Question

Q. 28. Calculate the amount that will appear against the item Stationery Account,
in the Income & Expenditure Account for the year ended 31st March, 2019:
Particulars
01.04.2018 31.03.2019
)
Creditors for Stationery
40,000 58,000
Stock of Stationery
30,000 25,000
During 2018-19, the payment made to these creditors amounted to 1,62,000.
Stationery purchased in cash during the year was 25% of the total purchase of
Stationery
[Ans. Amount of Stationery to be debited to Income & Expenditure Account
22,45,000; Credit Purchase of Stationery 81,80,000; Cash Purchase of a
360,0001​

Answer 1

Explanation:

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Answer 2

Answer:

The amount of Stationery that will appear against Stationery A/c in Income and expenditure A/c is 2,45,000/-.

Explanation:

                            Calculation of credit Purchase

Amount Paid during the creditors                             :1,62,000

Add: Closing Creditors                                                  58,000

Less: Opening Creditors                                              (40,000)  

Credit Purchase                                                            1,80,000      

                                Calculation of Total Purchase

Let total Purchase be x.

Given, Cash Purchase = 25% of total Purchase

Therefore, Credit Purchase = 75% of total Purchase

                   1,80,000 = 75% 0f x

                   x              = $\frac{1,80,000}{75}$ X 100 = 2,40,000/-

Cash Purchase = 25% of 2,40,000 = 60,000

Stationary Consumed to be debited to Income and expenditure A/c

Opening stock of stationary                                                     30,000

Add: Purchase of Stationary  

                       Credit                                           1,80,000

                        Cash                                              60,000      2,40,000

Less: Closing Stock of stationary                                               (25,000)

Stationary Consumed to be debited to                                  2,45,000

Income and expenditure A/c

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