Tag: adjustments in preparation of financial statements
Questions Related to adjustments in preparation of financial statements
Interest on capital is ______ for a business concern.
From the following details calculate the net profit after charging managerial commission.
Net profit before charging managerial commission Rs.65,000
Managerial commission 11% after charging such commission.
From the following details, how much should be charged to profit and loss a/c as bad debts during the current year.
provisions for bad debts A/c at the beginning of the year Rs.20,000
Actual bad debts during year Rs.19,000
Debtors balance at the end of the year Rs.80,000
Previsions for bad debts to be made @5% of total debtors.
The capital of a sole trader would change as a result of ____________________.
From the following details calculate the managerial commission, if the managerial commission is 11% net profit before charging such commission.fore
Net profit before charging managerial commission Rs.65,000
The adjustment to be made for interest on drawings is ________________.
In the Trial Balance, are shown Debtors Rs. 2,400, Bad Debts Rs. 221, Bad Debts Reserve Rs. 324. For creating a Reserve for Doubtful Debts @10% on debtors, the P & L A/c will be debited by __________.
If the manager is entitled to a commission of 5% on profits before deducting this commission, he will get a commission of Rs. ________on a profit of Rs. 8,400.
If the manager is entitled to a commission of $5\%$ on profits before deducting this commission, he will get a commission of Rs. __________ on a profit of Rs. 8400.
The manager of a firm is entitled to a commission of $10$% on the net profit after his commission. If the profit of the firm before charging commission is $ Rs. 3,30,000$, the amount of manager's commission will be_________.