Quote:
Originally Posted by KinzaShoaib
I rechecked my above solution and Yes Ammara your solution is right.
Now, we have same solutions for 2013, 2007 and 2005. Let discuss the others.
2004
Profit and Loss Debit side
Carriage 800
Establishment 2635
Taxes 883
Audit fee 400
General 3950
Traveling 325
Discount 620
Reserve for bad debt 1000
Depreciation 2564
Profit and Loss Credit side
G.P. 35212
Interest 340
Interest Accrued 210
Rent 150
Please point out my mistakes.
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Miss Kinza, here you go.
Profit and Loss Account (Cr)
G.P: Rs. 35212
Insurance: Rs. 340
Interest: Rs. 210
Profit and Loss Account (Dr.)
Carriage on Sale................ 800
Provision for Bad debts........1000
Establishment + Salaries......2635
Tax & Insurance + Tax Expense -unexpired insurance.....1233
Audit fee.............400
General Charges.....3950
Discount......620
Travelling expense.....325
Depreciation Exp (Motor +Furniture).....2564
Rent Expense.....150
N.Profit........22085