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Question

Calculate the amount which will be posted to income and expenditure account for the year ending 31st March, 2012.

(Rs)Opening stock of medicines on 1.4.201162,000Opening creditors of medicines on 1.4.201125,000Amount of advance payment for medicines on 1.4.201111,500Cash purchase of medicines during the year3,70,000Closing stock of medicines on 31.3.201254,000Closing creditors of medicines on 31.3.201217,000Amount of advance payment for medicines on 31.3.201218,200


Solution

                                    Statement showing Medicine expenses

ParticularsAmount (Rs)Amount (Rs)Cash purchases of medicines during 2011-123,70,000Add: Opening Stock of medicine        62,000–––––––––––        62,000–––––––––––4,32,000Less: Closing Stock of medicine54,00054,000Medicine consumed to be shown as expenditure3,78,000

As we are given Cash purchases in the question, we should consider only opening & closing stock.

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