CBSE Class 11-commerce Answered
Calculate
closing stock from the following :
Rs.
Sales
40,000
Purchases
24,600
Returns Inwards
1,000
Returns
outwards
2,000
Carriage Inwards
800
Gross profit
16,000
Is it correct that debit balance in the profit
and loss account is profit?
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
Expert Answer
Trading Account
Dr. |
|
|
|
|
Cr. |
Particulars |
|
Rs. |
Particulars |
|
Rs. |
To Purchases |
24,600 |
|
By Sales |
40,000 |
|
(-) Purchase Return |
2,000 |
22,600 |
(-) Sales Return |
1,000 |
39,000 |
To Carriage Inward |
|
800 |
By Closing Stock |
|
400 |
To Gross Profit |
|
16,000 |
|
|
|
|
|
39,400 |
|
|
39,400 |
No, it is not correct; debit balance in profit and loss account implies loss as expenses are more than the revenue.
Answered by | 01 Jul, 2016, 05:14: PM
CBSE 11-commerce - Accountancy Part II
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part II
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
ANSWERED BY EXPERT