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Question

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 , 2018:
Stock of Stationery as at 1st April, 2017 12,000
Creditors for Stationery as at 1st April, 2017 25,600
Amount paid for Stationery during the year ended 31st March,2018 1,40,000
Stock of Stationery as at 31st March,2018 23,200
Creditors for Stationery as at 31st March,2018 24,000

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Solution

Statement of Stationery Consumed

for the year ended March 31, 2017

Particulars

Amount

(Rs)

Amount paid for Stationery during the year 2016-17

1,40,000

Add: Opening Stock (as on April 01, 2016)

12,000

Less: Closing Stock (as on March 31, 2017)

(23,200)

Add: Creditors at the end (as on March 31, 2017)

24,000

Less: Creditors in the beginning (as on April 01, 2016)

(25,600)

Amount of Stationery be shown in Income and Expenditure Account

1,27,200


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