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प्रश्न
Closing stock is valued at ______.
पर्याय
Cost price
Market price
Cost price or market price whichever is higher
Cost price or net realisable value whichever is lower
उत्तर
Closing stock is valued at cost price or net realisable value whichever is lower.
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संबंधित प्रश्न
Give the word / term or phrase which can substitute the following statement.
The statement showing list of all ledger balances.
Select the most appropriate alternative from those given below and rewrite the statement.
The gross profit is transferred to _________________ account.
Dinker and Ravinder were partners sharing profits and losses in the ratio of 2:1. The following balances were extracted from the books of account, for the year ended December 31, 2017.
|
Account Name |
Debit |
Credit |
|
Capital |
|
|
|
Dinker |
|
2,35,000 |
|
Ravinder |
|
1,63,000 |
|
Drawings |
|
|
|
Dinker |
6,000 |
|
|
Ravinder |
5,000 |
|
|
Opening Stock |
35,100 |
|
|
Purchases and Sales |
2,85,000 |
3,75,800 |
|
Carriage inward |
2,200 |
|
|
Returns |
3,000 |
2,200 |
|
Stationery |
1,200 |
|
|
Wages |
12,500 |
|
|
Bills receivables and Bills payables |
45,000 |
32,000 |
|
Discount |
900 |
400 |
|
Salaries |
12,000 |
|
|
Rent and Taxes |
18,000 |
|
|
Insurance premium |
2,400 |
|
|
Postage |
300 |
|
|
Sundry expenses |
1,100 |
|
|
Commission |
|
3,200 |
|
Debtors and creditors |
95,000 |
40,000 |
|
Building |
1,20,000 |
|
|
Plant and machinery |
80,000 |
|
|
Investments |
1,00,000 |
|
|
Furniture and Fixture |
26,000 |
|
|
Bad Debts |
2,000 |
|
|
Bad debts provision |
|
4,600 |
|
Loan |
|
35,000 |
|
Legal Expenses |
200 |
|
|
Audit fee |
1,800 |
|
|
Cash in Hand |
13,500 |
|
|
Cash at Bank |
23,000 |
|
|
|
8,91,200 |
8,91,200 |
Prepare final accounts for the year ended December 31,2017, with following adjustment:
(a) Stock on December 31,2017, was Rs 42,500.
(b) A Provision is to be made for bad debts at 5% on debtors
(c) Rent outstanding was Rs 1,600.
(d) Wages outstanding were Rs 1,200.
(e) Interest on capital to be allowed on capital @ 4% per annum and interest on drawings to be charged @ 6% per annum.
(f) Dinker and Ravinder are entitled to a Salary of Rs 2,000 per annum
(g) Ravinder is entitled to a commission Rs 1,500.
(h) Depreciation is to be charged on Building @ 4%, Plant and Machinery, 6%, and furniture and fixture, 5%.
(i) Outstanding interest on loan amounted to Rs 350.
Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs 90,000 and Rs 60,000. The profit during the year were Rs 45,000. According to partnership deed, both partners are allowed salary, Rs 700 per month to Anubha and Rs 500 per month to Kajal. Interest allowed on capital @ 5% p.a. The drawings at the end of the period were Rs 8,500 for Anubha and Rs 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.
Net profit is ______.
If there is no existing provision for doubtful debts, provision created for doubtful debts is ______.
What is the need for preparing final accounts?
Explain how closing stock is treated in final accounts?
Which account is prepared when past adjustments are to be made?
