Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

pls solve it

Rohit Arora (IPCC, b.com(h)) (190 Points)

04 June 2011

hi.......................

op. stock-44000

clo.stock-50000

purchases less return-220000

gross profit margin (on sales)-20%

the sale of the company during the month are...........?

Reply
Follow
Share

19 Replies

Sunshine (Helping All) (10575 Points)
Replied 04 June 2011

sales = 267500

Upgrade to CAclubindia Pro. Subscribe Now!

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 04 June 2011

The sale of the company during the month -Rs2,67,500.

Sunshine (Helping All) (10575 Points)
Replied 04 June 2011

the simples way is to make a trading account..

take sales as x

on credit side u will have x and closing stock 50000

on debit side..put opening stock,purcahse and gross profit(x/5)

now do the totalling and make an equation

264000+ x/5= x+ 50000

and solve

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 04 June 2011

The sale of the company during the month -Rs2,67,500.

OP STK + PUR -CLSTK= XXX -1/4 = Gross margin

44,000+220,000+53500-50,000 =2,67,500

Rajnikant Vadigoppula (CA, CS And CMA Final) (919 Points)
Replied 04 June 2011

opening stock + purchases+ gross profit = sales + closing stock

let us assume sales is 100 then GP is 20 therefore cost is 80

80=214000 (44000+220000-50000)

100=267500

sales = Rs.267500

Upgrade to CAclubindia Pro. Subscribe Now!

Rohit Arora (IPCC, b.com(h)) (190 Points)
Replied 04 June 2011

THANKS IT WAS damm easy

SANISH.KS (ACCOUNTS EXECUTIVE) (158 Points)
Replied 04 June 2011

I am Sanish from Cochin. I have a doubt regarding service tax interest. I cannot deposit service tax on due date (5th Day).If I deposit on 15th day, from which date I should pay interest? Is it 1st day of the month or after due date(5th day). And what is the interest rate of Service Tax. My service tax labour for May is Rs.150000/- How much amount should I pay if I deposit on 15.06.2011.Please reply to my query... please very urgent. My mail id : Sanish.ks @ sify.com

mounika (semi qualified chartered accountant) (981 Points)
Replied 04 June 2011

20% on sale means 25% on cost ,ie, 1/5 on sale=1/4 on cost

cost=220000+444000-50000=214000

g.p=214000/4=53500

so sales= 44000+220000+53500-50000= 267500

Kamal Kothari (CWA) (169 Points)
Replied 04 June 2011

267500 is correct answer

Rohit Arora (IPCC, b.com(h)) (190 Points)
Replied 04 June 2011

thanks monu

Upgrade to CAclubindia Pro. Subscribe Now!

Kamal Kothari (CWA) (169 Points)
Replied 04 June 2011

Q. In case of delay in payment of Service Tax to the Government, the interest becomes payable under section 75 at the rate of 1.5% per month or part thereof. Whether the period of one month is to be computed from the due date prescribed under Sec. 68 that is 25th of the month in which the payment is due or it should be calculated as per calendar month?

Ans. In case of delay in making payment of Service Tax to the Government, the interest is payable at the rate of 1.5 % per month or part thereof. The period is to be calculated with reference to 26th of the month on which the interest becomes due. In other words, the period between 26th of the month and the 25th of the next months be taken as one month. Otherwise, the person making payment on 151 of the next month will have to pay interest for two months for delay of 6 /7 days, which is not the intention of the law.

Q. The interest for delayed payment of Service Tax is payable @ 1.5% for every month or for the part of a month for delay in payment of Service Tax. If payment is delayed for one or two days, whether the interest is to be paid for the full month or only for one or two days, as the case may be.

Ans. The interest is to be levied u/Sec.75 @ 1.5% for every month or part of the month by which the payment is delayed. Thus, even for a delay by one day interest @ 1.5% is to be charged for full month and not to be charged on the basis of number of days.

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 04 June 2011

Originally posted by : Kamal Kothari
	Q. In case of delay in payment of Service Tax to the Government, the interest becomes payable under section 75 at the rate of 1.5% per month or part thereof. Whether the period of one month is to be computed from the due date prescribed under Sec. 68 that is 25th of the month in which the payment is due or it should be calculated as per calendar month? Ans. In case of delay in making payment of Service Tax to the Government, the interest is payable at the rate of 1.5 % per month or part thereof. The period is to be calculated with reference to 26th of the month on which the interest becomes due. In other words, the period between 26th of the month and the 25th of the next months be taken as one month. Otherwise, the person making payment on 151 of the next month will have to pay interest for two months for delay of 6 /7 days, which is not the intention of the law. Q. The interest for delayed payment of Service Tax is payable @ 1.5% for every month or for the part of a month for delay in payment of Service Tax. If payment is delayed for one or two days, whether the interest is to be paid for the full month or only for one or two days, as the case may be. Ans. The interest is to be levied u/Sec.75 @ 1.5% for every month or part of the month by which the payment is delayed. Thus, even for a delay by one day interest @ 1.5% is to be charged for full month and not to be charged on the basis of number of days.