3 Marks Question

Question 13 Marks

Extracts of Trial Balance as on 31st March, 2013
Name of Accounts	Debit Balance(Rs)	Credit Balance(Rs)
Commission Received		9,000

Additional Information
Commission earned but not received Rs 1,800 .
Pass an adjusting entry and show how will this appear in final accounts.

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Question 23 Marks

Prepare Trading Account as on $31^{\text {st }}$ March, 2023 from the following balances:

	₹
Stock on 1st April, 2022	10,000
Sales Return	5,000
Sales	2,00,000
Wages	11,000
Purchases	2,00,000
Purchases Return	2,500
Carriage Inwards	1,500
Carriage Outwards	3,000
Freight Inwards	2,500

The Closing Stock of goods as on $31^{\text {st }}$ March, 2023 is ₹ 20,000.

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Question 33 Marks

Operating profit earned by M/s Arora & Sachdeva in 2016-17 was ₹ $17,00,000$. Its non-operating incomes were $₹ 1,50,000$ and non-operating expenses were ₹ $3,75,000$. Calculate the amount of net profit earned by the firm.

Answer

Operating Profit $=$ Net Profit + Non-operating Expenses - Non-operating Income
Operating profit $($ Given $)=17,00,000$
Non-operating income $=1,50,000$
Non-operating expenses $=3,75,000$
Hence, Net profit =17,00,000 + 1,50,000 - 3,75,000 = ₹ 14,75,000.

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