Question

Calculate the amount of medicines to be shown in Income and Expenditure

Account for year ended 31st March ,2019 on the basis of the following

information : 3

(Rs.)

Stock of medicines on 1.4.2018 55,000

Stock of medicines on 31.3.2019 44,000

Creditors for medicines on 1.4.2018 22,000

Creditors for medicines on 31.3.2019 11,000

Payments for medicines during the year 2,20,000​

Answer 1

Answer:

2,20,000

Explanation:

First, find out the total purchases made by making creditors account. The balance will be the purchases done.

I.e., Opening balance plus Purchases less Paid = Closing balance.

Then, do this for Stock also.

Opening balance plus Purchases (as calculated above in Creditors) less Consumption = Closing balance.

Answer 2

Answer: 3'52'000

Explanation:

Payments for medicines made during            2'20'000

the year.

Add:- Opening stock (1.4.18)               55,000            

      Closing creditors(31.3.19)              11,000     66,000

                                                                           2,86,000

Less:- Closing stock (31.3.19)              44,000

          Opening creditors(1.4.18)         22,000      66,000

                                                                            3,52,000

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