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| 5251. |
prepare trading and profit and loss account and balance sheet as at 31st march 2017 from the following balance of Mr sadhik lalcapitals for you 1000 creditors trade 30000 credit expenses 6800 rent received 600 purchase returns 400 se 289600 but they provision on 1st April 2016 600 advertisement development 8000 Goodwill 5000 |
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Answer» STEVEN UNIVERSE is a then the CHROME should be in the sexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsexsex |
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| 5252. |
(5+5 + 10 = 20 Marks)(a) Raj of Gwalior consigned 15,000 kgs of Ghee at Rs. 30 per kg to his agent Siraj at Delhi. He spentRs. 5 per kg as freight and insurance for sending the Ghee at Delhi. On the way 100 kgs. of Gheewas lost due to the leakage (which is to be treated as normal loss) and 400 kgs. of Ghee wasdestroyed in transit. Rs. 9,000 was paid to consignor directly by the Insurance company asInsurance claim.Siraj sold 7,500 kgs. at Rs. 60 per kg. He spent Rs. 33,000 on advertisement and recurringexpenses. |
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Answer» MARK the above FRIEND as BRAINLIEST |
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| 5253. |
When bad debts were recovered which have been previously written off from the book will be recorded how in the an accounting equation.➡️ (h)18. Show the accounting equation on the basis of the following transactions:a. Akash commenced business with cash Rs. 75,000, goods Rs. 20,000 and furniture Rs. 5,000.b. Sold goods costing Rs. 10,000 for Rs. 14,000.c. Cash deposited with bank Rs. 20,000.d. Purchased furniture from furniture house' Rs. 20,000.Paid cash 5,000 and balance in cheque.e. Purchased goods from M/s Karuna costing Rs. 13,000 at a trade discount 15%.f. Rent paid Rs. 1,000 and due to pay Rs. 200. g. Payment made to M/s Karuna through cheque after deducting 5% cash discount,h. Recovered Rs. 2,500, previously written off from the book. |
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Answer» Answer: SHOW the accounting equation on the basis of the ... Akash commenced business with CASH Rs. 75,000, goods ... h. Recovered Rs. 2,500, previously written off from the ... Explanation: Following transactions of Ramesh for April, 2018 are given below. ... Journalise the following transactions in the BOOKS of M/s. ... ( Received cash against DEBTS written off as BAD earlier). (c). |
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| 5254. |
19 DUended 31-3-2018 are as follows:Salaries Rs.28,000, Sundry expenses Rs.1,000, Equipment purchasedRs. 15,000, Charity show expense Rs.1,500, Charity show collectionRs. 12,500. Additional Information:Particulars1-4-201731-3-2018Subscription due1,5002,200Subscription received in advance1.200700Stock of medicine10,00015,000Amount due for medicine supply9,000Value of equipment13,00021,000Value of building30,00050,00048,000You are required to prepare Receipt and Payment Account and IncerExpenditure Account and Balance Sheet for the yoOpening cash balance in hand Rs.8,000, Subscription Rs.50,000,DonationRs. 15,000, Interest on Investment @ of 9% p.a. Rs.9,000, Paymentfor medicine supply Rs.30.000, Honorarium to doctors Rs.10,000, |
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Answer» Answer: dude I am unable to UNDERSTAND your QUESTION can you TELL me again |
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| 5256. |
March 5 purchase goods from Mohan rs 20000 ,at 10%trade discount and 5%cash discount and full amount paid immediate |
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Answer» Answer: MARCH 5 Purchases A/cDr. ₹ 18,000
To CASH A/c ₹ 17, 100
To DISCOUNT Received A/c ₹ 900 (Goods PURCHASED for cash and received cash discount) |
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| 5257. |
Sale/purchase of goods or asset are recognised on the basis of cash memo / invoice which concept is this? |
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Answer» Answer: ACCOUNTING is both a SCIENCE and an art. And just like all other streams of science, even in accounting CERTAIN rules are followed. Also, accounting is based on certain assumptions as well. We call these accounting concepts or accounting concepts and principles. Let US study accounting concepts and applications in brief. |
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| 5258. |
Intha entry touble column laeppadi varum |
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Answer» Answer: |
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| 5259. |
On 1st August, 1993, A sold goods of the value of Rs. 20,000 to B and drew uponhim a bill at two months for the amount. B accepted the draft. On the due date, Bexpressed his inability to meet the bill and offered to pay Rs. 8,000 in cash and accepteda new bill for the balance plus interest at 15% p.a. for three months. A agreed to thisproposal. On maturity this bill was duly met by B. Pass entries in the books of A and B. |
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Answer» thanks for the update and for the RECORD I have to go to the store and get some rest and feel better SOON and that is why I am asking for a friend to talk to you about it. |
