Calculate the amount of stationery to be debited to the Income and Expenditure A/c of Sports Club for the year ended 2022 from the following information.

Stationery purchased during the year ended 31st March,2022 was ₹470000.

₹490000

The correct answer is option 2- ₹490000.

Stationery consumed = Opening stock + Purchase of stationery - Closing stock of stationery
                               = 80000 + 470000 - 60000
                               = ₹490000

* Stationery purchased during the year is given which means creditors are already adjusted in it so there is no treatment of creditors.