CA Foundation Exam > CA Foundation Questions > The profit and loss account of Himanshu Rana ...
Start Learning for Free
The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30?
Most Upvoted Answer
The profit and loss account of Himanshu Rana profit of Rs.60,000 after...
Profit and Loss Account Analysis
The profit and loss account of Himanshu Rana shows a profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019. However, upon scrutiny of the foyer book, the following discrepancies were found:
1. First Purchase:
- Rs.1,500 was paid for new electric waiting for the shop.
- This amount should be included as an expense in the profit and loss account.
2. Second Him and Gave Away:
- An item valued at Rs.4,000 was given away as a temple donation.
- This transaction was not recorded in the books of account.
- The value of the item should be deducted from the closing stock.
3. Invoice for Goods:
- Goods worth Rs.25,000 were invoiced on 37 March 2019.
- However, the goods were included in the stock as of 31 March 2019.
- The value of these goods should be deducted from the closing stock.
4. Sale of Goods:
- Goods worth Rs.20,000 were sold and delivered in March 2019.
- However, they were not included in the profit and loss account.
- The sales value of these goods should be included in the profit and loss account.
5. Good Cottington Thousand:
- It is unclear what is meant by "Good Cottington Thousand."
- This information needs to be clarified in order to determine its impact on the profit and loss account.
Calculation of Adjusted Profit:
- The adjustments mentioned above need to be made to the profit and loss account to determine the adjusted profit.
- The adjusted profit can be calculated by subtracting the total adjustments from the initial profit.
Margin of Profit:
- The profit margin can be calculated by dividing the adjusted profit by the sales value and multiplying by 100.
- In this case, the profit margin is 33.30%.
Conclusion:
- After considering the discrepancies found in the scrutiny of the foyer book, the profit and loss account needs to be adjusted accordingly.
- The adjusted profit and profit margin can then be calculated based on the adjustments made.
- It is important to accurately record all transactions in the books of account to ensure the financial statements reflect the true financial position of the business.
The profit and loss account of Himanshu Rana shows a profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019. However, upon scrutiny of the foyer book, the following discrepancies were found:
1. First Purchase:
- Rs.1,500 was paid for new electric waiting for the shop.
- This amount should be included as an expense in the profit and loss account.
2. Second Him and Gave Away:
- An item valued at Rs.4,000 was given away as a temple donation.
- This transaction was not recorded in the books of account.
- The value of the item should be deducted from the closing stock.
3. Invoice for Goods:
- Goods worth Rs.25,000 were invoiced on 37 March 2019.
- However, the goods were included in the stock as of 31 March 2019.
- The value of these goods should be deducted from the closing stock.
4. Sale of Goods:
- Goods worth Rs.20,000 were sold and delivered in March 2019.
- However, they were not included in the profit and loss account.
- The sales value of these goods should be included in the profit and loss account.
5. Good Cottington Thousand:
- It is unclear what is meant by "Good Cottington Thousand."
- This information needs to be clarified in order to determine its impact on the profit and loss account.
Calculation of Adjusted Profit:
- The adjustments mentioned above need to be made to the profit and loss account to determine the adjusted profit.
- The adjusted profit can be calculated by subtracting the total adjustments from the initial profit.
Margin of Profit:
- The profit margin can be calculated by dividing the adjusted profit by the sales value and multiplying by 100.
- In this case, the profit margin is 33.30%.
Conclusion:
- After considering the discrepancies found in the scrutiny of the foyer book, the profit and loss account needs to be adjusted accordingly.
- The adjusted profit and profit margin can then be calculated based on the adjustments made.
- It is important to accurately record all transactions in the books of account to ensure the financial statements reflect the true financial position of the business.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Top Courses for CA FoundationView all
The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30?
Question Description
The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? 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 The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30?.
The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? 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 The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30?.
Solutions for The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? defined & explained in the simplest way possible. Besides giving the explanation of
The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30?, a detailed solution for The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? has been provided alongside types of The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? theory, EduRev gives you an
ample number of questions to practice The profit and loss account of Himanshu Rana profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31 March 2019 subsequently the following information was obtained from scrutiny of the foyer book 1st purchase for the year included Rs.1500 paid for new electric waiting for the shop second him and gave away but valued at Rs.4000 as the temple for which no entry was made in the books of account third invoice for goods amount into Rs.25,000 have been entered on 37 March 2019 but the goods were included in stock “in March 2019 goods of Rs.20,000 sold and delivered well taken in the sun for April 2019 good Cottington thousand find it where is it on sale of written in March 2019 at margin of profit of 33.30? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup