9. Closing Stock was valued at market
price at Rs. 92,000 which is 15% above
its cost price. The cost price of closing
stock is
Answers
Answer:
Profit and Loss A/c for the year ended 31.3.2013
Particulars
Amount
Amount
Particulars
Amount
Amount
To Discount
4000
By Gross Profit C/d
214000
To Advertisement
10000
By Discount
3500
Less: Prepaid
8750
1250
By Interst on Govt. Bond
4500
To Salaries and Wages
45000
To Warehouse Rent
6000
To Depreciation on Machinery
7500
To R.D.D.
2250
To Net Profit Transferred to Partners Capital A/c
Satish Capital A/c
78000
Pradeep Capital A/c
78000
156000
222000
Explanation:
Satish and Pradeep are partners in a partnership firm, sharing Profits and Losses equally.
Satish and Pradeep are partners in a partnership firm, sharing Profits and Losses equally.
Solution: In the books of M/s Satish and Pradeep
Tradind A/c for the year ended 31.3.2013
Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening stock
25000
By Sales
430000
To Purchases
220000
To Wages and Salaries
23000
Add: Outstanding
2500
25500
To Manufacturing expenses
25500
By Closing Stock
80000
To Gross Profit C/d
214000
510000