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| 5260. |
44. The Sales 180 Lakh. Purchases +129 lakh and Opening Stock? 33 lakh. If the rate ofGross Profit is 50% on cost, then the value of closing stock will be |
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| 5261. |
प्रविष्टि का पुस्तकें-रोजनामचा/जर्नल:017₹13 बैंक में जमा कराए (Paid into Bank)5 नकद माल बेचा (Sold goods for cash)15,000 |
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| 5262. |
Valuation of fixed asset based on which concept |
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Answer» Answer: Asset valuation plays a KEY role in finance and often consists of both subjective and objective measurements. The value of a company's fixed assets – which are also known as capital assets or property PLANT and equipment – are straightforward to value, based on their BOOK VALUES and REPLACEMENT costs. Explanation: make me brainliest |
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| 5263. |
Rectify the following errors,(a) Paid wages for the construction of a building debited to wages account 750.(b) Rent paid to landlord * 7,200, debited to Landlord Account as Rs 2,700.(c) Purchase goods for personal use of 400 debited to Purchase Account.(d) A sale of 6,000 to Madhav, posted to debit of Pranav as 600.(e) A credit sale of 4,350 to Madhu has been wrongly passed through Purchase Book.(1) Salary of 1,250 paid to Garvit has been debited to his personal account.(g) Purchase of table from Jeevan furnitures for 500 has been entered in Purchase Bookas 5,000(h) An amount of 300 paid for postage was posted twice to Postage account.(i) Return Inward Book was overcast by 1,000.6) Payment side of Cash Book was overcast by 500. |
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Answer» Jab TUMHE JINDAGI me KOI raasta dikayi na dekoi manzil dikayi naa De koi aapna dikayi naa detab nere sath AANA ham EYE SPECIALIST'''''''ke pass chalenge""""" --------------------------------- |
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| 5264. |
Sold to S. chauhan a trade discount of 6%and cash discount of 1% goods of thelist price of £15,000 . He has paid60% in Cash! |
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Answer» Answer: |
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| 5265. |
Hlo Koi Girls Hai Commerce Wali Maine Usse Practical Problem Krvani Thi Accounting Ki, Plzz Dsdo |
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Answer» Answer: mark as brainlist thank my answers |
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| 5266. |
From the following trial balance of a k saraf , prepare trading account and profit and loss account for the year ended 31 March 2018 and a balance sheet on that date |
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Answer» Answer: The retirement gratuity payable is 16 times the basic pay SUBJECT to maximum of Rs 20 lakh. In case of DEATH of an employee, the gratuity is paid based on the length of service, where the maximum benefit is restricted to Rs 20 lakh Explanation: |
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| 5267. |
What is BRS explain with meaning, definition,need, importance of it.... |
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Answer» Explanation: Bank RECONCILIATION statement is a report or statement prepared by the business to match the bank transactions recorded in the books of accounts with the bank statement. The bank reconciliation statement helps to check the correctness of the entries recorded in the books of accounts and thereby, ensures the accuracy of bank balances. Why bank reconciliation STATEMENTS are prepared? With the definition of a bank reconciliation statement, you might be wondering why bank transactions recorded in the books of accounts do not match with the bank statement? There are plenty of reasons and some the common ones are listed below: Cheques Issued but not cleared in the bank Difference in cheque DEPOSITED and cheque credited date Date of cheque issued towards payment and date on which it is debited is different Cheque issued or received is not presented to the bank for clearing Bank INTERESTS, CHARGES etc. are not accounted for. Reason being it is not known till you reconcile. Banks can also do mistake in debiting or crediting the transactions Just like banks, you too can make mistake in accounting the bank transactions in books of accounts and so on…. |
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| 5268. |
What is insolvent debetors |
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Answer» Explanation: INSOLVENT debtors were INDIVIDUALS unable to pay their debts. Only after 1861 could insolvent debtors apply for BANKRUPTCY. |
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| 5269. |
Distinguish between cost of goods sold and cost of goods produced |
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Answer» Answer: Explanation: HOPE it's help . Please MARK me as BRAINLIEST! |
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| 5270. |
