Question

Trial Balance information: Opening Stock Rs 25,000; Cash Purchase Rs 1,25,000; Wages Rs 70,000; Sales Rs 3,25,000; Factory Rent Rs 1,10,000; Salaries Rs 50,000; Return (Dr) Rs 5,000; Return (Cr) Rs 10,000; Credit Purchase Rs 15,000; Closing Stock’s book value Rs 30,000 (its Market value is Rs 32,000). Additional Information: 1. Wages paid represent 14 month’s amount. 2. One month’s factory rent is still due. 3. Goods worth Rs 5,000 taken by proprietor for personal use. Calculate the amount of Gross Profit/Loss.​

Answer 1

Answer:

3. Goods worth Rs. 5, 000

Answer 2

Answer:

(1) is 14 months × 70,000 = 14 × 70,000 = 980,000

( 2 ) is rent is 1,10,000 +1,10,000 = 220,000