sajjan singh tanwar
(accountant)
(21 Points)
Replied 25 June 2012
just revert the discounted amount and correct profit will be rs. 56,665/-
Rohit Srivastava
(Article CA Final)
(94 Points)
Replied 26 June 2012
Discount allowed i.e. expenditure has been under recorded by 85 Rs. (665-580) and discount received i.e. Income has been over recorded by Rs 85 (665-580) so for getting correct profit we will have to deduct that extra amount of expenditure and also we will have to less that extra amount of profit.
So the correct Profit will Be 56750-85-85=56580
Nirmal
(CA-FInal)
(280 Points)
Replied 26 June 2012
CPT JUNE 2012 questions paer is out so just chck ur ANSWERS
CA Karan Lodhi
(CA and B.com(hons.))
(879 Points)
Replied 27 June 2012
The Answer is 56580. As you have to do the back calculation in this question.
First eliminate the effect of wrong claculation then adjust these discounts.
1st step. 56750+580-665 = 56665
2nd step. 56665+580-665 = 56580.
Think....
Rohit
(CA-IPCC)
(75 Points)
Replied 30 June 2012
Uma
(Student)
(158 Points)
Replied 03 July 2012
Uncorrected Profit --Rs.56750
Nature --- If Discount allowed is debited as it is a loss and Discount received is credited as it is an income.
here,discount allowed is wrongly credited-- Rs. 665
Discont received is not credited --Rs. 580/-
so, 665-580=85
Difference is RS.85(Discount allowed)
profit - difference amount , 56750-80=Rs.56665( Corrected Net profit)
Nirmal
(CA-FInal)
(280 Points)
Replied 04 July 2012
Really Good Mohit,it contains all CPT June 2012 questions.
Good work .Thanks for sharing...
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