Depreciation — Account STD 11 Commerce — Question

State the usual adjustments that have to be made when final accounts are prepared.

What are Indirect Expenses? Give two examples.

Calculate Net Sales and G.P. from the following: Cost of Goods Sold ₹ 4,50,000, G.P. 25% on Sales.

What is meant by Statement of Affairs?

What is meant by Outstanding Expenses? Give its adjusting entry.

Calculate the amount of Gross Profit when the net loss is ₹ 75,000, Operating Expenses are ₹ 1,20,000 and Sales are ₹ 3,00,000.

A firm sells goods at Cost plus 25%. Sales to credit customers (3/4 of total) was ₹ 1,80,000. His Opening and Closing Stocks were ₹ 20,000 and ₹ 15,000 respectively. Find out the value of Purchases.

What do you understand by Tailor-Made Software?

Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was ₹ 2,50,000 and his capital on 31st December, 2016 was ₹ 4,25,000. He further informs you that during the year he gave a loan of ₹ 30,000 to his brother on private account and withdrew ₹ 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ ₹ 1,800 per month and electricity charges at an average of 10% of rent per month were paid from the business account. During the year he sold his 7% Government Bonds of ₹ 50,000 at 1% premium and brought that money into the business.
Prepare a Statement of Profit or Loss for the year ended 31st December, 2016.