Accounts Query

Others 1810 views 6 replies

 

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)
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

 

CORRECT
 
 
 

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

 

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

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?

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

 

the amount to be transfered to capital reserve account

5000/3000*1800-1800 = 1200

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

Correct Calculation of G N Jha


CCI Pro

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