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Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000?
Most Upvoted Answer
Following is the information provided by Mr. Gopi pertaining to year e...
Solution:
Unknowns to be calculated:
1. Capital at the end of the year
2. Total Sales during the year
3. Cost of Goods Sold during the year
4. Total Expenses during the year
Computation:
1. Capital at the end of the year
- Closing Capital = Opening Capital + Capital Introduced during the year + Profit/Loss during the year
- Given, Opening Capital = 10,00,000
- Given, Capital Introduced during the year = 1,00,000
- Profit/Loss during the year = Loss incurred during the year = 35,000
- Hence, Closing Capital = 10,00,000 + 1,00,000 - 35,000 = 10,65,000
2. Total Sales during the year
- We do not have any information regarding Total Sales during the year. Hence, it cannot be calculated.
3. Cost of Goods Sold during the year
- Cost of Goods Sold = Opening Inventory + Purchases during the year - Closing Inventory
- Given, Opening Inventory = 60,000
- We do not have any information regarding Purchases during the year. Hence, it cannot be calculated.
- Given, Closing Inventory = Inventory = 60,000
- Hence, Cost of Goods Sold = 60,000 + Purchases during the year - 60,000 = Purchases during the year
4. Total Expenses during the year
- Total Expenses during the year = Cost of Goods Sold + Other Expenses + Loss incurred during the year
- Given, Cost of Goods Sold = Purchases during the year (which is unknown)
- We do not have any information regarding Other Expenses. Hence, it cannot be calculated.
- Given, Loss incurred during the year = 35,000
- Hence, Total Expenses during the year = Purchases during the year + Other Expenses + 35,000
Therefore, only two unknowns out of the four can be calculated, and the other two cannot be calculated due to lack of information.
Unknowns to be calculated:
1. Capital at the end of the year
2. Total Sales during the year
3. Cost of Goods Sold during the year
4. Total Expenses during the year
Computation:
1. Capital at the end of the year
- Closing Capital = Opening Capital + Capital Introduced during the year + Profit/Loss during the year
- Given, Opening Capital = 10,00,000
- Given, Capital Introduced during the year = 1,00,000
- Profit/Loss during the year = Loss incurred during the year = 35,000
- Hence, Closing Capital = 10,00,000 + 1,00,000 - 35,000 = 10,65,000
2. Total Sales during the year
- We do not have any information regarding Total Sales during the year. Hence, it cannot be calculated.
3. Cost of Goods Sold during the year
- Cost of Goods Sold = Opening Inventory + Purchases during the year - Closing Inventory
- Given, Opening Inventory = 60,000
- We do not have any information regarding Purchases during the year. Hence, it cannot be calculated.
- Given, Closing Inventory = Inventory = 60,000
- Hence, Cost of Goods Sold = 60,000 + Purchases during the year - 60,000 = Purchases during the year
4. Total Expenses during the year
- Total Expenses during the year = Cost of Goods Sold + Other Expenses + Loss incurred during the year
- Given, Cost of Goods Sold = Purchases during the year (which is unknown)
- We do not have any information regarding Other Expenses. Hence, it cannot be calculated.
- Given, Loss incurred during the year = 35,000
- Hence, Total Expenses during the year = Purchases during the year + Other Expenses + 35,000
Therefore, only two unknowns out of the four can be calculated, and the other two cannot be calculated due to lack of information.
Community Answer
Following is the information provided by Mr. Gopi pertaining to year e...
Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the
unknowns, showing computation to support your answer:
Particulars ` Particulars `
Machinery 12,00,000 Trade Receivables B
Accounts Payable 1,00,000 Loans C
Inventory 60,000 Closing Capital D
Total Liabilities including
capital
14,15,000 Opening Capital 10,00,000
Cash A Loss incurred during the
year
35,000
Bank 80,000 Capital Introduced during
the year
1,00,000
unknowns, showing computation to support your answer:
Particulars ` Particulars `
Machinery 12,00,000 Trade Receivables B
Accounts Payable 1,00,000 Loans C
Inventory 60,000 Closing Capital D
Total Liabilities including
capital
14,15,000 Opening Capital 10,00,000
Cash A Loss incurred during the
year
35,000
Bank 80,000 Capital Introduced during
the year
1,00,000
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Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000?
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Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000?.
Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Following is the information provided by Mr. Gopi pertaining to year ended 31st March 2017. Find the unknowns, showing computation to support your answer: Particulars ` Particulars ` Machinery 12,00,000 Trade Receivables B Accounts Payable 1,00,000 Loans C Inventory 60,000 Closing Capital D Total Liabilities including capital 14,15,000 Opening Capital 10,00,000 Cash A Loss incurred during the year 35,000 Bank 80,000 Capital Introduced during the year 1,00,000?.
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