if u sale an asset for Rs.1000, which shows the book value of
8600. what will be the journal entry???
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Answer / madhulika2011
Cash or Bank A/C.....Dr. 1000
Loss on Sale A/C.....Dr. 7600
To Asset A/C..................8600
|Is This Answer Correct ?||50 Yes||3 No|
Answer / gopakumar.g
Cash/Bank A/c Dr 1000
P&L A/c Dr 7600
To Asset A/c 8600
(Being the asset sold @ a loss of Rs.7600/-)
|Is This Answer Correct ?||0 Yes||0 No|
Answer / akram khan
Purchaser a/c dr 10000
To Asset a/c 8600
To profit a/c 1400
|Is This Answer Correct ?||8 Yes||27 No|
On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid to supplier is 1,00,000 in cash and RS.1,00,000 in check on the same day, what would be the general ledger entry ?
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The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 -----  Current liabilities: Trade creditors 300 ------  300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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