Income and Expenditure Account of Good Health Sports Club for the year ended 31st March, 2020:
1-04-2019 31/03/2020
Stock of stationery 80,000 60,000
Creditors for stationery 90,000 1,10,000
Stationery purchased during the year ended 31st March 2020 was Rs. 4,70,000.
Option 1: Rs.5,00,000
Option 2: Rs.5,10,000
Option 3: Rs.4,20,000
Option 4: Rs.5,70,000
Correct Answer: Rs.5,10,000
Solution :
Amount paid for medicines during the year = Rs. 4,70,000
(+) Opening Stock of Stationery = Rs. 80,000
(-) Closing Stock of Stationary = (Rs. 60,000)
(-) Opening Creditors = (Rs. 90,000)
(+) Closing Creditors =
Rs. 1,10,000
Amount consumed =
Rs. 5,10,000
Hence, the correct option is 2.
