Question
Download Solution PDFGiven: Stock of stationery on Jan. 1,2011 Rs. 400.Stock of stationery on Dec. 31,2011 Rs.100. Payment for stationery during 2011 Rs.1200. Creditor for stationery on Dec. 31, 2011 Rs. 150.
What is the amount of stationery that will be posted to the Income and Expenditure A/c for the year ending Dec.31,2011?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
Calculation of the amount of stationery that will be posted to the Income and Expenditure A/c for the year ending Dec.31, 2011:
| Particulars | Amount (Rs) |
| Opening stock of stationary,1st Jan 2011 | 400 |
| Add: Payment made during the year | 1,200 |
| Add: Creditors for stationary on 31st Dec 2011 | 150 |
| Less: Closing stock as of 31st Dec 2011 | (100) |
| Amount of stationary for the year ended 31st March 2011 | 1,650 |
Therefore, the amount of stationery that will be posted to the Income and Expenditure A/c for the year ending Dec.31,2011 is Rs. 1650.
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