Find out the cost of medicine consumed during 2020-21: Choose the correct answer from the given below: Payment to creditors for medicines ₹3,70,000 Creditors for medicines purchased on 1.04.2020 ₹25,000 Creditors for medicines purchased on 31.03.2021 ₹17,000 Stock of medicines on 1.04.2020 ₹62,000 Stock of medicines on 31.03.2021 ₹54,000 Advance to suppliers on 1.04.2020 ₹11,000 Advance to suppliers on 31.03.2021 ₹18,000
₹2,63,000
Cost of medicine consumed = Opening stock + Purchases - Closing stock. The correct calculation gives ₹2,63,000.
Important Questions from Accounting for Not-for-Profit Organisations
The proper steps in the preparation of Income and Expenditure accounts are:
(A) Exclude Capital receipt and Capital payment
(B) Close the account to find out surplus or deficit for the current year
(C) Consider only revenue receipts and revenue payments
(D) Pursue the receipts and payment account
(E) Make adjustment for outstanding and prepaid expenses and income
Choose the correct answer from the options given below:
A club received ₹20,000 as a subscription during the year 2016-17, of which ₹3,000 relates to the year 2015-16, and ₹2,000 relates to the year 2017-18; and at the end of year 2016-17, ₹6,000 are still receivable. The amount to be shown in the Income and Expenditure account for the year 2016-17 is:
The item that is not recorded in the Income and Expenditure account is:
Amount paid for the purchase of medicine during the year 2014-15 was ₹73,000. The amount of medicine consumed during the year 2014-15 was:
Particulars 01.04.2014 (₹) 31.03.2015 (₹) Creditor for medicines 25,000 17,000 Stock of medicines 62,000 54,000 Advance to supplier 11,500 12,800 Receipt and payment account records:
