Can You please give the solution to the question asked in IPCC ADVANCED ACCOUNTING MAY18
QUESTION 7 A.
A person commenced business with 60000 units @ Rs 20, sold all of them @ 30.
What is the maximum amount of drawing that he can make?
Menu
Ipcc advanced accounting paper question 7 a
Replies (2)
Maximum drawings 60,000 * 30 = 18,00,000
The answer is the amount of profit he makes during the period.
Maximum drawings permissible to keep capital intact:
60,000 x Rs. 10 = 6 lac.
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
