The stock of stationary on 1st January 2002 is Rs. 300, payment for stationary during the year is 2002 Rs. 1,080 and stock of stationary on 31st December 2002 is Rs. 50. What will be the amount shown in income and expenditure account for the year ending 31st December, 2002?
A. Rs. 1,330
B. Rs. 830
C. Rs. 1,080
D. Rs. 1,380
Answer: Option D
Solution(By Examveda Team)
To find the amount shown in the income and expenditure account for the year ending 31st December 2002, we need to calculate the total expenditure on stationary during the year. This can be done by adding the opening stock to the amount paid for stationary during the year and then subtracting the closing stock.So, the calculation would be:
Opening stock + Payment during the year - Closing stock
= Rs. 300 + Rs. 1,080 - Rs. 50
= Rs. 1,330
Therefore, the correct amount shown in the income and expenditure account for the year ending 31st December 2002 is Rs. 1,330.
This Question Belongs to Commerce >> Accounting
the answer should be 1330 that is 300+1080-50
stationary consumed during the year = 1080+300-50= 1330, so option A is the correct answer