calculate net profit earning by start ltd.from tha data given follow for the year ended 31.03.2013 interest earned 500000 other income 37000 income expended 340000 operating expenses 105000 rebate on bills discounted 1.4.2012 40000 31.3.2013 57000
Answers
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Step-by-step explanation:
Workings:
Calculation for:
ADVERTISEMENTS:
(a) Discount on Bills Discounted Rs. 10, 00,000 × 15/100 × 95/365 = Rs. 39,041
(b) Rebate on Bills Discounted Rs. 4, 00,000 × 15/100 × 45/365 = Rs. 7,397
Journal and Ledger Entries
Illustration 4:
ADVERTISEMENTS:
The following particulars are extracted from the (Trial Balance) books of M/s Commercial Bank Ltd. for the year ending, 31st March 2003:
(i) Interest and Discount 1, 96, 62,400
(ii) Rebate on Bills Discounted (balance on 1.4.2002) 65,040
(iii) Bills Discounted and Purchased 67, 45,400
It is ascertained that proportionate discount not yet earned on the Bills Discounted which will mature during 2003-04 amounted to Rs. 92,760.