CBSE > Class 11 > Accountancy | CBSE Board | Homework Help

Gross Profit = Sales - Cost of Goods Sold As per question, 25% of COGS = 120000 which means COGS = 120000/25% = 480000. Now we have got 2 figures, COGS = 480000 and GP = 120000. Sales = COGS + GP = 480000+120000 = 600000 Hope it helps.

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The following balances are appearing in the books of Mr. X on 1.4.2014. Plant Rs.10,00,000 & provision for depreciation Rs. 1,92,000. Depreciation charged @ 20% by written down value method. A part of plant purchased on 1.4.2013 for Rs. 2,00,000 sold on 1.10.2014 for Rs. 1,20,000. Calculate the amount of depreciation to be transferred from provision for depreciation to asset (plant) a/c. Rs. 80,600 Rs. 42,400 Rs. 56,000 Rs. 40,000

Posted by Anjali Garg 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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On Jul 2020. A sold in B gonds for 43,000. i paid 3,000 hey there and accepted 2 bills of 15,000 and 25,000 for 2 months and 3 months respectively Aher 10 days A endorsed the first bill to C in full satisfaction for a debt of 15,100 On 16 August 2020, A Discounted the second bill with his bank at 6% per anaum. Both the bills were dishonoured. Noting charges being 40 and e 60 respectively Pass journal entries in the books of A, B and C.

Posted by Maneek Singh 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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lance a firm did not match and difference was placed in Suspense Account wing errors were subsequently identified: Sales Book was overcasted by ? 200. de sold to Manohar for 550 was posted as 5,500. Purchases Book was overcasted by 800. Purchases Return Book was carried forward as ? 1,220 instead of 1,120.

Posted by Maneek Singh 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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on 1st April 2018 following balance appeared in the books of MS Krishna traders furniture account 50000 provision for depreciation account 20000 on 1st October 2018 of part of furniture purchased for rupees 20000 on 1st April 2014 war sold for rupees 5000 on the same did you furniture costing rupees 25000 was purchased the depreciation was provided 10% as original cost of asset prepare furniture account provision for depreciation account for the year ended 31st March

Posted by Meenakshi Singh 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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In which case purchase will be credited?

Posted by Piyush Saha 4 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Kashish Passi 4 years, 8 months ago

purchase credited when something is paid by goods like goods given to donation, owner withdraw goods for personal use. In other word when purchase(expense)will decrease it will be credited

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Ankita Dewangan 4 years, 9 months ago

Purchase will never be credited. If credited than its not Purchase it will be Purchase return.

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Bhai accounting ka paper 20 ko hai dar lag raha hai kya kiya jaye

Posted by Yash Mishra 4 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Diksha Gupta 4 years, 9 months ago

I am a commerce student?first of all you don't worry just be clear with the important topics

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? Royal Thakur ? 4 years, 9 months ago

Look i am not a commercian but till i know accountancy is based on formulas so firstly remember all the formulas ... And solve question based on that formulas .... Go ahead all the best .. Keep calm ..and B+...

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What is vou her

Posted by Priyanshi Khattri Khattri 4 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Ankita Dewangan 4 years, 9 months ago

Voucher is a proof of occurrence of a business transaction.

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Sri bharata hola a retail trader keeps

Posted by Zaheer Khan 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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What is objective of accounting information

Posted by Vaishnav S 4 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Ankita Dewangan 4 years, 9 months ago

To ascertain profit and loss of a business To ascertain financial position of a business

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Himanshi . 4 years, 9 months ago

To ascertain profit and loss..

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Which of the following is assumption for IFRS? a. Going Concern Assumption b. Accrual Assumption c. Measuring Unit Assumption d. All of the above

Posted by Sanjay Kumar 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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Record the following transactions in the journal 1. Bought a horse for delivering goods to customers ₹ 18000. 2. Sold goods to suresh on credit ₹ 100000. 3. Received cheque for ₹ 98000 from suresh in full settlement of account which was banked on same day. 4. An old machine of book value ₹50000 is exchanged for a new machine costing ₹ 120000. The old machine is valued for ₹ 40000 by HMT Ltd. 5. Cheque received from suresh was dishonoured due to his insolvency. 6. The official receiver from suresh paid 60 paisa in a rupee by cheque which was honoured. 7. Depreciation machinery by ₹ 8000. 8. Salary due to clerk ₹ 2000. 9. Uneared commission (commission received in advance) ₹ 1000. 10. Received V.P.P. from Gopal for ₹ 100 to peon who paid conveyance charge to collect it.

Posted by Garima Jain 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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Explain accounting process??

Posted by Jaspreet Kaur 4 years, 9 months ago

CBSE > Class 11 > Accountancy

3 answers

Ankita Dewangan 4 years, 9 months ago

Accounting is a systematic process of measuring, recording, classifying, summarizing, communication of its information to the user

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Anurag Mundra 4 years, 9 months ago

Accounting is an art of recording and classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part atleast of a financial character and interpreting the result thereof.

