Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

Calculate the amount of consumption of medicine from the following information -
Stock of medicine on 1st April 2020 - ₹ 6,000
Creditors for medicine on 1st April 2020- ₹ 4,000
Amount paid to creditors for medicines during 20 - 21 - ₹ 21,600
Stock of medicine on 31 March 2021 - ₹ 1,000
Creditors for stationary on 31 March 2021 - ₹ 3,600

Options:

₹26,200

₹27,000

₹24,200

₹22,200

Correct Answer:

₹26,200

Explanation:

Amount paid to creditors for medicines -21,600
Add : Opening stock of medicine - 6,000
Closing creditors for medicine - 3,600
Less : Closing stock of medicines -1,000
Opening creditors of medicine - 4,000
Income & Expenditure a/c - 26,200