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From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200?
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From the following information prepare pravenns account as on 31–03–20...
Praveen's Account as on 31-03-2018
1. Opening Balance:
- On March 7, the balance due from Praveen was $3,500.
2. Transactions:
- On March 7, goods worth $1,500 were sold to Praveen.
- On March 10, goods worth $1,000 were purchased from Praveen.
- On March 15, a cash payment of $800 was made to Praveen.
- On March 23, a cash receipt of $500 was received from Praveen.
- On March 23, goods worth $200 were returned to Praveen.
3. Calculation:
To prepare Praveen's account as on March 31, 2018, we need to consider all the transactions and calculate the closing balance.
- Opening Balance: $3,500
- Sales: $1,500
- Purchases: $1,000
- Cash Payment: $800
- Cash Receipt: $500
- Goods Returned: $200
4. Closing Balance:
To calculate the closing balance, we need to add the opening balance and deduct the total expenses (sales, purchases, cash payment) and add the total income (cash receipt) along with the adjustment for returned goods.
Opening Balance: $3,500
Sales: -$1,500
Purchases: -$1,000
Cash Payment: -$800
Cash Receipt: +$500
Goods Returned: +$200
Closing Balance = Opening Balance + Income - Expenses
Closing Balance = $3,500 + $500 + $200 - ($1,500 + $1,000 + $800)
Closing Balance = $3,500 + $500 + $200 - $3,300
Closing Balance = $900
Therefore, the closing balance in Praveen's account as on March 31, 2018, is $900.
Summary:
Praveen's account as on March 31, 2018, shows an opening balance of $3,500. The transactions include sales of $1,500, purchases of $1,000, cash payment of $800, cash receipt of $500, and goods returned of $200. After considering all the transactions, the closing balance in Praveen's account is $900.
1. Opening Balance:
- On March 7, the balance due from Praveen was $3,500.
2. Transactions:
- On March 7, goods worth $1,500 were sold to Praveen.
- On March 10, goods worth $1,000 were purchased from Praveen.
- On March 15, a cash payment of $800 was made to Praveen.
- On March 23, a cash receipt of $500 was received from Praveen.
- On March 23, goods worth $200 were returned to Praveen.
3. Calculation:
To prepare Praveen's account as on March 31, 2018, we need to consider all the transactions and calculate the closing balance.
- Opening Balance: $3,500
- Sales: $1,500
- Purchases: $1,000
- Cash Payment: $800
- Cash Receipt: $500
- Goods Returned: $200
4. Closing Balance:
To calculate the closing balance, we need to add the opening balance and deduct the total expenses (sales, purchases, cash payment) and add the total income (cash receipt) along with the adjustment for returned goods.
Opening Balance: $3,500
Sales: -$1,500
Purchases: -$1,000
Cash Payment: -$800
Cash Receipt: +$500
Goods Returned: +$200
Closing Balance = Opening Balance + Income - Expenses
Closing Balance = $3,500 + $500 + $200 - ($1,500 + $1,000 + $800)
Closing Balance = $3,500 + $500 + $200 - $3,300
Closing Balance = $900
Therefore, the closing balance in Praveen's account as on March 31, 2018, is $900.
Summary:
Praveen's account as on March 31, 2018, shows an opening balance of $3,500. The transactions include sales of $1,500, purchases of $1,000, cash payment of $800, cash receipt of $500, and goods returned of $200. After considering all the transactions, the closing balance in Praveen's account is $900.
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From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200?
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From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200?.
From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information prepare pravenns account as on 31–03–2018 2018 march 7 balance due from praveen 3,500. 7 sold goods to praveen 1,500. 10 purchased goods from praveen 1,000. 15 paid cas to praveen 800. 23 received cash from praveen 500. 23 returned goods to praveen 200?.
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