Question
Who are the parties to a Promissory Note?
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Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| 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 |
Interest paid is deducted from interest earned in the Profit & Loss Account. Is it a correct treatment?
Give the adjustment entry and accounting treatment of the following items while preparing financial statements:
- Outstanding Salaries.
- Accrued Interest.
What do you understand by Operating Profit? How is it calculated?
OR
What is meant by Operating Profit?
OR
What is meant by Operating Profit?
From the following information, calculate capital at the beginning: 
What is Invoice?
What journal entry will be passed for prepaid insurance?
From the following particulars, ascertain the value of Closing Stock :
→|
|
₹
|
|
₹
|
|
Opening Stock
|
40,000
|
Sales
|
4,80,000
|
|
Purchase
|
2,50,000
|
Carriage Outward
|
4,000
|
|
Carriage Inwards
|
6,000
|
|
|
|
Wages
|
52,000
|
Rate of Gross Profit on sales
|
$33\frac{1}{3}\% $
|
What is meant by Unearned Income?
Give two examples of Capital Expenditure.