Answer Posted / ramesh
provision usually means any amount written off or retained
by way of providing depreciation, renewals of diminutions in
the value of assets or retained by way of providing for any
known liability of which the amount can not be determined
with substantial accuracy.
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Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
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