a) Gopal keeps incomplete records. He started business on 01 April, 2019 with Capital of 2+
40,000. His Capital balance as on 31st March, 2020 was 31,50,000. During the year he
had spent 310,000 to buy Mobile phone for his daughter and also withdrew 33,500 per
month for his household expenditure. He also introduced additional capital by selling
his personal investments of 350,000 at 20% profits and total proceeds were brought into
the business. Calculate the profit or loss of his business for the year ended 31st March,
2020.
b) Operating Profits earned by M/S Aadya and Sons in year 2019-20 was 14,50,000. Loss
by fire 34,00,000, Interest paid $2,00,000, Depreciation $2,00,000, Salary 33,20,000,
Wages 10,000, Profit on sale of machinery 390,000 and Dividend received 32,10,000.
Find out Gross Profit and Net Profit of the firm.
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Answers
Answer:
a) Gopal keeps incomplete records. He started business on 01 April, 2019 with Capital of 2+
40,000. His Capital balance as on 31st March, 2020 was 31,50,000. During the year he
had spent 310,000 to buy Mobile phone for his daughter and also withdrew 33,500 per
month for his household expenditure. He also introduced additional capital by selling
his personal investments of 350,000 at 20% profits and total proceeds were brought into
the business. Calculate the profit or loss of his business for the year ended 31st March,
2020.
b) Operating Profits earned by M/S Aadya and Sons in year 2019-20 was 14,50,000. Loss
by fire 34,00,000, Interest paid $2,00,000, Depreciation $2,00,000, Salary 33,20,000,
Wages 10,000, Profit on sale of machinery 390,000 and Dividend received 32,10,000.
Find out Gross Profit and Net Profit of the firm.
1-1
21st
1
an