Question

From the following information of a charitable dispensary, calculate the amount of
medicines consumed during the year that would appear in the Income and Expenditure Account for the year ending 31st March 2019:
Particulars Amount
(₹)
The stock of medicines on 1.4.2018 60,000
Creditors for medicines 1.4.2018 40,000
The stock of medicines 31.3.2019 10,000
Creditors for medicines 31.3.2019 25,000
Advances for medicines 31.3.2019 22,000
Credit purchases of medicines during the year 2,76,000
Cash purchases of medicines during the year 46,500

Answer 1

Answer:

372500

Explanation:

medicine consumed =opening stock +

purchase (cash +credit) - closing stock

=60000+(276000+46500)-10000

=372500

Answer 2

Calculate the following amount to post to the Income and Expenditure Account for the fiscal year ending March 31, 2019:

i) Amount spent on stationery during the fiscal year ending March 31, 2019 – '5,400; Stationery in Hand on March 31, 2019 – '250.

(ii) Payment for Stationery during the year ending 31st March 2019 –'5,400; Stock of Stationery in Hand on 31st March 2019 –'250.

(iii) On April 1st, 2018, we had a stock of stationery- 1,500

iv) On April 1, 2018, a creditor for stationery was established- 1,000

v) Amount spent on stationery during the course of the year- 5,400

vi) On the 31st of March, the stationery stock was low.