Question

Question 2
(a) Calculate the value of closing stock from the following information:
[3]
Particulars
Purchases
Amount (Rs.)
93,000
Particulars
Wages
Amount (Rs.)
20.000
Sales
1.20 000
Carriage
Outward
3.2002
Rate of Gross Profit 40% on sales.
(b) Is the agreement of a Trial Balance absolute proof of the accuracy of the books of account?
If not, what are the errors which remain even after agreement?
[3]
147
(c) Following are the Ledger balances on 314 March 2014:
Building
Rs. 5,00.000;
Creditors
Bank Overdraft Rs.40.000;
Cash
Furniture
Rs. 2,00,000;
Debtors
Pass the necessary opening entry.
Rs.80.000;
Rs.50000;
Rs. 1,00,000;​

Answer 1

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