Net profit before the flowing adjustments $=$ Rs. $1, 80, 000$
Outstanding salary $=$ Rs. $10, 000$
Prepaid insurance $=$ Rs. $13, 000$
Calculate profit after adjustments.

Rs.

1, 77, 000

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Rs.

183, 000

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Rs.

2, 03, 000

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None of the above

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Solution

The correct option is B Rs. $183, 000$
Net profit before adjustments 1,80,000
less:- outstanding salary (10,000)
Add:- Prepaid insurance 13,000
------------------
Net profit after adjustment 1,83,000

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Similar questions

Give the journal entries for the following adjustments-

(a)Outstanding salary Rs. 3,500.

(b)Rent unpaid for one month at Rs. 6,000 per annum.

(c)Insurance prepaid for a quarter at Rs. 16,000 per annum.

(d)Purchase of furniture costing Rs. 7,000 entered in the purchase book.

Outstanding expenses as at the end of the financial year are Rs. 40,000 which are given in adjustments. The profit before taking this into consideration is Rs. 8,00,000. What is the correct profit?

Q. 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 :

A & B are partners. The net divisible profit as per profit & loss appropriation account is Rs 2,50,000. The total interest on partners drawings is Rs 4,000. A's salary is Rs 4,000 per quarter & B`s salary is Rs 40,000 per annum. Calculate the net profit/ loss for the year.

Q. Net profit = Rs. 19,000
Non operating expenses = Rs. 500
Non operating incomes = Rs. 0
Using above information calculate Operating profit.

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Net profit before the flowing adjustments = Rs. 1,80,000Outstanding salary =Rs. 10,000Prepaid insurance = Rs. 13,000Calculate profit after adjustments.

The correct option is B Rs. 183,000Net profit before adjustments 1,80,000less:- outstanding salary (10,000)Add:- Prepaid insurance 13,000 ------------------Net profit after adjustment 1,83,000

Net profit before the flowing adjustments $=$ Rs. $1, 80, 000$
Outstanding salary $=$ Rs. $10, 000$
Prepaid insurance $=$ Rs. $13, 000$
Calculate profit after adjustments.

The correct option is B Rs. $183, 000$
Net profit before adjustments 1,80,000
less:- outstanding salary (10,000)
Add:- Prepaid insurance 13,000
------------------
Net profit after adjustment 1,83,000