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Question

From the following information, calculate the amount that will be shown against Stationery Account in Income and Expenditure Account for the year ended 31st March, 2018.

Particulars0104201731032018Creditors for Stationery5,00012,000Stock of Stationery17,00032,000

During the year ended 31st March, 2018, payment made to creditors amounted to Rs 60,000. Stationery purchased during the year was Rs 1,00,000 (out of which 30% is cash purchases).

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Solution

Calculation of Stationery Consumed during the year :

Credit Purchases = 1,00,000 ×70100=Rs70,000

Stationery Consumed = Opening Stock + Purchases - Closing Stock

= 17,000 + 70,000 - 32,000 = Rs 55,000


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