Why should we prepare profit
- 30 Answers
- 59598 Views
- Accenture, Maharaja Whiteline, I also Faced
- E-Mail Answers
Answer Posted / illuruviswam
The purpose of preparing profit&loss appropriation account
is "how the company has been utilized its profits.this word
better to use in company form of accounting than partnership.
| Is This Answer Correct ? | 7 Yes | 19 No |
Post New Answer View All Answers
Expand--------OTA
what is the use of special general ledger if the normal trasaction in usage.
Which document should be attached with purchse & sales invoice?
what is the script forms standard text in fico
Took goods from the shop for use at home. state whether the the following transcation is business transcation or non business transcation? with reson or explaination?
differed tax liability
can you define exogenity endogenity both terms are from economics both are different from exogenous & endogenous variables. I can not find the answers. please help if you can....
Guest expenses Rs 5500/-on behalf of partner Aravind was written as Hospitality. Rectify it
When is a dedit note raised When is an expense booked
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
What Kind Of Requirements for Vat Refund And Assessment Cases
is indian bank or canara bank CBS brach?
the total of a firm id a rs.6.4 lakh.he has gross profit margin 15% curre ratio of rs.2.5 the firm current libility is rs.96000,inventry, rs.48000 and cash rs 16000. determine the average inventry of firm iss 5 times determine the avg collectin period of opening balance.
I KNOW THAT INSURANCE CHARGES ON PURCHASE OF VEHILE (LIGHT/HEAVY VEHICLES)HAS BEEN CAPITALISED OR NOT.?
WHAT IS DIFFERED INCOME TAX AND WHERE IT SHOWS IN BALANCE SHEET?
