CBSE Class 12 Sample Paper for 2022 Boards [Term 2] - Accounts

Accounts Class 12
Solutions to CBSE Sample Paper - Accounts Class 12
• CBSE Class 12 Sample Paper for 2022 Boards [Term 2] - Accounts

## Following information has been provided by M/s Achyut Health Care. You are required to calculate the amount of medicines consumed during the year 2020-21:

 Particulars Amount Stock of medicines as on April 1, 2020 15,00,000 Creditors for medicines as on April 1, 2020 3,50,000 Stock of medicines as on March 31,2021 10,00,000 Creditors for medicines as on March 31, 2021 4,20,000 Cash purchases of medicines during the year 2020-21 2,00,000 Credit purchases of medicines duringthe year 2020-21 6,00,000

Answer

Accounting for Not-for-Profit organizations, Partnership firms and Companies)

 STOCK OF MEDICINES ACCOUNT Particulars Amount Particulars Amount To Balance b/d 1500000 By Income and Expenditure Account 1300000 To Cash Purchases 200000 To Credit Purchases 600000 By Balance c/d 1000000 2300000 2300000

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### Transcript

Following information has been provided by M/s Achyut Health Care. You are required to calculate the amount of medicines consumed during the year 2020-21: Particulars Amount (₹) Stock of medicines as on April 1, 2020 Creditors for medicines as on April 1,2020 Stock of medicines as on March 31,2021 Creditors for medicines as on March31, 2021 Cash purchases of medicines during the year 2020-21 Credit purchases of medicines duringthe year 2020-21 15,00,000 3,50,000 10,00,000 4,20,000 2,00,000 6,00,000 Answer Amount of medicines consumed during the year 2020-21: Particulars Amount (₹) Cash Purchases of medicines Add: Credit Purchases of medicines Total Purchases Add: Opening Stock Less: Closing Stock Medicines consumed during the year 2,00,000 6,00,000 8,00,000 15,00,000 10,00,000 13,00,00 Alternative Solution: Stock of Medicines A/c Dr. Cr. Particulars Amount(₹) Particulars Amount(₹) Balance b/d Bank A/c Creditors A/c 15,00,000 2,00,000 6,00,000 Income and Expenditure A/c Balance c/d 13,00,000 10,00,000 23,00,000 23,00,000

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#### Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 13 years and a teacher from the past 17 years. He teaches Science, Economics, Accounting and English at Teachoo