Question
How are Prepaid Expenses shown in the Final Accounts?
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|
|
₹
|
|
Cash Sales
|
35,000
|
|
Credit Sales
|
40,000
|
|
|
₹
|
|
₹
|
|
Purchase
|
1,20,000
|
Closing Stock
|
30,000
|
|
Sales
|
1,90,000
|
Carriage Inwards
|
7,000
|
|
Return Inward
|
10,000
|
Rate of Gross Profit on Sales
|
40%
|
|
Return Outward
|
4,000
|
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |