Question
Ascertain Gross Profit from the following:
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Answer
Note: Carriage on Sales and Office Rent are the Indirect Expenses, therefore, these are not considered to compute the amount of Gross Profit.Need a full question paper?
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Ascertain Cost of Goods Sold from the following:
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₹
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|
Opening Stock
|
8,500
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|
Purchases
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30,700
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Direct Expenses
|
4,800
|
|
Indirect Expenses
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5,200
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|
Closing Stock
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9,000
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Why is Balance Sheet prepared?
The Trial Balance of M/s. Gupta & Sons shows a difference of $₹\ 52,200$. To prepare the Final Account on $31^{st}$ March, $2019,$ this difference is placed in a Suspense Account. Afterwards the following errors were disclosed. Pass the necessary entries to rectify them and show the Suspense Account.
→- Purchases Book total had been undercasted by $₹\ 20,000.$
- A cheque received from Vasudev for $₹\ 7,800$ had been debited in the Cash Book but not posted in Vasudev’s Personal Account.
- Returns Outward Book had been overcasted by $₹\ 10,000.$
- Goods returned by Yash Pal worth $₹\ 15,000$ have been entered in Returns Outward Book. However, Yash Pal’s Account is correctly posted.
Write Short Notes on:
Applications of Computers in Accounting.
Applications of Computers in Accounting.
Following information is given below: calculate the closing capital:
Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given).
| April 01, 2016 | March 31, 2017 | |
| ₹ | ₹ | |
| Creditors | 5,000 | 30,000 |
| Bills payable | 10,000 | — |
| Loan | — | 50,000 |
| Bills receivable | 30,000 | 50,000 |
| Stock | 5,000 | 30,000 |
| Cash | 2,000 | 20,000 |
In the following Machinery Account, determine the missing values, if depreciation is to be charged @ 10% p.a. per Diminishing Balance Method. On 1st October, 2018, a part of the machinery valued in the books of the firm at ₹ 16,000 on 1st July, 2016 was sold for ₹ 10,000.
Give the Journal entries to rectify the following errors:
- Purchases Book was overcast by ₹ 1,000.
- Installation charges on new machinery purchased ₹ 500 were debited to Sundry Expenses Account as ₹ 50.
- Radhey Shyam returned goods worth ₹ 500 which was entered in the Purchases Return Book.
- Goods taken by the proprietor for ₹ 5,000 have not been entered in the books at all.
There was a difference of ₹ 720 in the Trial Balance which has been transferred to the credit side of the Suspense Account. Pass the rectifying entries and prepare a Suspense Account to rectify the following errors:
- An amount of ₹ 375 now posted on the debit side of the Commission Account instead of ₹ 275.
- Credit amount of ₹ 260 posted to the debit of the Personal Account as ₹ 360.
- Goods sold to Surinder recorded in Purchases Book ₹ 300.
- D’s bill for erection of godown at a cost of ₹ 1,200 has been charged to the Repairs Account.
Rectify the following errors:
- Goods purchased from Kunal for ₹ 8,000 and from Kapil of ₹ 9,000 recorded correctly in the Purchases Book. However, ₹ 9,000 was posted to Kunal and ₹ 8,000 to Kapil.
- Anil's Account was excess debited by ₹ 500 while Suraj's Account was short debited by ₹ 500.
- Parkar's Account was short credited by ₹ 700 while Manisha's Account was excess credited by ₹ 700.
- Goods sold to Roopak for ₹ 1,000 and to Sagar for ₹ 1,800 recorded correctly in the Sales Book. However, ₹ 1,800 was posted to Roopak and ₹ 1,000 to Sagar.
Explain the method of posting a Petty Cash Book.