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Question : How much amount will be shown in the Income and Expenditure Account in the following case:

Amount paid for stationary purchased during 2021-22 17000
Creditors for Stationary on 1-4-2021 1500
Creditors for Stationary on 31-3-2022 2100
Stock of Stationary on 1-4-2021 1250
Stock of Stationary on 31-3-2022 1400

Option 1: Rs. 17,450

Option 2: Rs. 17,600

Option 3: Rs. 17,000

Option 4: Rs. 18,000


Team Careers360 20th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: Rs. 17,450


Solution :

Amount paid for stationary purchased during 2021-22 17000
Less: Creditors for Stationary on 1-4-2021 1500
Add: Creditors for Stationary on 31-3-2022 2100
Stationary purchased during the year 17600
Add: Stock of Stationary on 1-4-2021 1250
Less: Stock of Stationary on 31-3-2022 1400
Amount to be shown in Income and Expenditure Account 17450

Hence, the correct option is 1.

 

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