3 Marks Question

Question 13 Marks

Give the adjustment entry and accounting treatment of the following items while preparing financial statements:
i. Outstanding Salaries
ii. Accrued Interest

Answer

Accounting treatment of items are as follows:-

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Question 23 Marks

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.

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Question 33 Marks

In a burglary at the godown of Sunshine Traders on the night of 14th July, 2023,part of the stock was stolen.
From the following particulars, find out the estimated value of loss of stock by theft

	₹
Stock on 1st April, 2023	60,000
Purchases from 1st April to 14th July, 2023	4,10,000
Sales from 1st April to 14th July, 2023	6,00,000
Stock remaining after a burglary	12,000

The normal rate of gross profit for his business is $30 \%$ of the selling price.

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Account 3 Marks Question

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