Plant and Machinery was purchased for 45,000 on 1st Jan., 2007. Its estimated life is 10 years and vajue will be 5,000, On 1st Jan., 2009 another machinery was purchased for 35,000. Its estimated life is 15 years residual value will be 5,000. Charge depreciation on straight line method and show the Plant and Machinery account 2007 to 2010. Accounts were closed on 31st December every year, |
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Answer» Answer: follow me |
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| 5271. |
|||_..উচ্চতৰ মাধ্যমিকহচাপবিদ্যাঅধ্যাপক চেনীৰাম বৈদ্য |
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Answer» Answer: SORRY l can't understand Explanation: please FOLLOW me |
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| 5272. |
Ashok and bijju 3:1 chandra would provide one lakh as a capital and pay 20000 as g/w for one third share in future profit Ashok biju and chandra would share profit equally Machinery would be reduced by 10 percent and 5000 would be provided for bad debts stock would be valued at 249400 Capital a/c of old partner would be adjusted in the profit sharing ratio on the basis of Chandra capital by bringing in or talking out cash Liabilities Creaditors 120000Bank overdraft 150000Biju capita 100000Ashok capital 150000Assets Sundry debtors 200000Stock 220000Furniture 40000Machinery 60000Paas necessary journal entries and prepare partner capital account and balance sheet of the firm. Solution |
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Answer» sorry Explanation: very sorry to have to follow up on that one but 62n is still a good fit and we will SEE what I think of the quadratic equation 9x2 I think it would have been good for the first TIME in the world for the first SOVIET years old |
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| 5273. |
Briefly explain the benefits of accounting standards |
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Answer» ACCOUNTING standards ensure the financial statements from multiple COMPANIES are COMPARABLE. Because all entities follow the same rules, accounting standards make the financial statements credible and allow for more ECONOMIC decisions based on accurate and CONSISTENT information |
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| 5274. |
If Goods costing ₹ 8000 are sold for ₹ 8500, how will the capital be affected? |
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| 5275. |
A. B. C are three cups having capacities of 120.180 and 200 cc respectively which are completely filled withtea of three different varieties. They are all mixed in a separate vessel of capacity more than that of A. B. Ctake Tether, and then the mixture is poured successively into A. B. C. Then how much (in cc) of A and B'sthere in c |
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Answer» =(61×5+83×4+125×5):(65×5+85×4+127×5) =(65+23+1225):(625+25+1235) =(1210+18+25):(1250+30+35) =1253:12115 |
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| 5276. |
Paid to Jigyasa ₹11,500 in full settlement of ₹12,000. Posting will be made in Jigyasa’s A/c: * (a) ₹12,000 on Debit side (b) ₹12,000 on Credit side (c) ₹11,500 on Debit side (d) ₹11,500 on Credit side |
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Answer» Answer: Rs 20 lakh The retirement GRATUITY payable is 16 TIMES the basic pay subject to maximum of Rs 20 lakh. In case of death of an employee, the gratuity is paid based on the length of service, where the maximum benefit is restricted to Rs 20 lakh Explanation: |
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| 5277. |
Treatment of Accumulated Profits and Hidden Goodwillसोनाली एवं रूपाली एक फर्म में साझेदार हैं और प्रत्येक की पूजी6.00.000 है। उन्होंने राखी को फर्म के लाभ में 1/4 भाग के साथ partnershipनिश्चय किया राखी अपने हिस्से को पूजी के रूप में₹500.000 लाती है। प्रवेश की तिथि पर लाभ-हानि खाता शेषर 4,000प्रवेश पर आवश्यक जनल प्रविष्टियाँ कीजिए।Sonali and Rupali are partners in a firm with capitals of 6.00.000 each. They decided to admitpartner with 1/4th share in the profits of the firm. Rakhi bries78.00.000 as her share of capitaland Lass Account shows a credit balance of 4.00.000 as on the date of admission. Give Journal entrigoodwill on Rakhi's admissionAns Value of Goodwill 8,00.000 JE for distribution of profit cash brought for capital and entryShare of Goodwill) |
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Answer» Answer: Rs 20 lakh The retirement gratuity PAYABLE is 16 times the BASIC pay SUBJECT to maximum of Rs 20 lakh. In case of DEATH of an employee, the gratuity is paid based on the length of service, where the maximum benefit is restricted to Rs 20 lakh |
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| 5278. |
Why do we deduct goodwill from capital employed |
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Answer» Answer: Goodwill is an intangible asset, but also a CAPITAL asset. The value of goodwill refers to the amount over BOOK value that one company pays when ACQUIRING another. Goodwill is classified as a capital asset because it PROVIDES an ongoing revenue generation benefit for a PERIOD that extends beyond one year . |
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| 5279. |
