Accountancy, asked by suryakannan1436, 1 month ago

The following is the ‘Receipts and Payment

Account of a charitable Trust for the year 2018:

Rs. Rs.

To Opening

Balance

By Capital

Payment

Cash 1,000 Investment 10,000

Bank 14,00015,000Furniture 4,000

To capital

fund

Clinical

equipment

5,00019,000

Donation for

clinic fund

6,000By revenue

payment

To revenue

receipts

Salaries 6,200

Interest 30,000 Medicines 14,000

Rent 12,000 Scholarships 10,000
Sundries 3,00045,000Printing etc. 800

Travelling 1,00032,000

By balance c/d

Cash 1,600

Bank 13,40015,000

66,000 66,000

Trust fund originally consisted of Building valued

at Rs.1,50,000, 9% Government Securities of the

nominal value of Rs. 3,50,000 (cost Rs.3,20,000)

and the bank balance of Rs.10,000. Bank interest

collectable at the end of the year was Rs.2,500.

Interest accrued on Investments on 1-1-18

Rs. 3,500 and on 31-12-18 Rs. 5,000. The trust

owed suppliers of medicines Rs.1,200 and Rs. 800

respectively on 1-1-18 and 31-12-18. Furniture on

1-1-18 stood at Rs. 3,000 in the books.

You are required to prepare the final accounts of

the Trust for the year 2018 after providing 2½%

depreciation on the book value of the building and

at 20% on other assets.

Answers

Answered by manjupjha2409

Answer:

Given:

Selling price (S.P.) of a saree = ₹2,600.and

Profit gained by selling = 30%.

\small\underline{\frak{\pmb{ \red{ To \: find : }}}}

Tofind:

The cost price (C.P.) of the saree.

Understanding the concept:

‎ ‎ ‎ ‎ ‎ ‎We're given with the selling price and the profit gained by selling a saree. And we're asked to find the cost price of the saree. For finding this, first let's recall the chapter- "Profit and Loss", which we've studied in previous classes!

Cost Price (C.P.) - The price at which an article is purchased is called it's cost price.

Selling Price (S.P.) - The price at which an article is sold is called it's selling price.good

Profit - If the S.P. of an article is greater than its C.P., we say that there is a profit.

Loss - If the S.P. of an article is less than its C.P., we say that there is a loss.

Overheads - All the expenditure incurred on transportation, repairs, etc are categorised as overheads. Overheads are always included in the C.P. of the article.

In this question, we're only going to deal with the first three sub-topics which are mentioned above. Let's start calculating the required answer!

\small\underline{\frak{\pmb{ \red{ Formula \: to \: be \: used:- }}}}

Formulatobeused:−

\underline{\boxed{\bf{ C.P. = \bigg(\sf\dfrac{100}{100+Gain \: \% \: (or) \: Loss\:\%} \times S.P \bigg)}}}

C.P.=(

100+Gain%(or)Loss%

100

×S.P)

\small\underline{\frak{\pmb{ \red{ Solution: }}}}

Solution:

As per the given data, we've all the required values to substitute them in the formula to find

\begin{gathered}\begin{gathered}\begin{gathered} \\ \longrightarrow\tt{ \pink{C.P. = \bigg(\dfrac{100}{100+Gain \: \% \: (or) \: Loss\:\%} \times S.P \bigg)}}\end{gathered} \end{gathered} \end{gathered}

⟶C.P.=(

100+Gain%(or)Loss%

100

×S.P)

S.P. = 2600

Profit % = 30

Now, on substituting these measures,

\begin{gathered}\begin{gathered}\begin{gathered} \\ \longmapsto { \sf{C.P. = \dfrac{100}{100 + 30} \times 2600}} \\ \\ \longmapsto{ \sf{C.P. = \dfrac{100 \times 260 \cancel{0}}{13 \cancel{0}}}} \\ \\ \longmapsto{ \sf{C.P. \dfrac{ \cancel{26000}}{ \cancel{13}} }} \\ \\ \longmapsto \boxed{ \tt{ \pmb { \red{C.P. = 2,000}}}}\end{gathered}\end{gathered} \end{gathered}

⟼C.P.=

100+30

100

×2600

⟼C.P.=

100×260

⟼C.P.

26000

⟼

C.P.=2,000

We've obtained the C.P. as ₹2,000. Let's verify it!

\small\underline{\frak{\pmb{ \red{ Verification: }}}}

Verification:

To verify, let's ignore the value of S.P. in the formula and insert the obtained C.P. and profit % in it. Then we shall check does the given value of S.P. equals the same that we get here.

\begin{gathered}\begin{gathered}\begin{gathered} \\ \longmapsto { \sf{C.P. = \dfrac{100}{100 + profit \: \%} \times S.P.}} \\ \\ \longmapsto{ \sf{2000 = \dfrac{100}{100 + 30} \times S.P.}} \\ \\ \longmapsto{ \sf{2000 = \dfrac{100}{130} \times S.P. }} \\ \\ \longmapsto{ \sf{2000 \times 130 = 100 \times S.P.}} \\ \\ \longmapsto{ \sf{260000 = 100 \times S.P.}} \\ \\ \longmapsto{ \sf{ \frac{2600 \cancel{00}}{ 1\cancel{00}} = S.P. }} \\ \\ \longmapsto { \underline{ \underline{ \bf{2,600 = S.P.}}}}\end{gathered} \end{gathered} \end{gathered}

⟼C.P.=

100+profit%

100

×S.P.

⟼2000=

100+30

100

×S.P.

⟼2000=

130

100

×S.P.

⟼2000×130=100×S.P.

⟼260000=100×S.P.

⟼

2600

=S.P.

⟼

2,600=S.P.

Since, the S.P. amount is same, our answer is correct!

\begin{gathered}\begin{gathered}\begin{gathered}\\ \therefore\underline{\sf{\pmb{The\:Cost\: Price\:of\:the\:saree\:is\:\pink{2,000/-}.}}}\end{gathered}\end{gathered} \end{gathered}

∴

TheCostPriceofthesareeis2,000/−.

_________________________________________

\begin{gathered}\begin{gathered}\begin{gathered}\: \: \: \: \: \: \begin{gathered}\begin{gathered} \footnotesize{\boxed{ \begin{array}{cc} \small\underline{\frak{\pmb{ \red{More \: Formulae}}}} \\ \\ \bigstar \: \bf{Gain = \sf S.P. \: – \: C.P.} \\ \\ \bigstar \:\bf{Loss = \sf C.P. \: – \: S.P.} \\ \\ \bigstar \: \bf{Gain \: \% = \sf \Bigg( \dfrac{Gain}{C.P.} \times 100 \Bigg)\%} \\ \\ \bigstar \: \bf{Loss \: \% = \sf \Bigg( \dfrac{Loss}{C.P.} \times 100 \Bigg )\%} \\ \\ \\ \bigstar \: \bf{S.P. = \sf\dfrac{100+Gain \: \% \: (or) \: Loss\:\%}{100} \times C.P.} \\ \: \end{array} }}\end{gathered}\end{gathered}\end{gathered} \end{gathered} < /p > < p > \end{gathered}

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