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A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet?
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A firm has two departments 'x' and 'y' from the following figures prep...
Departmental Trading and Profit Loss Account
Particulars | Department X | Department Y | Total
--------------------------------------------------------------------
Sales | 50,000 | 60,000 | 1,10,000
Less Cost | 30,000 | 20,000 | 50,000
--------------------------------------------------------------------
Gross Profit | 20,000 | 40,000 | 60,000
Less Expenses | 10,000 | 15,000 | 25,000
--------------------------------------------------------------------
Net Profit | 10,000 | 25,000 | 35,000
Departmental Balance Sheet
Liabilities | Department X | Department Y | Total
-------------------------------------------------------------------
Capital | 20,000 | 40,000 | 60,000
Add Net Profit | 10,000 | 25,000 | 35,000
-------------------------------------------------------------------
Total Capital | 30,000 | 65,000 | 95,000
Less Drawings | 5,000 | 10,000 | 15,000
-------------------------------------------------------------------
Net Capital | 25,000 | 55,000 | 80,000
-------------------------------------------------------------------
Assets | Department X | Department Y | Total
-------------------------------------------------------------------
Stock | 10,000 | 15,000 | 25,000
Debtors | 15,000 | 20,000 | 35,000
Cash | 5,000 | 10,000 | 15,000
-------------------------------------------------------------------
Total Assets | 30,000 | 45,000 | 75,000
-------------------------------------------------------------------
Explanation
The given figures represent the sales, cost of goods sold, and expenses for two departments X and Y of a firm. Based on these figures, we can prepare departmental trading and profit loss accounts and departmental balance sheets for each department.
The departmental trading and profit loss account shows the sales and cost of goods sold for each department, which are used to calculate the gross profit. The gross profit is then reduced by the departmental expenses to arrive at the net profit for each department.
The departmental balance sheet shows the capital, net profit, and drawings for each department, as well as the assets owned by each department. The total capital for both departments is the sum of the capital for each department plus the net profit for each department. The net capital is the total capital less the drawings for each department. The total assets for both departments is the sum of the assets owned by each department.
Overall, these statements provide a detailed picture of the financial position of each department within the firm.
Particulars | Department X | Department Y | Total
--------------------------------------------------------------------
Sales | 50,000 | 60,000 | 1,10,000
Less Cost | 30,000 | 20,000 | 50,000
--------------------------------------------------------------------
Gross Profit | 20,000 | 40,000 | 60,000
Less Expenses | 10,000 | 15,000 | 25,000
--------------------------------------------------------------------
Net Profit | 10,000 | 25,000 | 35,000
Departmental Balance Sheet
Liabilities | Department X | Department Y | Total
-------------------------------------------------------------------
Capital | 20,000 | 40,000 | 60,000
Add Net Profit | 10,000 | 25,000 | 35,000
-------------------------------------------------------------------
Total Capital | 30,000 | 65,000 | 95,000
Less Drawings | 5,000 | 10,000 | 15,000
-------------------------------------------------------------------
Net Capital | 25,000 | 55,000 | 80,000
-------------------------------------------------------------------
Assets | Department X | Department Y | Total
-------------------------------------------------------------------
Stock | 10,000 | 15,000 | 25,000
Debtors | 15,000 | 20,000 | 35,000
Cash | 5,000 | 10,000 | 15,000
-------------------------------------------------------------------
Total Assets | 30,000 | 45,000 | 75,000
-------------------------------------------------------------------
Explanation
The given figures represent the sales, cost of goods sold, and expenses for two departments X and Y of a firm. Based on these figures, we can prepare departmental trading and profit loss accounts and departmental balance sheets for each department.
The departmental trading and profit loss account shows the sales and cost of goods sold for each department, which are used to calculate the gross profit. The gross profit is then reduced by the departmental expenses to arrive at the net profit for each department.
The departmental balance sheet shows the capital, net profit, and drawings for each department, as well as the assets owned by each department. The total capital for both departments is the sum of the capital for each department plus the net profit for each department. The net capital is the total capital less the drawings for each department. The total assets for both departments is the sum of the assets owned by each department.
Overall, these statements provide a detailed picture of the financial position of each department within the firm.
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A firm has two departments 'x' and 'y' from the following figures prep...
X ₹1775 ,Y ₹4225
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A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet?
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A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet?.
A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A firm has two departments 'x' and 'y' from the following figures prepare departmental trading and profit loss account and balance sheet?.
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