Accounting, CPT Chapter 6 CA PRATHAP SS
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1 Accounting, CPT Chapter 6 CA PRATHAP SS
2 Relationship of Cost, Profit & Sales + = Cost 100 Profit 20 Sales 120 As a ratio, the relationship of profit to cost is 20/100 ie. 1/5 th on Cost and the relationship of Profit to Sales is 20/120 ie. 1/6 th on Sales Therefore Profit = 1/5 th on Cost is the same as1/6 th on Sales
3 Relationship of Cost, Profit & Sales + = Cost 90 Profit 30 Sales 120 contd. Ratios are Profit =30/90 on Cost = 1/3 on Cost Profit = 30/120 on Sales =1/4 on Sales Therefore Profit = 1/3 th on Cost is the same as1/4 th on Sales
4 Relationship of Cost, Profit & Sales + = Cost 100 Profit 25 Sales 125 contd. Ratios are Profit =25/100 on Cost = 1/4 on Cost Profit = 25/125 on Sales =1/5 on Sales Therefore Profit = 1/4 th on Cost is the same as1/5 th on Sales
5 Relationship of Cost, Profit & Sales + = Cost 100 Profit 50 Sales 150 contd. Ratios are Profit =50/100 on Cost = 1/2 on Cost Profit = 50/150 on Sales =1/3 on Sales Therefore Profit = 1/2 th on Cost is the same as1/3 th on Sales
6 To Summarize Profits are ½ on Cost = 1/3 on Sales ie. 50% on Cost = 33 1/3% on Sales 1/3 on Cost = ¼ on Sales ie. 33 1/3% on Cost = 25% on Sales ¼ on Cost = 1/5 on Sales i.e.. 25% on Cost = 20% on Sales
7 To Summarize contd So, the relationship of Sales Ratio will always be one digit more than Cost in the denominator as Sales is a greater figure than Cost.
8
9 A. Rs.24,000/- B. Rs.30,000/- C. Rs.20,000/- D. None Of These Answer: B
10 Solution Formula Used Relationship Of Cost, Profit and Sales Gross Profit = 20% on sales = 1/5 on sales. Therefore, Gross Profit will be ¼ on Cost. Gross Profit = ¼ * 1,20,000/- =Rs.30,000/-
11 A. Rs.30,200/- B. Rs.35,000/- C. Rs.32,000/- D. Rs. 39,800/- Answer : B
12 Solution Formula Used Cost Of Goods Sold = Opening Stock+ Purchases+ Direct Expenses-Closing Stock Cost Of Goods Sold = Rs.8,500+ Rs.30,700 +Rs.4,800 -Rs.9,000 Cost Of Goods Sold = Rs.35,000/- Indirect Expenses will not be part of Cost Of Goods Sold. It will be debited to Profit & Loss A/c
13 A. 33% B. 25% C. 20% D. None of these Answer : B
14 Solution Gross Profit = 20% on sales = 1/5 on sales. Therefore, Gross Profit will be ¼ on Cost. So, on cost, profit margin will be 1/4x100 =25%
15 A. Rs.1,41,250/- B. Rs.1,35,600/- C. Rs.1,33,750/- D. Rs.1,28,400/- Answer:
16 Solution Trading A/c To Opening Stock 22,000 By Closing Stock 25,000 To Purchases 1,10,000 To Gross Profit = 20% on Sales =25% on Cost =25% of Rs.1,07,000 26,750 By Sales (Balancing Figure) 1,33,750 Cost Of Goods Sold = Rs.22,000+Rs.1,10,000 -Rs.25,000 = Rs.1,07,000 1,58,750 1,58,750
17 A. Rs.15,000/- Profit B. Rs. 5,000/- Loss C. Rs. 20,000/- Profit D. Cant Say Answer: A
18 Solution Statement Of Affairs Opening Capital +Additional Capital Introduced -Drawings Rs.40,000 Rs.1000 Rs.200*12 = Rs.2,400 +Profit Rs.15,000 (balancing figure) Closing Capital Rs. 53,600
19 A. Rs.1045/- B. Rs. 2750/- C. Rs. 1,100/- D. Rs. 2,760/-
20 Solution - Sundry Debtors Bad Debts 200 = 55,000 =5/100* - Provision For Doubtful Debts ,000 Good Debtors 52,250 - Provision For Discount On Debtors 2750 =2/100* 50,000 Answer is Option B Rs.2,750/-
21 A. Rs. 1,90,000/- B. Rs. 2,50,000/- C. Rs. 2,40,000/- D. Rs. 2,00,000/- Answer:
22 Solution Total Sales Normal Sales Rs.10,00,000 Gross Profit = 1/3 rd on Cost =1/4 th on Sales Gross Profit ¼*Rs.10,00,000 =Rs.2,50,000 Abnormal Sales Rs.20,000 Cost = Rs.30,000 Loss = Rs.10,000 Recouping it with the loss occurred in the abnormal sales, the Gross Profit will be Rs.2,50,000- Rs.10,000 = Rs.2,40,000
23 A. Rs.4,000/- B. Rs.5,000/- C. Rs.6,500/- D. Rs.3,500/- Answer:
24 Solution To Bad Debts 3,000 To Closing Balance 4,000 By Opening Balance 3,500 By P/L (Balancing Figure) ,000 7,000
25 A. Rs.36,000/- B. Rs.18,000/- C. Rs.42,000/- D. Rs.38,000/- Answer:
26 Solution Trading A/c To Purchases 90,000 To Direct Expenses 6,000 By Closing Stock 12,000 By Sales 1,20,000 To Gross Profit (balancing figure) 36,000 1,32,000 1,32,000