अकाउंटेंसी चैप्टर नंबर 15 बिल्स आफ एक्सचेंज का सारे क्वेश्चन रिटर्न करने हैं |
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Answer» To PREPARE your ELECTROMAGNET by USING the BA |
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| 5280. |
Write a definition on income , person and GST council |
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Answer» Answer: Income is money (or some equivalent VALUE) that an individual or BUSINESS RECEIVES, usually in exchange for providing a good or service or through investing capital. Income is used to fund day-to-day expenditures. ... Business income can refer to a company's remaining revenues after paying all expenses and taxes. the body of a living human being, sometimes including the clothes being worn: He had no money on his person. the body in its EXTERNAL aspect: an attractive person to look at. a character, part, or role, as in a play or story. Goods & Services Tax Council Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax. ... As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. |
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| 5281. |
Average capital employed means what |
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Answer» Answer: The return on average CAPITAL employed (ROACE) is a financial ratio that shows PROFITABILITY versus the investments a company has made in itself. ... ROACE DIFFERS from the ROCE since it ACCOUNTS for the averages of assets and liabilities Hope it's help you |
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| 5282. |
Enter the following transactions in a Double Column Cash Book (having Bank and DiscountColumn) Assuming that all receipts are banked and that all payments are made by cheque only2020₹Sept. I Bank Balance48,000Sept 4 Cash purchases including CGST and SGST @ 6% each, paid bycheque amounting to 15,000Sept. 8 Cash sales including CGST and SGST @ 6% each 21,000Sept. 12 Paid office rent to landlord * 6,000 plus CGST and SGST @ 6% eachSept 15 Machinery purchased from M/s Tools Ltd. and amounting to 30,000plus IGST @ 12% by chequeSept 18 Paid to Roshan Lal by cheque ? 2,000, discount received 100Sept 22 Paid Salaries by cheque * 3,500Sept 28 Cheque received from Raj Kumar amounting to 29,000 afterdeducting a discount 300.Sept. 30 Income Tax paid by cheque 1,700 |
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Answer» Answer: Rs 20 lakh The retirement gratuity payable is 16 TIMES the basic pay subject to maximum of Rs 20 lakh. In CASE of death of an employee, the gratuity is paid based on the LENGTH of service, where the maximum BENEFIT is restricted to Rs 20 lakh |
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| 5283. |
Credit sales is entered in |
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Answer» Your credit sales journal entry should DEBIT your Accounts RECEIVABLE account, which is the amount the customer has CHARGED to their credit. And, you will credit your Sales TAX PAYABLE and Revenue accounts follow me ❣️ |
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| 5284. |
Describe the major changes in the caste structure that took place due tothe emergence of tribes. |
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Answer» Explanation: STRUCTURE that took place due to the emergence of TRIBES.................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
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| 5285. |
Purchased at 10% trade discount goods from A, the list price being rs 5000 |
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Answer» Answer: Bansal Traders allow a trade discount of 10% on the list price of the goods purchased from them. Mohan traders, who runs a retail shop made the following purchase fro Bansal Traders. Date Amt.(Rs.) Dec 21, 2005 1,000 Dec 26, 2005 1,200 Dec 18, 2005 2,000 Dec 31, 2005 5,000 For all the purchase, Mohan Traders drew promissory note in favour of Bansal Traders payable after 30 DAYS. The promissory note for the sale of DECEMBER 21, 2010 was RETAINED by Bansal Traders with them till the date of its maturity. The promissory note drawn on 26.12.2010 was discounted by Bansal Traders from their BANK at 12% per annum. The promissory note drawn on December 28, 2010 was endorsed by Bansal Traders in favour of their creditor Dream Soaps in full settlement of a purchase amounting to Rs. 1,900. On 25.1.2011 Bansal Traders sent the promissory note drawn on December 31, 2010 to their bank for collection. All the promissory notes were met by Mohan Traders. Record the necessary Journal entries for the above transactions in the books of Bansal Traders and Mohan Traders and prepare Mohan Traders ACCOUNT in the books of Bansal Traders and Bansal Traders account in the books of Mohan Traders. |
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| 5286. |
Sold goods togopal at 60000 at 10% trade discount |
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Answer» what is the QUESTION my FRIEND Explanation: 60000×10/100 6000 is 10 PERCENT of 60,000 |
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| 5287. |
