Accounts question

just revert the discounted amount and correct profit will be rs. 56,665/-

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

CPT JUNE 2012 questions paer is out so just chck ur ANSWERS

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....

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Ans is Rs. 56,580.agree with Akash jain

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)

Really Good Mohit,it contains all CPT June 2012 questions.

Good work .Thanks for sharing...