Q.14 Calculate Stationery Consumed and purchased during 2014-15 to be taken to the
Expenditure side of the Income and Expenditure account. Extract of a Receipt and
Payment Account for the year ended on March 31, 20150:
Payments: Stationery Rs. 23,000
Additional Information:
Details
April 1, 2014
March 31, 2015
Stock of stationery
Rs. 4,000
Rs. 3,000
Creditors for stationery
Rs. 9,000
Rs. 2,500
OR
State any three features of Receipts and Payments Account.
(3)
Answers
Answer:
Stationery: Normally expenses incurred on stationary, a consumable items are charged to Income and Expenditure Account. But in case stock of stationery (opening and/or closing) is given, the approach would be make necessary adjustments in purchases of stationery and work out cost of stationery consumed and show that amount in Income and Expenditure Account and its stock in the balance sheet. For example, the Receipt and Payment Account shows a payment for stationery amounting to Rs. 40,000 and there is an opening and closing stationery amounting to Rs. 12,000 and Rs. 15,000. The amount of expense on stationery will be worked out as follows:
In case stationery is also purchased on credit, the amount of its consumption will be worked out as given in Illustration 12.
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