@ brij patel. Can u please post the concept based correct solution as i could not find the question in practice manual.
In my opinion Transfers to reserves,Provisions and depreciaiton should be provided only out of current year profits only. Brought forward profits cannot be used to provide current year provisions & transfers. hence i did not considered.
was today's law exam easy or tough. any thing worth mentioning
Answer for Single entry problem: GP 250,000, NP after tax 48,300, Bank Bal on 31.3.14 53,300,
Opg Cap 900,000 and Closing Capital 948,300
Today's law exam was much and faaaaar better than the last paper.... Easy quiestions not much lengthy... :)
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