Question : Amount debited to Income and Expenditure Account in respect of stationery was Rs 30,000. Following information is provided to you. 1st April 2018, opening stock of stationery Rs 7,000 and closing stock of stationery Rs 6,000. Opening balance of creditors of stationery Rs 10,000 and closing balance of creditors of stationery Rs 8,200. What was the amount paid for stationery during the year.
Option 1: Rs 29,000
Option 2: Rs 30,800
Option 3: Rs 27,200
Option 4: Rs 40,800
Correct Answer: Rs 30,800
Solution : Amount debited to Income and Expenditure Account for stationery = Rs 30,000 (-) Opening stock = (Rs.7,000) (+) Closing stock = Rs.6,000 (+) Opening balance of creditors = Rs.10,000 (-) Closing balance of creditors = (Rs.8,200) Amount paid paid for stationery = Rs.30,800 Hence, the correct option is 2.
Question : Calculate the amount of medicines consumed during the year ended 31st March, 2019: Opening Stock of Medicines Rs. 50,000 Closing Stock of Medicines Rs. 45,000 more than Opening Stock Amount paid for medicines during the year Rs. 2,00,000 Opening Creditors Rs. 20,000 Closing Creditors 50% of Opening Creditors
Option 1: Rs 1,45,000
Option 2: Rs 1,35,000
Option 3: Rs 1,55,000
Option 4: Rs 2,05,000
Question : Opening stock of medicines = Rs.50,000.
Closing stock of medicines Rs.45,000 more than opening.
Amount paid for medicines during the year = Rs 2,00,000.
Opening creditor = Rs.20,000.
Closing creditor 50% of opening creditors.
Amount of medicines consumed during the year is?
Option 1: Rs.1,35,000
Option 2: Rs.1,55,000
Option 3: Rs.1,45,000
Option 4: Rs.2,50,000
Question : Interest on investment received @8%pa for full year Rs 40,000.
Calculate the amount of Investment at the beginning of the year and also calculate of value of Investment at the end of the year.
Option 1: opening balance of investment Rs 5,00,000 and closing balance Rs 5,40,000
Option 2: opening balacne of Investment Rs 5,40,000 and clsoing balance of investment Rs 5,40,000
Option 3: opening balance of investment is nil and closing balance of investment Rs 5,40,000
Option 4: opening balance of Investment is Rs 5,00,000 and closing balance of Investment is Rs 5,00,000
Question : Change in stock= ?
Option 1: Closing + Opening stock
Option 2: Closing - Opening stock
Option 3: Opening - Closing stock
Option 4: None of the above.
Question :
Stock is undervalued by 10% (Book Value of Stock Rs.54,000), Revaluation account will be
Option 1: Debited with Rs 5400
Option 2: Credited with Rs 5,400
Option 3: Debited Rs 6,000
Option 4: Credited Rs 6,000
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