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Profit loss ac loss 18300 18300 dr k account cr

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"Profit & Loss A/c (Loss)18,30018,300
Dr.K AccountCr.ParticularsAmount`ParticularsAmount`To Consignment to Kanpur A/cTo Damage in Transit A/c(Sale of Damaged Goods)1,00,8006,000By Bills Receivable A/cBy Consignment to KanpurA/c Expenses5,800Commission10,680Bank (Balance)60,00016,48030,3201,06,8001,06,8001.Damage in TransitNo. ofPackagesAmount(`)Goods Sent4001,20,000Add: Consignor’s Expenses2,0004001,22,000601, 22, 000×60=18,3004002.Stock on Consignment[Qty = 400 – (60+280) = 60]Particulars`Value excluding Consignee’s Expenses18,300Add: Non-recurring Expenses of Consignee[Consignee paid `3,400 as clearing charge for 340 packages.So for 60 packages it should be 60 × `10]60018,900*Actual Loss on ConsignmentLoss as per Consignment A/c`480Abnormal loss to be written of`11,900`12,3803.The following is the Income and Expenditure Account of Gama Club forthe year ended 31st March, 2017:Income and Expenditure Account for the year ended 31st March, 2017``To Salaries19,500By Subscription68,000To Rent4,500By Donation5,000To Printing750To Insurance500To Audit Fees750To Games & Sports3,500To Subscriptions written off350To Miscellaneous Expenses14,500To Loss on sale of Furniture2,500To Depreciation:Sports Equipment6,000Furniture3,100To Excess of income overexpenditure17,05073,00073,000Additional information:31-03-201631-03-2017
``
Subscription in arrearsAdvance SubscriptionsOutstanding expenses:RentSalariesAuditFeeSports Equipment less depreciationFurniture less depreciationPrepaid Insurance2,6001,0005001,20050025,00030,0003,7001,50080035075024,00027,900150Book value of furniture sold is`7,000. Entrance fees capitalized`4,000. On1st April, 2016 there was no cash in hand but Bank Overdraft was for15,000. On 31st March, 2017 cash in hand amounted to`850 and the restwas Bank balance.Prepare the Receipts and Payments Account of the Club for the year ended31stMarch,2017.`[15]Answer:Receipts and PaymentsAccount for the yearended 31.3.2017Dr.Cr.Particulars`Particulars``To Subscription A/c(W.N.1)67,050By Balance b/d(Bank overdraft)15,000To Donation A/c5,000By Salary19,500To Entrance Fees A/c4,000Add: Outstanding of last year1,200To Furniture A/c (Sale offurniture)(7,000 -2,500)4,500Less: Outstanding of this year(350)20,350By Rent4,500Add: Outstanding of last year500Less: Outstanding of this year(800)4,200By Printing750ByInsurance500Add: Prepaid in this year150650By Audit Fees750Add: Outstanding of last year500Less: Outstanding of this year(750)500By Games & Sports3,500By Miscellaneous Expenses14,500By Sports Equipment(Purchased)(W.N.2)5,000By Furniture (Purchased)(W.N.3)8,000By Balance c/dCash850Bank (bal. fig.)7,25080,55080,550Working Notes:1.Calculation of subscription received during the year 2016-2017Particulars``
SubscriptionasperIncome&ExpenditureA/c68,000Less: Arrears of 2016-20173,700Advance in 2015-20161,000(4,700)63,300
Add: Arrears of 2015-20162,600Advance for 2017-20181,5004,10067,400Less: Written of during 2016-2017(350)67,0502.Calculation of Sports Equipment purchased during 2016-2017Sports Equipment AccountDr.Cr.Particulars`Particulars`To Balance b/d25,000ByIncome&ExpenditureA/c(Depreciation)6,000ToReceipts&PaymentsA/c(Purchases) (bal. fig.)5,000By Balance c/d24,00030,00030,0003.Calculation of Furniture purchased during2016-2017Furniture AccountDr.Cr.

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