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Home Questions Q3CK88UH63
Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

Calculate the amount of sports material consumed for the year ended 31st March 2016.

 Particulars

Amount (₹)

 Stock of sports material on 1.4.2015

7,500

 Creditor for sports material on 1.4.2015

2,000

 Stock of sports material on 31.3.2016

6,200

 Amount paid for sports material during the year 2015-16 

 17,000 

 Advance paid for sports material as on 31.3.2016

3,500

 Creditor for sports material on 31.3 .2016

1,200

 

Options:

₹17,000

₹15,000

₹16,200

₹14,000

Correct Answer:

₹14,000

Explanation:

The correct answer is Option (4) - ₹14,000.

Amount paid for sports material during the year 2015-16 = 17000
Add: opening stock = 7500
Less: Closing stock = 6200
                             = (17000 + 7500 - 6200)
                             = ₹18300
Less:  Creditor for sports material on 1.4.2015 = 2000
Add:  Creditor for sports material on 31.3 .2016 = 1200
                                                                      = (18300 + 1200 - 2000)
                                                                      = 17500
Less: Advance paid for sports material as on 31.3.2016 = 3500
                                                                                = (17500 - 3500)
                                                                                = 14000

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