Q.1 Capital of Ganesh Gupta in the beginning of the year was Rs. 70.000. During the year his
business earned a profit of Rs. 20, 000.he withdraw Rs. 7.000for his personal use. He sold
ornaments of his wife for Rs. 20, 000 and invested that amount into the business. Find out
his capital at the end of the year.
(3)
0.2 Calculate closing stock from the following details:-Opening stock-Rs. 20. 000. Cash sales
Rs. 60.000. Credit Sales- Rs. 40.000. Purchases- Rs. 70.000, Rate of gross-Profit on cost
33%
(3)
Q.3 A manager is entitled to a commission of 10% of net profit after charging such
commission. Net profit before charging commission is Rs. 31. 000. Find out the commission
payable to the Manager.
13)
Q.4 The amount of Sunary debtors in a Trial Balance is Rs. 90.000. You are required to write off
Rs. 5. 000 as bad-debts and make a provision for doubtful debts Account 10% on
Sundry debtors. Pass necessary Journal entries and show the e items in the Profit and loss
Account and the Balance sheet.
(3)
Q.5 Net sales for the year ended 31 March, 2018 is Rs. 9.00.000. I Gross Profit is 30% on sales
Find cost of goods sold and gross profit also.
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Answers
Explanation:
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Answer:
Gross Profit on cost = 33 1/3 %. Cost = 1/3rd Gross Profit on sales = 1/4th And, Sales = Cash Sales + Credit Sales = 60,000+40,000 = Rs.1,00,000 So, Gross Profit = 1,00,000 x 1/4 = Rs.25,000 Cost of Goods Sold = Sales – Gross Profit = 1,00,000 – 25,000 = Rs.75,000 Cost of Goods Sold = Opening Stock + Purchases – Closing Stock 75,000 = 20,000 + 70,000 – Closing Stock Closing Stock = Rs.15,000Read more on Sarthaks.com - https://www.sarthaks.com/479322/calculate-closing-stock-from-the-following-details