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Accounting Paper-I Css-2014 Solution Accounting Paper-I Css-2014 Solution

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  #11  
Old Saturday, February 21, 2015
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Solution –Q-2

"PROFIT & LOSS A/C SUN COMPANY LTD ON 31.12.2013
PARTICILAR AMOUNT IN RS. PARTICILAR AMOUNT IN RS.
Opening Stock 50000 Sales 300000
Purchases 160000 Closing Stock 65000
Purchases Returns (1000)
Carriage in 4000
Gross Profit 152000 Gross Profit 152000
Salaries 45000 Discount Received 1500
Depreciation 39750 Bad Debts Recovered (Other Income) 500
Rent 34800
Director’s Fee 9000
Trade Expenses 9000
Bad Debts 2000+2500 4500
Interest on loan 4500+500 5000
Profit for the year before Tax 6950"

dear please check the working of new provision for bad debts
in question it is stated that new provision increased by 12000 .
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  #12  
Old Sunday, February 22, 2015
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Quote:
Originally Posted by SayyedKhawar View Post
Solution –Q-2

"PROFIT & LOSS A/C SUN COMPANY LTD ON 31.12.2013
PARTICILAR AMOUNT IN RS. PARTICILAR AMOUNT IN RS.
Opening Stock 50000 Sales 300000
Purchases 160000 Closing Stock 65000
Purchases Returns (1000)
Carriage in 4000
Gross Profit 152000 Gross Profit 152000
Salaries 45000 Discount Received 1500
Depreciation 39750 Bad Debts Recovered (Other Income) 500
Rent 34800
Director’s Fee 9000
Trade Expenses 9000
Bad Debts 2000+2500 4500
Interest on loan 4500+500 5000
Profit for the year before Tax 6950"

dear please check the working of new provision for bad debts
in question it is stated that new provision increased by 12000 .
He has ignored the pending law suit as well.
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