X manufacturing company produces cement and cement products. It has rich and broad product mix which caters to the needs of both construction companies as well as ultimate consumers. The company's product mix consists of 25 product lines and each product line has more than 10 products. The company has more than 250 registered market outlets in North India. With a workforce of more than 450 employees the company generated sales revenues of rupees 14 million last year. On 15 June 2016 the company submitted its financial statements - profit and loss account and balance sheet of the previous year to income tax officer(ITO) for assessing its tax liability. After examining the company's financial statements, the ITO returned the statements to the company with the remarks that it has failed to prepare its financial statements as per established norms. The remarks of the ITO lef the owner of the company to seek help from a tax consultant. consequently the company approach a tax consultant who examined the company's financial statements and the accounting system and submitted his observation asAll sales receipts are credited to the personal account of the owner from which 80% of the revenue generated is transmitted to company account in the first week of every month. The owner records the revenue from sales on the day cash is received.The company has charged depreciation of rupees .10 million on its plants and equipments during the last year by using straight line method. The company has charge depreciation for this set plant and equipment on the basis of the declining balance method for the first two years of its operation however the company replaced the declining balance method last year by sum of the years digit method.The company valued if one of the equipment at rupees 10,00,000 in the balance sheet of the previous year at its scrap value as if it is going to close the business during the current year. The equipment was procured by the company five years ago for rupees 5500000. The depreciation charged on the said equipment till date has been rupees 20 lakh.The company purchased used crushing equipment for rupees 4500000 from JK Cements and the same has been recorded in its book for rupees 60 lakh which in the opinion of the company's chief accountant is the equipment's market value.The company has set off a portion of its loss of rupees 780000 which it suffered in 2014 against the profit of the previous year. According to the owner of the company, the setting of the loss against the profits has been in response to the company's board decision taken by it as its annual meeting in January 2015.The company purchased a building during the previous year for rupees 80 lakh but recorded the same in the books of accounts for rupees 6300000. This has been done just to reduce the wealth tax liability.The company has recorded some items of assets and an item of liability in its balance sheet which are not substantiated by any documentary evidence. commenting on such items, the company's Managing director states that certain items of the balance sheet do not need any evidence as they have been purchased from government and semi government organisation.After a careful investigation, the tax consultant recommends that the company's existing accounting system may either be modified or replaced by a computer aided accounting system that is designed in tune the accounting principles and standards.Discussion Questionsidentify and examine the rationale behind the remarks of the income tax officer.comment on the observations of the tax consultant in the context of accounting principles and standards of reporting. Suggest also the measures that the company needs to take in order to meet the demands of the remarks made by the ITO.i want more clear and easy answer for both questions seperately. |
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| 5288. |
त &A and B entered into a jointventurecontract for sharing thelooses inof 60% and 40%a bunchased goods worth 2 3.000os anddetonited to at boid 5 24000 in theprocesssome timeB reported afterthat hehadsoldthe goods for 320,000(and the memnot being soldB decided to despatchgoodeconsignment basiswho agreed to sell thegoodstheirbehalf. C was to hoidall the expenses blesexhenaco blus 5 percent commison.Accountwith cheque forOto B Latten deducting exbonesa soup and commission)Land of stosound angThesemaining goods burchased by Bataccountbreparedo settlementand informed that heabend I I 145o anthisThang agreedsettle their accounts.Prepare the ledger All on the basis of AIB.After few daysalong356000to aofjoint venture |
Answer» KATINA LONG QUESTION HA............... |
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| 5289. |
The balance of machine on 31st March, 2019 is ` 97,200. The machine was purchased on 1st April,2017. Depreciation is charged @ 10% p.a. by diminishing balance method. The cost price of the machine as on 1stApril, 2017 would be :(A) ` 1,00,000 (B) ` 1,20,000 (C) ` 1,08,000 (D) ` 1,32,000. |
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Answer» 97200*100/90= 108000 108000*100/90= 120000 your FINAL answer is 120000 Explanation: . |
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| 5290. |
Class 12 accounts Plssss answers. |
