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Accounts question

CPT 4030 views 38 replies

 

A Trader has calculated a net profit of Rs.
56,750. Later he found that discounted
received of Rs. 580/- and discount allowed of
Rs. 665 have been recorded on the wrong
sides of these accounts. What would be the
correct profit?
a) Rs. 56,580 b) Rs. 56,665
c) Rs. 56,835 d) Rs. 56,920
Replies (38)

Its (a), Rs. 56,580

KAISE BHAI ??

Its very simple dude, U need not break your head for this type of simple questions but instead follow basics Anyways the answer is like this:

Uncorrected Profit  --Rs.56750

+Discount Received--Rs.580    (Recorded on wrong side, by adding the effect is nullified)

+Discount Received--Rs.580    (Now Accounted)

-Discount Allowed   --Rs.665   (Recorded on wrong side, by subracting the effect is nullified)

-Discount Allowed -- Rs.665    (Now Accounted)

So,  Corrected Profit  =Rs.56580

read the question dude.... its saying recorded on the wrong

sides of these accounts.

Thats what dude,,  wrong side means instead of crediting discount allowed, the trader debited it... So in order to rectify this you need to credit it twice (i.e add to the uncorrected profit)  And the same applies to discount allowed..

Discount allowed is always debited as it is a loss and Discount received is credited as it is an income

Ans is b...56665.....reconlile the accounts by making an entry of 85 rs on p/l dr

disc allowed is dr nd the trader recorded as cr so in order 2 rectify it we need 2 give twice dr effect so it nullifies the cr effect......vice versa applies 4 disc recieved ........ 

Answer is 56665.

(a) 56580

Ans is 56665

EK ANSWER DO YAAR

yes please................

ans is d)56920

the dis allowed wrongly taken is to debited by double amount that is 580+580 & dis receive is also credited by double amount 665+665


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