Harish Kumar (IPCC) (475 Points)
24 July 2012Q.1 Find out the credit sales.........
opening Debtors 12,000
Closing Debtors 14,000
B/R accepted by Debtors 13,000
Cash received from debtors Rs 38,400
a) 39,400 b)27,000
c) 65,400 d) 53,400
Q. 2 Opening Capital 1,00,000
Intrest on capital 10,000
drawings 20,000
Intrest on drawings 2,000
Closing Capital 2,00,000
Find Net Profit ??
a) 1,00,000 b) 1,20,000
c) 1,22,000 d) 1,12,000
Explain in detail.....
Thank you
Sravanthi
(CA Final ICWA Final & M.B.A)
(737 Points)
Replied 24 July 2012
Formulae for CREDIT SALE:
Credit Sale=Cl.Debtors+B/R+Cash recd-Op.debtors
=14000+13000+38400-12000
=53400
Net Profit= Cl.capital+Drawings+Int.on drawings-Aditional capital-Int.on capital-op.capital
=200000+20000+2000-0-10000-100000
= 112000
Dev
(Article Trainee.)
(613 Points)
Replied 24 July 2012
Dev
(Article Trainee.)
(613 Points)
Replied 24 July 2012
CA Ramnandhan Ravikumar
(Executive - Audit)
(199 Points)
Replied 24 July 2012
| Sundry Debtors A/c | ||||
| Particulars | Amount (Dr) | Particulars | Amount (Cr) | |
| To Balance b/d | 12000 | By Cash | 38400 | |
| To Credit Sales | 53400 | By B/R | 13000 | |
| (Bal. Fig) | By Balance c/d | 14000 | ||
| 65400 | 65400 | |||
Parthamesh P Askar
(article)
(53 Points)
Replied 25 July 2012
For 1st Question answer should be 65400
For 2nd question answer should be 112000
pallavi jain
(student)
(123 Points)
Replied 25 July 2012
for 1st question answer should be 53400
for 2nd question answer should be 112000
Harish Kumar
(IPCC)
(475 Points)
Replied 25 July 2012
| Originally posted by : Sravanthi | ||
 |
Formulae for CREDIT SALE: Credit Sale=Cl.Debtors+B/R+Cash recd-Op.debtors =14000+13000+38400-12000 =53400 Net Profit= Cl.capital+Drawings+Int.on drawings-Aditional capital-Int.on capital-op.capital =200000+20000+2000-0-10000-100000 = 112000 |
 |
why we done this for calculation of Net profit
Net profit is basically calculated through Trading & profit & Loss A/C
So please can you clarify this question to me.......??
Roshan
(Student)
(123 Points)
Replied 26 July 2012
yes, you are right net profit is calculated through trading and p/l A/C.
But it is also true capital(owners equity) increases due to additional capital, Interest on capital, net profit (net result calculated via p/l A/C & transfered(added) to capital A/C) etc. and decreases due to interest on drawings.withdrawls...
So, conclusion
opening capital+Interest on capital+net profit-(drawings+interest on drawings)=closing capital
100000+10000+Net profit-(20000+2000)=200000
112000
CAclubindia
