Question

Q 12. Pass entries the books of Mukerjee & Sons. Assuming all transaction have taken place
within the state of Uttar Pradesh. Assume CGST @9% and SGST @9%.
2018
March 6 Purchased goods for 35,00,000 from Mehta Bros.
March 10 Sold goods for 8,00,000 to Munjal & Co.
March 15 Paid for advertisement 240,000 by cheque.
March 18 Purchased furniture for office use 50,000 and payment made by cheque.
March 25 Paid for printing and stationery 8,000.
March 31 Payment made of balance amount of GST.​

Answer 1

Answer:

Justin Bieber printed 12000 copies of his poster for $60000. He distributed 16.66% of the posters freely as specimen copy and sold 40% of the remaining posters at 20% discount. He sold the rest at 10% discount on $10 per copy. What is the overall gain or loss in the first’s issue of the poster, if the poster could not realize the income from advertisement or other sources?

Answer choices

Select only one option

27% loss

16.66% loss

54% profit

60% profit