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3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.
4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.
In this connection, Raman paid 10% of the list price
5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.?
4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.
In this connection, Raman paid 10% of the list price
5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.?
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3.Life Insurance premium paid for employees, Rs.10,000 and for proprie...
1. Life Insurance Premium Paid
The life insurance premium paid for employees and the proprietor is categorized as an expense for the business.
- Employees: Rs. 10,000
- Proprietor: Rs. 2,000
This combined expense of Rs. 12,000 will be accounted for as part of the employee benefits in the profit and loss statement, impacting the overall profitability of the business.
2. Order Placement with Rakesh
Raman has placed an order for goods with a list price of Rs. 1,00,000, making an advance payment of 10% via cheque.
- Total List Price: Rs. 1,00,000
- Advance Paid: 10% of Rs. 1,00,000 = Rs. 10,000
This transaction will be recorded as a purchase order and accounts payable until the goods are received and the remaining payment is made.
3. Supply of Goods to Sanjay
Goods costing Rs. 3,600 were supplied to Sanjay, with an invoice issued at 20% above cost, less a 10% trade discount.
- Cost of Goods: Rs. 3,600
- Markup: 20% of Rs. 3,600 = Rs. 720
- Selling Price before Trade Discount: Rs. 3,600 + Rs. 720 = Rs. 4,320
- Trade Discount: 10% of Rs. 4,320 = Rs. 432
- Final Invoice Amount: Rs. 4,320 - Rs. 432 = Rs. 3,888
This final amount will be recorded as revenue from sales, contributing positively to the business's financials.
In summary, all these transactions reflect important aspects of financial management, including expense management, procurement, and sales revenue generation.
The life insurance premium paid for employees and the proprietor is categorized as an expense for the business.
- Employees: Rs. 10,000
- Proprietor: Rs. 2,000
This combined expense of Rs. 12,000 will be accounted for as part of the employee benefits in the profit and loss statement, impacting the overall profitability of the business.
2. Order Placement with Rakesh
Raman has placed an order for goods with a list price of Rs. 1,00,000, making an advance payment of 10% via cheque.
- Total List Price: Rs. 1,00,000
- Advance Paid: 10% of Rs. 1,00,000 = Rs. 10,000
This transaction will be recorded as a purchase order and accounts payable until the goods are received and the remaining payment is made.
3. Supply of Goods to Sanjay
Goods costing Rs. 3,600 were supplied to Sanjay, with an invoice issued at 20% above cost, less a 10% trade discount.
- Cost of Goods: Rs. 3,600
- Markup: 20% of Rs. 3,600 = Rs. 720
- Selling Price before Trade Discount: Rs. 3,600 + Rs. 720 = Rs. 4,320
- Trade Discount: 10% of Rs. 4,320 = Rs. 432
- Final Invoice Amount: Rs. 4,320 - Rs. 432 = Rs. 3,888
This final amount will be recorded as revenue from sales, contributing positively to the business's financials.
In summary, all these transactions reflect important aspects of financial management, including expense management, procurement, and sales revenue generation.
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3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.?
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3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.?.
3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.?.
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3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.?, a detailed solution for 3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.? has been provided alongside types of 3.Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.? theory, EduRev gives you an
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