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Question

How will you deal with the following case while preparing final accounts of a non-profit organisation:

1.1.201231.12.2012(Rs)(Rs)Stock of Stationery600100Creditor for Stationery400260Advance paid for stationery4060Amount paid for stationery during 2012 was Rs 2,160.


Solution

Statement showing Stationery expenses

Particular AmountAmount(Rs)(Rs)Amount paid for stationery during 20122,160Add: Opening Stock of Stationery Closing600       Creditor for Stationery Opening260       Advance paid for Stationery    40   –––––   900   ––––––3,060Less:Closing Stock of Stationery100       Opeining Creditor for Stationery400       Closing Advance paid for Stationary   60   –––––   560   ––––––Amount to be shown in Income \& Expenditure A/c2,500

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