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Vaibhavi Tripathi 4 years, 9 months ago

Journal , Trial balance , Ledger , trading and p/l ac then balance sheet

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INCORRECT CORRECT Miss Sullivan had himself been blind for the time but had recovered her eyesight. Her experience in blindness had given her a sympathy for blind children but she determines to spend her whole life to helped at least one blind child to acquire the benefits of educating. To Helen Miss Sullivan became a light of her life.

Posted by I Abhishek.B -2 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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On 1st April,2016,a Green Ltd. purchased a machinery for Rs 1,20,000 and on 30th September,2017, it acquired a additional machinery at a cost Rs. 20,000. On 30th June,2018, one of the original machine which had cost Rs. 5000 was found have become obsolete and was sold as a scrap for rs. 500 . It was replaced on that date by a new machine costing rs. 8000. Depreciation is to be provided @ 15% p.a. on the written down value. Accounts are closed on 31st March every year. Show machinery account for first three years

Posted by Chirag Sood 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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What is single entry system? What is the different between single entry system and balance sheet.?

Posted by Bidonskhem Kharthangmaw 4 years, 9 months ago

CBSE > Class 11 > Accountancy

0 answers

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Journal entry for rent paid in advance for the next year

Posted by Anshika Sharma 4 years, 9 months ago

CBSE > Class 11 > Accountancy

3 answers

Kashish Passi 4 years, 8 months ago

prepaid rent a/c dr To cash a/c

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Ankit Agarwal 4 years, 9 months ago

Correct Journal Entry will be : Although amount is not mentioned in your question but i am assuming Rs. 6000 for the entire year Prepaid Rent A/C - Dr 6000 To Cash A/C 6000 (Being rent paid in advance for next year) Prepaid Rent will go to Balance Sheet as this is an Asset from the perspective that you have made the payment today for a benefit to be received in future. Crediting Cash means reducing Cash Balance Next Year - Below Journal will be passed: Rent A/c - Dr 6000 To Prepaid Rent 6000 (Being rent expense recognized) This Rent is an expense and will be transferred to Profit & Loss Statement. Crediting Prepaid Rent will knock off the Prepaid Rent debited last year. Hope it helps. Thanks CA Ankit Agarwal

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Himanshi . 4 years, 9 months ago

Rent prepaid a/c dr. To rent a/c

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Commenced businesse with cash 100000

Posted by Deepak Yadav 4 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Aditya Maheshwari 4 years, 9 months ago

Cash A/c Dr.100000 To Capital A/c 100000 (Being business started with cash)

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Anshika Sharma 4 years, 9 months ago

Cash A/c. Dr. 100000 To Capital A/c. 100000

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I need Rspl paper

Posted by Aj Tomar 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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A well-known business firm of Mr. Henry Lawrence appointed Shri Vinod Kumar as an accountant of the firm. At the end of the accounting year Vinod has prepared all the accounts and financial statement of the firm. Name any two internal users to whom Vinod will submit the accounting information.

Posted by Palvi Rabadiya 4 years, 9 months ago

CBSE > Class 11 > Accountancy

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Differentiate between voucher and source document

Posted by Chhavi 27 4 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Himanshi . 4 years, 9 months ago

Voucher: it is a legal document of business transaction. Source document: it is a document of transactions

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What id difference between accountancy and accounting?

Posted by Chhavi 27 4 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Nikhil Dwivedi 4 years, 9 months ago

Accountancy is subject matter where as accounting is the art of recording, classifying ,summarising economic transaction of an organisation due to this an organisation know it's financial Position

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What is the importance of accounting standards in accountancy?

Posted by Chhavi 27 4 years, 8 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 4 years, 8 months ago

Accounting standards ensure the financial statements from multiple companies are comparable. Because all entities follow the same rules, accounting standards make the financial statements credible and allow for more economic decisions based on accurate and consistent information.

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Define term revenue

Posted by Mahek Patel 4 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Janvi Bhadouriya 4 years, 9 months ago

Income from sale

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Aditya Maheshwari 4 years, 9 months ago

Revenue is the income generated from normal business operations and includes discounts and deductions for returned merchandise. It is the top line or gross income figure from which costs are subtracted to determine net income.

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On 1 st April, 2014,VeeruLtd. purchased amachinery forrs. 2,50,000 and spent rs. 50,000 on itsinstallation. On 1 st July, 2016 1/3rd of machinery purchasedon1stApriI,2014wassoldfor rs. 15,000 and a newmachinery at the cost of rs. 2,00,000 was purchased on the same date. The com- pany has adopted themethod of providing depreciation @15% p.a. on straight line method. Show the machinery account for three years ended on 31st March, 2015 to 31st March, 2017

Posted by Tanishq Sharma 4 years, 9 months ago

CBSE > Class 11 > Accountancy