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Computation of Income Tax

On the basis ...

Question

On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure Account of Good Health Hospital for the year ended 31st March, 2019:

Particulars

1st April, 2018
(₹)
31st March, 2019
(₹)

Stock of Medicines 1,75,750 1,44,650

Creditors for Medicines

15,06,900

18,20,700

Medicines purchased during the year ended 31st March, 2019 were ₹ 60,80,700.

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Solution

Statement of Medicine Consumed

during the year ended 31st March, 2019

Particulars

Amount

(₹)

Medicine Purchased during the year 2018-19

60,80,700

Add: Stock in the beginning (as on April 01, 2018)

1,75,750

Less: Stock at the end (as on March 31, 2019)

(1,44,650)

Medicine to be debited to Income and Expenditure Account

61,11,800

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Similar questions

Q. On the basis of information given below , calculate the amount of medicines to be debited to the Income and Expenditure Account of Good Health Hospital for the year ended 31st March, 2018:

Particulars	1 st April, 2017 (₹)	31 st March, 2018 (₹)
Stock of Medicines Creditors for Medicines	1,75,750 15,06,900	1,44,650 18,20,700

Medicines purchased during the year ended 31st March, 2018 were ₹ 60,80,700 .

Q. On the basis of the following information, calculate amount that will appear against the term 'Stationery Used' in the Income and Expenditure Account for the year ended 31st March, 2019:

	₹
Stock of Stationery as at 1st April, 2018	12,000
Creditors for Stationery as at 1st April, 2018	25,600
Amount paid for Stationery during the year ended 31st March, 2019	1,40,000
Stock of Stationery as at 31st March, 2019	23,200
Creditors for Stationery as at 31st March,2019	24,000

Q. How are the following dealt with while preparing the final accounts for the year ended 31st March, 2019?

RECEIPTS AND PAYMENTS ACCOUNT (AN EXTRACT) for the year ended 31st March, 2019
Dr.				Cr.
Receipts		₹	Payments	₹
			By Payments for Medicines	1,50,000

Additional information :

	As at 1st April, 2018 (₹)	As at 31st March, 2019 (₹)
Stock of Medicines	50,000	75,000
Creditors for Medicines	40,000	60,000

Q. From the following information of a Not-for-Profit Organisation, show the 'Sports Materials' item in the Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheets as at 31st March, 2018 and 31st March, 2019:

Particulars		31st March, 2018 ₹	31st March, 2019 ₹
Stocks of Sports Materials		6,200	4,800
Creditors for Sports Materials		9,800	7,200
Advance to Suppliers for Sports Materials		11,000	19,000

Payment to suppliers for Sports Materials during the year was ₹ 1,02,000. There were no cash purchases made.

Q. Calculate amount to be posted to the Income and Expenditure Account for the year ended 31st March, 2019:

(i)	Amount paid for stationery during the year ended 31st March, 2019 – ₹5,400; Stock of Stationery in Hand on 31st March, 2019 – ₹ 250.
(ii)	Stock of Stationery in Hand on 1st April, 2018 – ₹ 1,500; Payment made for Stationery during the year ended 31st March, 2019 – ₹ 5,400; Stock of Stationery in Hand on 31st March, 2019 – ₹ 250.
		₹
(iii)	Stock of Stationery on 1st April, 2018	1,500
	Creditors for Stationery on 1st April, 2018	1,000
	Amount paid for Stationery during the year	5,400
	Stock of Stationery on 31st March, 2019	250

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