Question

Ans. [G.P.
7. Record the following adjustments in Shri Prabhakar's journal on 31st March, 2020:
(a) The stock on 31st March, 2020 of raw materials was of the value of 1,00,000 rupee and
that of finished goods of 1,50,000 rupee
(a) 20,000 ruppe for wages and * 5,000 rupee for printing were outstanding.
(c) 2,000 rupee for insurance (personal) and * 10,000 rupee for income-tax were paid in advance.
(d) Write off depreciation on machinery 50,000 rupee and on building 720,000rupee.
(e) 15,000 rupee were received in advance for commission.
If before making the above adjustments, his net profit for the year ending 31st March,
2020 was 25,000 rupee, what will be the net profit for the year after making the above
adjustments.​

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