12th question A web.whatsapp.comMachinery0,000Sales 1,60,000Sales return 3,000Purchases 1,00,000Interest Received in Advance 16,000Debtors 33,000Creditors 50,000Accrued Commission not received 5,000Also explain the reason why does the opening stock appear in Trial Balance wheras the closing stock is shown outside the trial balance.12 From the following balances extracted from the books of M/s Rajendra Kumar Gu& Co., calculate assets and liabilities (other than capital) of the business.ParticularsRs.ParticularsRs.Opening StockSales1,25011,800Plant and Machinery6,2301,380DepreciationCommission (Cr.)Returns OutwardCash in hand667895211Salaries750Insurance380Debtors1,905328Carriage InwardFurniturePrinting Charges300Discount (Dr.)670Bills Receivable2,7301,589481WagesCarriage Outward200Return InwardCapitalCreditorsBills Payable9,2281,7801,6594,0008,679Bank OverdraftPure hases541Petty Cash in handBad Debts180The value of stock on 31st March was Rs. 3,700.13 Legal Services Inc. was incorporated on July 1, 2015.operations, the following transacions oecurred.1. Stockholders invested $10,000 in cash in exchange for common stock of LegalServices Inc.1956ON PA

Answered: ales 1,60,000 ales return 3,000…

Business

Accounting

ales 1,60,000 ales return 3,000 "urchases 1,00,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

12th question

A web.whatsapp.com
Machinery0,000
Sales 1,60,000
Sales return 3,000
Purchases 1,00,000
Interest Received in Advance 16,000
Debtors 33,000
Creditors 50,000
Accrued Commission not received 5,000
Also explain the reason why does the opening stock appear in Trial Balance wher
as the closing stock is shown outside the trial balance.
12 From the following balances extracted from the books of M/s Rajendra Kumar Gu
& Co., calculate assets and liabilities (other than capital) of the business.
Particulars
Rs.
Particulars
Rs.
Opening Stock
Sales
1,250
11,800
Plant and Machinery
6,230
1,380
Depreciation
Commission (Cr.)
Returns Outward
Cash in hand
667
895
211
Salaries
750
Insurance
380
Debtors
1,905
328
Carriage Inward
Furniture
Printing Charges
300
Discount (Dr.)
670
Bills Receivable
2,730
1,589
481
Wages
Carriage Outward
200
Return Inward
Capital
Creditors
Bills Payable
9,228
1,780
1,659
4,000
8,679
Bank Overdraft
Pure hases
541
Petty Cash in hand
Bad Debts
180
The value of stock on 31st March was Rs. 3,700.
13 Legal Services Inc. was incorporated on July 1, 2015.
operations, the following transacions oecurred.
1. Stockholders invested $10,000 in cash in exchange for common stock of Legal
Services Inc.
1956
ON PA

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