D question s
Consider the following data pertaining to R ltd. for the month of June 2011

Opening stock - 30,000
Closing stock - 40,000
Purchases - 5,60,000
Return outwards - 15,000
Return inward - 20,000
Carriage inward - 5,000

If the gross profit is 20% of net sales , the gross sales for the month of June 2011 is what........????/

Ist approach :
Opening stock + purchases + carriage inward - return outward - closing stock = 5,40,000.....which I considered it as 80% of sales.....den for 100% we should calculate it as 5,40,000/.8 = 6,75,000.....!!!! Then with this amt add the net sales , then we get 6,95,000 as
gross sales ......!!!!

IInd approach :

Opening stock + purchases +
carriage inward - return outward - closing stock = 5,40,000...then nw less less 20% from return inward....so tat we can get the cost of goods returned .......!!!! So add this to 5,40,000 i.e 5,40,000+16,000=5,56,000......!!!! Then nw 5,56,000/.8 = 6,95,000.....!!!!!

Nw plzzz suggest me which one is right approach .......?????

I Have Invoice Of A Contractor Of Rs. 1,00,000.00. In The Invoice Labour Is 56,000.00 & Raw Material Use By The Contractor Is 44,000.00.

Should I Deduct Tds On Total Amount Or It Will be Deducted On 56,000.00 ?

Please Give Me reply.

Machinery Rs.7500 is given an employee on 9th july 2011 but it was not recorded.However this much amount deducted from the salary.In Balancesheet sheet machinery is showing-Opening balancesheet on 31-3-11 rs.4,00,000
and balancesheet on 31-3-12 rs.7,00,000.pls reply me the adjustment entry.pls..

I am working as an accountant for Proprietorship Firm, My Question is which expense of Proprietor can b claimed as expense & which needs to treated as Drawings?
any link or website or accounting notes on proprietorship will Do?

Tnx in Adv

What is the meaning of unsubscribed capital.

How is it dealt with in accounting of share capital.

Thanks

vehicle value 45 lakhs
down paymnt 5 lakhs
loan taken 44 lakhs
excess of 4 lakhs ( 45-4) is fiance charges so hw can i capitalise .

PLEASE HELP ME OUT, I WANT TO KNOW PART OF PROFIT TRANSFER TO DEFERRED TAX LIABILITY HOW TO BE SHOWN IN REVISED SCHEDULE VI

vehicle purchased for 45 lakhs . paid down payment 5 lakhs . and taken loan for 44 lakshs . excess of 4 lakhs is for term charges on loan taken how can i capiatlize that termcost . please help me in posting journal entry . please tell me the journal entry

pls do favour for me m

Dear Experts,

Can you please explain it`s accounting aspect and also as to how it will be presented in Cash flow ?

I WANT TO KNOW WHERE TO SHOW COMPANY F.Y. PROFIT IN REVISED SCHEDULE VI UNDER RESERVE & SUPLUS WHETHER UNDER THE HEAD REVALUATION RESERVE, PLEASE GUIDE ME