Calculate the current assets from the following information
A>credit sales Rs.2,00,000
B>G.P.ratio 20%
c>stock turnover 5 times.
D>Current liabilities Rs.60,000
E>Quick ratio 0.75
Stock at the end Rs.5000 was more than the stock in the
beginning.
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Answer / mahesh25
From the following profit and loss account of a concern compute cast from operations:
Profit and Loss account on 31.12.2009
Rs Rs
To salaries 5,000 Gross profit 25,000
To Rent 1,000 Profit on sale of land 5,000
To Depreciation 2,000 By income tax refunded 3,000
To Loss on sale of machinery 1,000
To goodwill written off 4,000
To proposed dividend 5,000
To provision for taxation 5,000
Net profit 10,000
33,000 33,000
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DEAR ALL, HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know whether it is correct or not. If correct, in my individual ledger no entry is reflected. Alternatively, if I debit my self and credit petty cash a/c it is reflected in the P & L Account, but it is not an expense. and not reflected in the balance sheet, but reflected in P & L. I think I need to put a journal entry. Like debiting the salary account and crediting the salary advance account. Is this correct or not? Can any one help me please. my mail add: cdvijay100@yahoo.co.in or kmlnkml@live.com
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