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Calculation of Gross Profit Or Gross Loss give example?
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Answer / bikas
Prepare Trading Account to Know the Gross Profit or Gross
Loss
Dr._____________________________________________________ Cr.
To Opening Stock --- By Sales ----
To Purchase ----
Less: Return ---- --- By Closing Stock ----
To All manufacturing
Exp.:
Carriage inward
Factory exp.
lighting
Fuel
Labour
etc. By Gross Prifit ----
____________ ________
_________ _______
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / swetha singh
Gross Profit or Gross Loss can be determined by preparing a
trading & Profit & Loss a/c
Excess of credit over debit, the difference amount gives
you gross profit.
Excess of debit over credit, the difference amount gives
you gross loss.
| Is This Answer Correct ? | 4 Yes | 1 No |
From the following particulars taken on 31 December, 1995, you are required to prepare a bank reconciliation statement to reconcile the bank balance shown in the Cash Book with that shown in the Pass Book: (i) Balance as per Pass Book on 31 December, 1995, O/D Rs 1,027. (ii) Four cheques drawn on 31 December but not cleared till January are as follows: Rs 12; Rs 1,021; Rs 98; and Rs 113. (iii) Interest on O/D not entered in Cash Book Rs 51. (iv) Three cheques received on 30 December and entered in the bank column of the Cash Book but not lodged in bank for collection till 3 January next: Rs 1,160; Rs 2,100; and Rs 2,080. (v) Cost of cheque book, Pass Book, etc; Rs 1.50 entered twice erroneously in Cash Book in November. (vi) A Bill Receivable for Rs 250 due on 29 December, 1995 was passed to the bank for collection on 28 December, 1990 and was entered in Cash Book forthwith whereas the proceeds were credited in the Pass Book only in January following. (vii) Chamber of Commerce subscription Rs 10 paid by bank on 1 December, 1990 had not been entered in the Cash Book. (viii) Bank charges of Rs 5 had been debited in the pass book twice erroneously. . . . plz be fast
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