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CUET Accountancy 2023 PYQs28 May Shift 1. Free, no login required.

Financial Statements

past year questions, CUET Accountancy 2023 28 May Shift 1

Nature/Structure

past year questions, Financial Statements, CUET Accountancy 2023 28 May Shift 1

Medium

Find out cost of medicine consumed during 2020-21.

ParticularsAmount (Rs.)
Payment to creditors of medicines3,70,000
Creditors for medicines purchased on 1.04.202025,000
Creditors for medicines purchased on 31.03.202117,000
Stock of Medicines on 1.04.202062,000
Stock of Medicines on 31.03.202154,000
Advance to suppliers on 1.04.202011,000
Advance to suppliers on 31.03.202118,000

Solution

✅ Correct Option: 1

Purchases = Payment - Decrease in Creditors - Increase in Advance

= 3,70,000 - (25,000 - 17,000) - (18,000 - 11,000)

= 3,70,000 - 8,000 - 7,000 = 3,55,000.

Cost of Medicine Consumed = Opening Stock + Purchases - Closing Stock

= 62,000 + 3,55,000 - 54,000 = 3,63,000.

Note: This NPO-related question has been classified under Financial Statements / Nature-Structure as NPO accounting is not a listed subtopic.

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