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Answer» okkkkkkkkkkkkkkkkkbro |
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| 5291. |
When ‘Provision for Depreciation Account’ is credited, the amount of depreciation is :(A) Debited to Provision for Depreciation A/c (B) Credited to Provision for Depreciation A/c(C) Debited to Asset A/c (D) Credited to Asset A/c. |
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Answer» opition (B). PLS FOLLOW me and MARK me BRAINLIEST |
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| 5292. |
On1) Transauths of Mohit Traders are given below. Showthe effects of these transactions on assets, liabilities and capital with the help of accounting equation.a) Business started with cash Rs 100000b) cash purchase Rs 50000c) cash sale of Rs 60000(cost 40000)d) Purchased furniture for cash Rs 5000e) Paid rent Rs 4000f) Bought from Ratan Rs 8000 |
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Answer» CORRECT answer is B Explanation: |
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| 5293. |
On 1st July 2017, a machine is purchased for ` 1,75,000 and `25,000 are spent on its installation.Depreciation is charged @ 10% p.a. on diminishing balance method. Books are closed on 31st March each year. On 31st March, 2020 depreciation charged will be :(A) ` 18,500 (B) ` 18,000 (C) ` 16,200 (D) ` 16,650 |
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Answer» Answer: 16650 Explanation: in year 2017 DEPRECIATION is 10%of 200000 for 9 MONTHS =15000 which will be depreciated on 31st march 2018 and again depreciation of 2018 is 10%of (200000-15000)=185000 =18500 similarly on 31st march 2020 tge depreciation amount will be 16650 . |
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| 5294. |
16. (Additional Capital/Withdrawal of Capital)A and B are partners in a trading concenin 1:2 ratio. On 31-3-2019 their capital was 60,000 and 1,00,000 respectively. Profits30,000 were credited to their account. A had contributed additional capital 10,000 and24,000 on 1-7-2018 and on 1-1-2019 respectively, while B has made an addition of 16,000to his capital on 31-8-2018.A and B both had withdrawn * 16,000 and 30,000 respectively from their capital on 31-102018. Interest on capital is omitted @ 9%. Calculate interest on capital.(Ans. A3,495; B 8.175(J & K Board)Hint. Opening Capital A? 32,000, B 94,000)) |
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| 5295. |
(0)vi) in the event of change in Profil Sharing scils, General Rescenaexisting in the Bolanée Shelt as transféned to Capital Ae skauta in(b; gaininingrectoces Old Projet sharing saku cdo new pad fit Sharing sátorna himsharing profits equally(a). sacuficing saites |
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Answer» LN be know JANESVILLE Heenan MAIL |
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| 5296. |
10. Which type of dissolution of partnership firm takes place with the consent of all the partners ?[a] Simple dissolution[b] Dissolution by court[c]Compulsory dissolution[d] Dissolution through agreement |
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Answer» D. DISSOLUTION through agreement as well as Simple dissolution. Explanation: if agreement was made at the time of commencement then no further consent required.. however, LATER on it may be CHANGE with the consent of all partner |
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| 5297. |
9. The closing balances of which of the following account is not taken to Relation account on the date of dissolution of the firm ?[a] Bad debt reserve account[b] Debtors account[c] Investment account[d] Bank Account |
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| 5298. |
8. A partner, except the retiring partner also receives goodwill when ........[a] His Capital is more[b] New share in new profit loss sharing ratio is more than his old share[C] New share in new profit loss sharing ratio is less than his old share[d] New share and old share are equal |
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Answer» fferrrrrhrtejejdjrnrdheb |
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| 5299. |
8. what is subtracted from the total outstanding amount, at the time of retirement or death of apartner?[a] Interest on capital[b] Interest on debit balance of current account[c] Loan given to firm[d] Interest on loan given to firm |
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| 5300. |
a and bentered into a joint venture contract for sharing profit and losses in a ratio of 60%and 40%. a purchased worth 300000 and dispatched to b. a paid 24000 in process. |
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Answer» Answer: Cost of goods purchased by A = Rs. 2,00,000 Sale value of goods SOLD by B = Rs. 2,50,000 Profit on sale = Sale value - Cost PRICE = Rs. 2,50,000 - Rs. 2,00,000 = Rs. 50,000 Commission to A = 1% on purchase = Rs. 2,00,000 x 1% = Rs. 2,000 Commison to B = 5% on sale = Rs. 2,50,000 x 5% = Rs. 12,500 TOTAL commission payable = Rs. 2,000 + Rs. 12,500 = Rs. 14,500 Thus, Profit on venture = Total profit - Total commission payable = Rs. 50,000 - Rs 15,500 = Rs. 35,500. take your answer |
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