Practical Problem 01
Practical Problems | Q 1 | Page 114
(Calculation of stationery consumed during the year)
Liabilities | Amt. ₹ | Amt. ₹ | Assets | Amt. ₹ | Amt. ₹ |
Stock of Stationery | 400 |
Receipts and Payments Account for the year ending 31.03.2019
Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt. ₹ | Amt. ₹ |
By Stationery Purchased | 6,300 |
Adjustments:
- ₹1,000 Outstanding for Stationery bill.
- Stock of Stationery as on 31.03.2019 was valued at ₹1,800
With the above information, calculate the amount of Stationery consumed during the year and show its presentation in final Accounts of a concern.
SOLUTION:
In the books of _____________
Income and Expenditure Account for the year ended 31st March, 2019 | |||||
Expenditure | (₹) | (₹) | Income | (₹) | (₹) |
To Stationery Consumed during the Year | |||||
Opening Stock | 400 | ||||
Add: Stationery Purchased during the Year | 6,300 | ||||
Add: Credit Purchase of Stationery (Outstanding bill) | 1,000 | ||||
7700 | |||||
Less: Closing Stock of Stationery | 1800 | 5,900 | |||