Qualification > Commerce
help in accounting paper 3 plz
Monica:
and here is the rest of the explanation go under the thread accounting on the next page by shan and ull see the questions he asked!!
gross profit mark up= gross profit margin( by adding 1 to the dominator)
mark up= 20%= 20/100= 1/5
so gross profit margin will be 1/6 (remember that i added one)
now gross profit margin= gross profit/sales
1/6 = GP/60000
GP = 10000
u can then get the closing stock....
cockyxrocker:
Hey can anyone explain me question 5 - o/n/2003
error no. 2
Thanks
saiki:
remember the prudence concept- not overstate assets, n understate liabilities - stock valued at lower of cost or net relisable value (selling price) - n in error 2, the stock has been valued at selling price which is higher than cost hence is an error
7ooD:
and it is a closing stock and closing stock is directly proportional to net profit which means when it increase net profit increase over here it decreased so net profit is decreased
7ooD:
hey can anybody give me the journal entries for income
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