Ipcc nov-15 paper-5 1(c)
This query is : Resolved
11 November 2015
Q.No.1(C ) Answer
Profit and Loss Account for the year ended 31stMarch-2015 (Assuming it is not a going concern)
Amount
Rs Amount
To Opening Stock
To Purchases
To Expenses
To Depreciation
To Provision For Doubtful Debts
To Deferred Expenditure
To pre payment loan Penalty
To Net Profit 36000
450000
16500
5000
4000
15000
2000
10000
By Sales
By Closing stock
By Trade Creditors 500000
38000
500
538500 538500
My Answer is Net Profit Rs.10000/-
Profit and Loss Account for the year ended 31stMarch-2015 (Assuming it is not a going concern)
Amount
Rs Amount
To Opening Stock
To Purchases
To Expenses
To Depreciation
To Provision For Doubtful Debts
To Deferred Expenditure
To pre payment loan Penalty
To Net Profit 36000
450000
16500
5000
4000
15000
2000
10000
By Sales
By Closing stock
By Trade Creditors 500000
38000
500
538500 538500
My Answer is Net Profit Rs.10000/-
11 November 2015
How did you cover the point of NOT A GOING CONCERN about deferred revenue expenditure is important.
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