Qualification > Commerce
Accounts p1 doubts here!
Crooked:
--- Quote from: aaakhtar19 on June 02, 2011, 11:45:44 pm ---leaving tha forum
gud luck to all of US
hope it wud b ezy
atleast for US :P :P
--- End quote ---
Best of luck. Not just easy. Yuh should be able to do it. So pray no matter how difficult the paper is, yuh are capable of completing it with ease. :D
All of yuh will ace it, IA. (:
Dasith:
--- Quote from: Crooked on June 02, 2011, 10:45:13 pm ---Okkay, so fer q9 the only logical explanation could be this. Yer closing stocks were overvalued so reduce yer gp by 6000. But then yer goods were stolen worth 9000. Therefore, these will be deducted from the purchases which will increase the GP by 3000. (9000-6000) - Yuh need to assume that the sales are fixed. Therefore yer ans is C.
--- End quote ---
--- Quote from: mimiswift on June 02, 2011, 10:43:20 pm ---ok...qns 9 say that closing stock was over-valued by $6000.....what is the effect of this error...cost of goods sold will decrease and profit will increase....to correct this u must reduce Gross profit by 6000
the second error says that uninsered of theft of goods not taken into account....so purchases was high...cost of goods sold increased and gross profit reduced...to correct this u must add $9000 to gross profit
therefore (6000)+9000=3000
so u addup $3000 to gross profit
and ur answer is C (this is my theory) hope u understand
i ll do the rest in a few minutes
--- End quote ---
Do u deduct stolen stock from purchases , or the Closing stock.
Since the closing stock is on physical count basis , the closing stock will be less in trading(it will incude the stolen amount ) so in order to correct that :
Double entry is : credit stock a/c
Debit P/L
rite?
Tohru Kyo Sohma:
--- Quote from: Dasith on June 03, 2011, 04:53:36 am ---
Do u deduct stolen stock from purchases , or the Closing stock.
Since the closing stock is on physical count basis , the closing stock will be less in trading(it will incude the stolen amount ) so in order to correct that :
Double entry is : credit stock a/c
Debit P/L
rite?
--- End quote ---
i added the stolen stock of 9000.......since they were nt accounted for the profit was less....so i justed added it(my theory)
Dasith:
--- Quote from: mimiswift on June 03, 2011, 05:12:15 am ---i added the stolen stock of 9000.......since they were nt accounted for the profit was less....so i justed added it(my theory)
--- End quote ---
yea i knw we add it to profit , i knw , but y do we add it , because purchases figure was overstated or because the stock(closing ) figure shuld be corrected ! ?
Tohru Kyo Sohma:
--- Quote from: Dasith on June 03, 2011, 07:01:52 am ---yea i knw we add it to profit , i knw , but y do we add it , because purchases figure was overstated or because the stock(closing ) figure shuld be corrected ! ?
--- End quote ---
because purchase is over stated.....cost increases thus reducing profit.....and we have to add back!
well u didnt need this anymore...! :o
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version