BK Accounts of 'Not for Profit' Concerns exercise solution of Practical Problem Q.1 MH Board

Maharastra Board 12th commerce book keeping & accountancy solutions 

Practical Problems | Q 1 | Page 114-

(Calculation of stationery consumed during the year)
Liabilities	Amt. Rs	Amt. Rs	Assets	Amt. Rs	Amt. Rs
			Stock of Stationery		400
Dr	Receipts and Payments Account for the year ending 31.03.2019				Cr
Receipts	Amt. Rs	Amt. Rs.	Payments	Amt. Rs	Amt. Rs
			By Stationery Purchased		6,300

Adjustments :

1.  Rs 1,000 Outstanding for Stationery bill.
2.   Stock of Stationery as on 31.03.2019 was valued at Rs.1,800.
With the above information, calculate the amount of Stationery consumed during
the year and show its presentation in final Accounts of a concern.

Solution:
In the books of ______________

Dr	Income and Expenditure Account for the year ended 31st March, 2019						Cr
Expenditure		Amount	Amount	Income	Amount	Amount (Rs)
		(Rs)	(Rs)		(Rs)
To Stationery
Consumed during the
Year
Opening Stock		400
: Stationery		6,300
Purchased during the
Year
: Credit Purchase		1,000
of Stationery
(Outstanding bill)
		7700
Less: Closing Stock of		1800	5,900

Stationery consumed during the year is Rs.5,900.

Maharastra Board 12th commerce book keeping & accountancy solutions Chapter-2 Accounts of 'Not for Profit' Concerns

Accounts of 'Not for Profit' Concerns exercise solution of Practical Problem Q.2 MH Board Click here