6. Prepare trading and profit and loss account and balance sheet as on March 31, 2017: Account Title Debit Amount (₹) Account Title CreditAmount (₹) Machinery 27,000 Capital 60,000 Sundry debtors 21,600 Bills payable 2,800 Drawings 2,700 Sundry creditors 1,400 Purchases 58,500 Sales 73,500 Wages 15,000 Sundry expenses 600 Rent & taxes 1,350 Carriage inwards … Read more
5. The following are the extracts from the trial balance of M/s Bhola & Sons as on March 31, 2017 Account title Debit (₹) Credit (₹) Opening stock 2,00,000 Purchases 8,10,000 Sales 10,10,000 Total 10,10,000 10,10,000 (only relevant items) Closing Stock as on date was valued at ₹3,00,000. You are required to record the necessary … Read more
4. Operating profit earned by M/s Arora & Sachdeva in 2016-17 was ₹17,00,000. Its non-operating incomes were ₹1,50,000 and non-operating expenses were ₹3,75,000. Calculate the amount of net profit earned by the firm. NCERT/Rationalised 2023-24/Numerical Questions/Q-04 Answer : Back
3. Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017. (₹) Opening stock 50,000 Net sales 11,00,000 Net purchases 6,00,000 Direct expenses 60,000 Administration expenses 45,000 Selling and distribution expenses 65,000 Loss … Read more
2. From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of: (a) Cost of goods available for sale (b) Cost of goods sold during the year (c) Gross Profit (₹) Opening stock 25,000 Credit purchases 7,50,000 Cash purchases 3,00,000 Credit sales 12,00,000 Cash sales 4,00,000 Wages 1,00,000 Salaries … Read more
1. From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2017, calculate the gross profit. (₹) Closing stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000 NCERT/Rationalised 2023-24/Numerical Questions/Q-01 Answer : Back
47. Pass journal entries to rectify the following errors using suspense account where necessary: (i) Goods of the value of 2,000 returned by Mr. Gupta were entered in the Sales Book and posted therefrom to the credit of his account. (ii) Goods worth 1,500 bought by the proprietor for his personal use without any payment … Read more
46. Pass necessary journal entries to rectify the following errors: (a) Sales Return book overcast ₹1,000. (b) Machinery purchased ₹9,600 from Kunal, wrongly entered in Purchase Book as ₹6,900. (c) Goods purchased from Rahul ₹5,000 wrongly entered in purchase return book. Although, Rahul’s account correctly credited. (d) Rent paid to Landlord ₹12,000, wrongly debited to … Read more
45. Pass Journal Entries to rectify the following errors: These errors are located after the preparation of Trial Balance. ₹17,000 paid in cash for purchase of a Typewriter was charged to office expenses account. Credit sale to Aman ₹5,000 were posted to the Credit of his account. Cash sales ₹20,000 were posted to commission received … Read more
44. Pass journal entries to rectify the following errors in the books of Manish, which were located after preparation of Trial Balance: (a) Goods of the value ₹5,000 returned by Aanchal were entered in the Sales Book and posted therefrom to the credit of her account. (b) Payment of ₹1,000 to Ramesh and ₹1,200 to … Read more