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Question

​How are the following dealt with while preparing the final accounts for the year ended 31st March , 2018?

RECEIPTS AND PAYMENTS ACCOUNT ( AN EXTRACT ) for the year ended 31ST March, 2018

Dr.

Cr.
Receipts

Payments

​By Payments for Medicines 1,50,000


Additional information :
As at 1st April, 2017 (₹) As at 31st March, 2018 (₹)
Stock of Medicines 50,000 75,000
Creditors for Medicines 40,000 60,000

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Solution

Income and Expenditure Account

for the year ended March 31, 2017

Dr.

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Medicine

1,50,000

Add: Opening Stock

50,000

Less: Closing Stock

(75,000)

Less: Creditors in the beginning

(40,000)

Add: Creditors at the end

60,000

1,45,000

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Medicines

40,000

Stock of Medicines

50,000

Balance Sheet

as on March 31, 2017

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Medicines

60,000

Stock of Medicines

75,000


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