Question

Calculate the amount that will be posted to the Income and Expenditure Account for the

year ended 31st December, 2016, if: Stock of Stationery on 1st January, 2016 – Rs. 300.

Creditors for Stationery on 1st January, 2016 – Rs. 120. Amount paid for Stationery during

the year 2016 - Rs. 600. Stock of Stationery on 31st December, 2016 – Rs. 140. ​

Answer 1

Explanation:

Amount paid to stock of stationery 600

Add: Opening stock of

stationery 300

less: Creditor for stationery 120

less: closing stock of

stationery 140

total 640