Question No 07 Chapter No 17
07. M/s Avinash and Co. has requested you to calculate the gross profit for the year ended 31st March 2018 with the help of the following details:
| Rs | Rs | |
| Opening stock | 82,000 | |
| Customs duty | 13,456 | |
| Clearing charges | 544 | |
| Loading an unloading charges: | ||
| On purchase | 320 | |
| On sale | 540 | 860 |
| Productive wages | 75,000 | |
| Rent: Factory | 9,200 | |
| Office | 800 | 10,000 |
| Salaries: | ||
| Foreman and supervisor | 18,600 | |
| Manger | 9,600 | |
| Purchases less retune | 3,43,900 | |
| Dock dues | 600 | |
| Freight and carriage | 8,750 | |
| Octroi duty | 650 | |
| Royalty | 1,200 | |
| Carriage on sale | 900 | |
| Insurance: | ||
| Factory | 800 | |
| Office | 405 | 1,205 |
| Fuel, gas and water | 6,500 | |
| Sales less retune | 6,22,500 | |
| Closing stock | 69,000 |
The solution of Question No 07 Chapter No 17:-
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To opening Stock A/c | 82,000 | By Sales | 6,22,500 | ||
| To Purchases less return | 3,43,900 | ||||
| To Custom duty | 13,456 | To Closing Stock | 69,000 | ||
| To clearing charges | 554 | ||||
| To Loading and unloading | 320 | ||||
| To Productive wages | 75,000 | ||||
| To Factory rent | 9,200 | ||||
| To Foreman & supervisor’s salary | 18,600 | ||||
| To Dock dues | 600 | ||||
| To Freight & carriage | 8,750 | ||||
| To Octroi Duty | 650 | ||||
| To Royalty | 1,200 | ||||
| To Factory insurance | 800 | ||||
| To Fuel gas & water | 6,500 | ||||
| To Gross Profit | 1,29,970 | ||||
| 6,91,500 | 6,91,500 | ||||
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
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Chapter No. 17 – Financial Statements – (Without Adjustments)