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The stock of stationary on 1<sup>st</sup> January 2002 is Rs. 300, payment for stationary during the year is 2002 Rs. 1,080 and stock of stationary on 31<sup>st</sup> December 2002 is Rs. 50. What will be the amount shown in income and expenditure account for the year ending 31<sup>st</sup> December, 2002?

Correct Answer: Rs. 1,380
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.

Raw material purchased:
1st January, 600 units @ Rs. 12 per unit
12th January, 500 units @ Rs. 14 per unit
21st January, 300 units @ Rs. 13 per unit
Raw material issued for manufacture:
3rd January 300 units
5th January 124 units
15th January 250 units
16th January 300 units
Raw material returned to stores from manufacturing department on 14th January, 50 units. The material is issued on First-in-First out method.
The value of material remaining in store on 21st January will be:

Stock of stationery on 1st January 1991- Rs. 300, creditors for stationery on 31st December 1991- Rs. 130, payment for stationery during 1991- Rs. 1,080, stock of stationary on 31st December 1991- Rs. 50. What amount on account of stationery will be posted to income and expenditure A/c:

X' executed a sale deed in favour of 'Y' on 1st January, 2002. Subsequently on 10th January, 2002, 'X' executed a sale deed in respect of the same property in favour of 'Z'. Thereafter the sale deed in favour of 'Z' executed on 10th January, 2002 was registered on 20th January, 2002. Whereas the sale deed in favour of 'Y' was registered on 30th January, 2002.
In the said case, by virtue of section 47

Subscriptions outstanding 31st December, 1993 Rs. 200
Subscriptions received in advance in year 1993:
1994 ⇔ 300
1995 ⇔ 100
Total subscriptions received during 1994 Rs. 5,800
Subscriptions outstanding on 31st December, 1994:
1993 ⇔ 50
1994 ⇔ 250
Subscriptions received in advance in 1994:
1995 ⇔ 350
1996 ⇔ 150
Subscriptions to be shown in Income and Expenditure Account for the year ended 31st December, 1994 is:

A judgment was announced on 2nd January, 2002 & the decree prepared on 10th January, 2002. Application for certified copy made on 5th January, 2002 and the copy was ready on 15th January, 2002, under section 12 the period to be excluded is

X' a Muslim executes a deed of gift on 1st January, 2002 of his property to 'Y', but delivery of possession is not given. Later, on 10th January, 2002 executed another gift deed in favour of 'Z' which was accompanied by delivery of possession to 'Z'. The gift deeds in favour of 'Y' & 'Z' were registered on 30th January, 2002 & 20th January, 2002 respectively.
In these facts,

Cash sales during the year - Rs. 46,000
Cash collected from customers during the year - Rs. 1,26,000
Amount regarded as collected from the customers at the end of the year decreased by Rs. 4,940 as compared to the collectable amount at the beginning of the year. One account of the amount of Rs. 1,300 was determined worthless during the year. The amount of credit sales during the year was

On 1st January, 1996 the stock was valued at Rs. 7,000. During January the purchases of the stock amounted to Rs. 23,000 and the cost of sales during the same period amounted to Rs. 21,000. What had been the value of the stock on 31st January, 1996:

"Calculate the value of closing stock from the following according to FIFO method:
1st January, 20XX: Opening balance: 50 units @ Rs 4

Receipts:
5th January, 20XX: 100 units @ Rs 5
12th January, 20XX: 200 units @ Rs 4.50

Issues:
2nd January, 20XX: 30 units
18th January, 20XX: 150 units"

"Calculate the value of closing stock from the following according to LIFO method:
1st January, 20XX: Opening balance: 50 units @ Rs 4

Receipts:
5th January, 20XX: 100 units @ Rs 5
12th January, 20XX: 200 units @ Rs 4.50

Issues:
2nd January, 20XX: 30 units
18th January, 20XX: 150 units"