0.2. Record the following transactions in a Simple Cash Book of Vibhuti Traders for the month January 2012. Jan 1 Balance of cash amounted to 68,000. 2 Brought additional capital 14,000. 4 Received from Ashutosh on account 3,400. 7 Purchased goods from Kingsway Ltd. worth 18,000 and paid half the amount immediately. 9 Received commission from Ayush Traders 5,000. 10 Paid to Kapil Traders on account 15,800. 13 Purchased 10% debentures of 15,000. 17 Paid telephone bill 3,000. 20 Paid 1,550 for insurance premium. 22 Sold goods for cash worth * 12,000. 25 Paid salary to staff 9,000. 28 Paid electricity bill amounting to 2,340. 31 Deposited into bank 4,000.
Answers
Answer:- Profit generated equals:-13,000 rupees
Explanation:
0.2. Record the following transactions in a Simple Cash Book of Vibhuti Traders for the month January 2012. Jan 1 Balance of cash amounted to 68,000. 2 Brought additional capital 14,000. 4 Received from Ashutosh on account 3,400. 7 Purchased goods from Kingsway Ltd. worth 18,000 and paid half the amount immediately. 9 Received commission from Ayush Traders 5,000. 10 Paid to Kapil Traders on account 15,800. 13 Purchased 10% debentures of 15,000. 17 Paid telephone bill 3,000. 20 Paid 1,550 for insurance premium. 22 Sold goods for cash worth * 12,000. 25 Paid salary to staff 9,000. 28 Paid electricity bill amounting to 2,340. 31 Deposited into bank 4,000.:-
Here the aim is that you need to make a income sheet which is the sheet containing all the details of the income and everything about the value sheet and other things you need to put the values correctly in sheets of income and expenditure and get the results as the sheet.
An income statement is a financial statement that shows you how profitable your business was over a given reporting period. It shows your revenue, minus your expenses and losses.
And finally,
An income statement is a financial statement that shows you how profitable your business was over a given reporting period. It shows your revenue, minus your expenses and losses.
Also sometimes called a “net income statement” or a “statement of earnings,” the income statement is one of the three most important financial statements in financial accounting, along with the balance sheet and the cash flow statement (or statement of cash flows).
Small businesses typically start producing income statements when a bank or investor wants to review the financial performance of their business to see how profitable they are.
When a business owner makes an income statement for internal use only, they’ll sometimes refer to it as a “profit and loss statement” (or P&L).
So after making the complete income sheet we get the profits as:-
The income sheet and profits is the answer.
Answer:- Profit generated equals:-13,000 rupees
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