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Accounts Query

Others 1840 views 6 replies

Souniya

IPCC

110 Points Joined February 2011

Hi,

Please help me with below query

Mr. Prakash sells goods at 20% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :

Replies (6)

M. N. JHA

8316 Points Joined June 2009

Normal Sales= 10,20,000-20,000= Rs. 10,00,000 Profit on Normal Sales- 10,00,000*20/120= Rs.1,66,667 Loss on Damaged Goods Sold= Rs. 10,000 Gross Profit= 1,66,667-10,000= Rs. 1,56,667

DIVYA PINCHA

ASSISTANT MANAGER:MERCHANT BANKING

537 Points Joined March 2011

CORRECT

Gross Profit= 1,66,667-10,000= Rs. 1,56,667

Ashish Jain

.Net Developer

641 Points Joined February 2011

i am agree.....................

Souniya

IPCC

110 Points Joined February 2011

Hi .

Please help me with this Capital Reserve query

3000 shares of Rs.10 each of Krishnan were forfeited by crediting Rs.5000 to share forfeiture account. Out of these ., 1800 shares were re-issued to Radhe for Rs.9 per share. the amount to be transfered to capital reserve account will be?

Ashish Jain

.Net Developer

641 Points Joined February 2011

i think.............

the amount to be transfered to capital reserve account

5000/3000*1800-1800 = 1200

shrikant

Accounts Manager

44 Points Joined March 2009

Originally posted by : G.N.JHA
	Normal Sales= 10,20,000-20,000= Rs. 10,00,000 Profit on Normal Sales- 10,00,000*20/120= Rs.1,66,667 Loss on Damaged Goods Sold= Rs. 10,000 Gross Profit= 1,66,667-10,000= Rs. 1,56,667