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.
| Particulars | 1st April,2021 (₹) | 31st March,2022 (₹) |
| Stock of stationery | 80,000 | 60,000 |
| Creditors for stationery | 90,000 | 1,10,000 |
Stationery purchased during the year ended 31st March,2022 was ₹4,70,000.
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹4,90,000.
Stationery consumed = Opening stock + Purchase of stationery - Closing stock of stationery
= 80,000 + 4,70,000 - 60,000
= ₹4,90,000
* Stationery purchased during the year is given which means creditors are already adjusted in it so there is no treatment of creditors.