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Standard XII

Accountancy

Allotment of Shares

Gross Profit ...

Question

Gross Profit Rs 1,20,000, Rent Rs 10,000, Salary Rs 30,000, Commission paid Rs 14,000 Interest on Loan Rs 10,000. Advertising Rs 8,000, Discount received Rs 6,000, Printing & Stationery Rs 4,000, Legal charges Rs 10,000, Bad Debts Rs 2,000, Depreciation Rs 4,000, Interest received Rs 8,000, Loss by life Rs 6,000. The net Profit for the year is :

Rs. 36,000

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Rs. 42,000

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Rs. 40,000

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None

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Solution

The correct option is A Rs. 36,000
Gross profit 1,20,000
Add:- Non operating incomes
Interest received 6,000
Discount received 8,000
------------------
1,34,000
Less:- Operating expenses
Salaries 30,000
Rent 10,000
Commission paid 14,000
Interest on loan 10,000
Printing and stationary 4,000
Bad debts 2,000
Depreciation 4,000
Loss on sale of fixed asset 6,000
Advertising 8,000
Legal charges 10,000
------------------
Net Profit 36,000

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Similar questions

Prepare Trial Balance from the following information :

Prepaid Expenses Rs. 5,000, Profit & Loss A/c (Profit) Rs. 8,000, Outstanding Rent Rs. 2,000, Bad Debts Recovered Rs. 4,000, Interest on Investment Rs. 1,000, Due to Mohan Rs. 5,000, Bank overdraft Rs. 2,000, Discount Allowed Rs. 800, Due from Vinod Rs. 1,200, Investment Rs. 15,000, Patents Rs.4,000, Machinery Rs.6,000, Capital Rs. 10,000.

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

	₹		₹
Gross Profit	1,20,000	Discount Received	6,000
Rent	5,000	Printing and Stationery	4,000
Salary	35,000	Legal Charges	10,000
Commission Paid	19,000	Bad Debts	2,000
Interest on Loan	5,000	Loss by Fire	6,000
Advertisement	8,000	Depreciation	4,000
Interest Received	8,000

Prepare Trial Balance from the following information:

Capital Rs.50,000; Bank Loan Rs.20,000; Trade payables Rs.18,000; Rent outstanding Rs.4,000. Capital reserve Rs.5,000; Commission received Rs.3,000; Bad debts Rs.5,000. Plant & Machinery Rs.60,000; Goodwill Rs.16,000; Carriage inwards Rs.2,500; Carriage outwards Rs.1,500; Trade Receivables Rs. 10,000; Profit and Loss (Dr.) Rs.5,000.

Q. When Gross Profit Rs.

5, 00, 000

, Wages Rs.

10, 000

, Cost of Goods sold Rs.

3, 00, 000

, Rent paid Rs.

25, 000

, Salaries paid Rs.

1, 00, 000

, Commission be allowed Rs.

3, 000

, Discount allowed Rs.

2, 000

, Provision for doubtful debts Rs.

5, 000

, Provision for legal damages Rs.

3, 000

, Provision for taxation Rs.

1, 50, 000

, Provision for depreciation Rs.

50, 000

and Refund of tax Rs.

2, 000

, then the amount of funds from operations is __________.

Q. From the following information, prepare Profit and Loss Account for the year ended 31st March, 2019:

	₹		₹
Gross Profit	1,20,000	Discount Received	6,000
Rent	5,000	Printing and Stationery	4,000
Salary	35,000	Legal Charges	10,000
Commission Paid	19,000	Bad Debts	2,000
Interest on Loan	5,000	Loss by Fire	6,000
Advertisement	8,000	Depreciation	4,000
Interest Received	8,000	Input IGST A/c	2,000
Output IGST A/c	1,000

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