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  #11  
Old Friday, January 09, 2015
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Quote:
Originally Posted by sfsk View Post
2014 Q7

gross profit 36000
net profit 2000
B/S 202000

Q7 2014

You have to calculate credit sales and purchases in order to arrive at GP

for credit purchases=closing payables+ payment to payable
credit sales=closing debtors+ receipts from debtors

on commencement of business entry passed would be

cash 90000
capital 90000

to arrive at cash closing balance add all receipts and subtract all payments from cash book balance will be 24000
hope this solves your query. do pray for me
Dear, What about drawings? are we not going to subtract it from cash and capital?
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  #12  
Old Friday, January 09, 2015
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Dear, What about drawings? are we not going to subtract it from cash and capital?
drawings were deducted from capital in balance sheet and from cash while preparing cash account
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  #13  
Old Saturday, January 10, 2015
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Default please solve this
Paper I question #6
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  #14  
Old Monday, January 12, 2015
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Paper I question #6
Book value of Machine on 1st Jan 2013 is Rs.9,842
But revaluation of Rs.30,658 has increased its worth to Rs.40,500
Depreciation on Machine value Rs.40,500 till 30th June is Rs.2,025
Thus, the net value on 1st July is Rs.38,475 but they sold it at Rs.8,400
Resulting in a loss of Rs.30,075

Dr. Machine A/C 30,658
Cr. Revaluation A/C 30,65

Dr. Depreciation A/C 2025
Cr. Machine A/C 2025

Dr. Cash A/C 8,400
Dr. Loss A/C 30,075
Cr. Machine A/C 38,475
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