hi.......................
op. stock-44000
clo.stock-50000
purchases less return-220000
gross profit margin (on sales)-20%
the sale of the company during the month are...........?
Rohit Arora (IPCC, b.com(h)) (190 Points)
04 June 2011hi.......................
op. stock-44000
clo.stock-50000
purchases less return-220000
gross profit margin (on sales)-20%
the sale of the company during the month are...........?
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 04 June 2011
The sale of the company during the month -Rs2,67,500.
Sunshine
(Helping All)
(10575 Points)
Replied 04 June 2011
the simples way is to make a trading account..
take sales as x
on credit side u will have x and closing stock 50000
on debit side..put opening stock,purcahse and gross profit(x/5)
now do the totalling and make an equation
264000+ x/5= x+ 50000
and solve
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 04 June 2011
The sale of the company during the month -Rs2,67,500.
OP STK + PUR -CLSTK= XXX -1/4 = Gross margin
44,000+220,000+53500-50,000 =2,67,500
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 04 June 2011
opening stock + purchases+ gross profit = sales + closing stock
let us assume sales is 100 then GP is 20 therefore cost is 80
80=214000 (44000+220000-50000)
100=267500
sales = Rs.267500
SANISH.KS
(ACCOUNTS EXECUTIVE)
(158 Points)
Replied 04 June 2011
I am Sanish from Cochin. I have a doubt regarding service tax interest. I cannot deposit service tax on due date (5th Day).If I deposit on 15th day, from which date I should pay interest? Is it 1st day of the month or after due date(5th day). And what is the interest rate of Service Tax. My service tax labour for May is Rs.150000/- How much amount should I pay if I deposit on 15.06.2011.Please reply to my query... please very urgent. My mail id : Sanish.ks @ sify.com
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 04 June 2011
20% on sale means 25% on cost ,ie, 1/5 on sale=1/4 on cost
cost=220000+444000-50000=214000
g.p=214000/4=53500
so sales= 44000+220000+53500-50000= 267500
Kamal Kothari
(CWA)
(169 Points)
Replied 04 June 2011
Q. In case of delay in payment of Service Tax to the Government, the interest becomes payable under section 75 at the rate of 1.5% per month or part thereof. Whether the period of one month is to be computed from the due date prescribed under Sec. 68 that is 25th of the month in which the payment is due or it should be calculated as per calendar month?
Ans. In case of delay in making payment of Service Tax to the Government, the interest is payable at the rate of 1.5 % per month or part thereof. The period is to be calculated with reference to 26th of the month on which the interest becomes due. In other words, the period between 26th of the month and the 25th of the next months be taken as one month. Otherwise, the person making payment on 151 of the next month will have to pay interest for two months for delay of 6 /7 days, which is not the intention of the law.
Q. The interest for delayed payment of Service Tax is payable @ 1.5% for every month or for the part of a month for delay in payment of Service Tax. If payment is delayed for one or two days, whether the interest is to be paid for the full month or only for one or two days, as the case may be.
Ans. The interest is to be levied u/Sec.75 @ 1.5% for every month or part of the month by which the payment is delayed. Thus, even for a delay by one day interest @ 1.5% is to be charged for full month and not to be charged on the basis of number of days.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 04 June 2011
| Originally posted by : Kamal Kothari | ||
 |
Q. In case of delay in payment of Service Tax to the Government, the interest becomes payable under section 75 at the rate of 1.5% per month or part thereof. Whether the period of one month is to be computed from the due date prescribed under Sec. 68 that is 25th of the month in which the payment is due or it should be calculated as per calendar month? Ans. In case of delay in making payment of Service Tax to the Government, the interest is payable at the rate of 1.5 % per month or part thereof. The period is to be calculated with reference to 26th of the month on which the interest becomes due. In other words, the period between 26th of the month and the 25th of the next months be taken as one month. Otherwise, the person making payment on 151 of the next month will have to pay interest for two months for delay of 6 /7 days, which is not the intention of the law. Q. The interest for delayed payment of Service Tax is payable @ 1.5% for every month or for the part of a month for delay in payment of Service Tax. If payment is delayed for one or two days, whether the interest is to be paid for the full month or only for one or two days, as the case may be. Ans. The interest is to be levied u/Sec.75 @ 1.5% for every month or part of the month by which the payment is delayed. Thus, even for a delay by one day interest @ 1.5% is to be charged for full month and not to be charged on the basis of number of days. |
 |
AGREED.
C.A. Sandeep Wawhal
(Chartered Accountant PGDFM BCom.)
(1823 Points)
Replied 04 June 2011
MOUNIKA,
PLEASE PROVE THAT 20% ON SALE MEANS 25% ON COST
CAclubindia
