Loss

Q. From the following information prepare Trading Account for the year ended 31st March, 2018:

	₹		₹
Stock on 1st April, 2017	40, 000	Returns Outward	80, 000
Purchases	4, 00, 000	Wages and Salaries	50, 000
Sales	3, 80, 000	Returns Inward	20, 000
Carriage Inwards	20, 000	Stock on 31st March, 2018	1, 30, 000

Net Realisable Value (Market Value) of stock as on 31st March, 2018 was ₹ 1, 20, 000.

Q. A firm sells goods at a Gross profit of 25% of sales. On 1st April, 2017 the Stock was ₹40, 000; Purchases were ₹1, 10, 000 and the Stock on 31st March, 2018 was ₹30, 000. What was the value of Sales?

Q. Journalise the following transactions of Rakesh Agencies, Delhi (Proprietor Shri Rakesh):

2018 Jan 1 Jan 2 Jan 5 Jan 7 Jan 10 Jan 15 Jan 20 Jan 25 Jan 27 Jan 28 Jan 31 Jan 31

Rakesh commenced business with cash Purchased goods for cash Purchased goods from Mohan, Delhi on credit Opened bank account with Bank of India Purchased furniture for office Sold goods for cash Sold goods to Ram, Delhi on credit Cash sales Paid to Mohan on account Ram returns goods Paid Salaries Rejected and returned 10% of goods supplied by Mohan

₹ 50, 000 10, 000 6, 000 10, 000 2, 000 8, 000 5, 000 3, 500 3, 000 500 9, 000