27 A. Rs.21,560/- B. Rs.22,000/- C. Rs.21,780/- D. Rs.21,344 Answer:
28 - Solution Sundry Debtors Bad Debts 3000 = =2/100* - Provision For Doubtful Debts ,000 Good Debtors Provision For Discount On Debtors 216 Closing Sundry Debtors =1/100* 21,560
29 A. Rs.20,000/- B. Rs.19,500/- C. Rs.21,500/- D. Rs.22,000/- Answer:
30 Solution Formula Used Cost Of Goods Sold = Opening Stock+ Purchases+ Direct Expenses-Closing Stock Cost Of Goods Sold = Rs.5,000+ Rs.15,000 +Rs.2,000 -Rs.2,500 Cost Of Goods Sold = Rs.19,500/-
31 A. Rs. 39,500/- B. Rs.42,500/- C. Rs.54,500/- D. Rs.57,000/- Answer :
32 Solution Trading A/c To Opening Stock 17,000 To Purchases 52,000 To Wages 46,500 By Sales 1,45,000 By Closing Stock 25,000 To Fuel 15,000 To Gross Profit (balancing figure) 39,500 1,70,000 1,70,000
33 A. Rs.30,000/- B. Rs.32,000/- C. Rs.23,000/- D. Rs.20,000/- Answer :
34 Solution Sundry Debtors A/c To balance b/d 3,000 To Credit Sales 80,000 By cash received from debtors By balance c/d (closing debtors) (balancing figure) 60,000 23,000 83,000 83,000
35 A. Rs.60,000/- B. Rs.51,000/- C. Rs.56,000/- D. Rs.46,000/- Answer:
36 Solution Statement Of Affairs Opening Capital Rs.50,000 +Additional Capital Introduced -Drawings +Profit Closing Capital NIL Rs.9,000 Rs.10,000 Rs. 51,000 (balancing figure) Loan from relative is not considered to be a part of the capital.
37 A. Rs.18,25,000/- B. Rs. 18,75,000/- C. Rs. 18,50,000/- D. Rs. 19,00,000/- Answer:
38 Solution Step 1: To calculate Gross Profit by using the relationship of Cost, Profit and Sales Step 2: To determine the amount of sales using the below mentioned Formula Gross Profit = 20% on Sales =25% on Cost =25% of Rs.15,00,000 =Rs.3,75,000 Cost Of Goods Sold +Profit = Sales Sales = Rs.15,00,000 +Rs.3,75000 = Rs.18,75,000
39 A. Rs.15,300/- B. Rs. 44,700/- C. Rs. 64,700/- D. Rs. 35,700/- Answer:
40 Solution Sundry Debtors A/c To balance b/d 35,000 To Credit Sales 80,000 Total Sales By cash received from debtors 30,000 By Bills Receivable 40,000 By Discount Allowed 300 Cash Sales 20% of Total sales = Rs.20,000 Credit Sales 80% of Total sales = Rs.80,000 By balance c/d (closing debtors) (balancing figure) 44,700 1,15,000 1,15,000 Only Credit Sale and cash received against credit sale will appear in the Sundry Debtors A/c. Cash sales will appear only in the cash book.
41 A. Rs. 95,000/- B. Rs. 1,01,000/- C. Rs. 83,000/- D. Rs. 91,000/- Answer:
42 Solution Cash A/c To balance b/d 4,000 To Bills Receivable Discounted To Amount Received From Debtors (balancing figure) 9,000 95,000 By Payment to Creditors 80,000 By Bills Payable Matured 6,000 By Sundry Expenses 3,000 By Drawings 12,000 By balance c/d 7,000 1,08,000 1,08,000
43 A. 33 1/3% B. 20% C. 40% D. 50% Answer:
44 Solution 1/3 rd on Cost = 1/4 th on Sales 33 1/3% on Cost = 25% on Sales
45 A. Rs.20,000/- B. Rs.24,000/- C. Rs.16,000/- D. Rs.12,000/- Answer:
46 Solution Trading A/c To Opening Stock 20,000 To Purchases 2,40,000 To Gross Profit (20% on Sales) (20% on Rs.3,00,000) 60,000 By Sales 3,00,000 By Closing Stock (balancing figure) 20,000 3,20,000 3,20,000
47 A. Rs.1,77,000/- B. Rs.1,83,000/- C. Rs.2,03,000/- D. None Of The Above Answer:
48 - Solution Net Profit before Adjustments Rs.1,80,000 Outstanding Salaries Rs.10,000 = Rs.1,70,000 + Prepaid Insurance Rs.13,000 Profit After Adjustments Rs.1,83,000
49 Q.21 Find out the corrected Net Profits: Profit before taking into account following adjustments was Rs.7,00,000/- Rs.1,00,000/- spent on purchase of motor car for business purpose, treated as expense in Profit & Loss A/c Rs.15,000/- per month rent outstanding for the month of February and March not taken into account. A. Rs.7,70,000/- B. Rs.7,85,000/- C. Rs.6,15,000/- D. Rs.6,30,000/- Answer:
50 Solution Net Profit before Adjustments Rs.7,00,000 + Capital Expense (purchase of motor car wrongly debited to P/L, now rectified) Less Rent Outstanding not recorded Profit After Adjustments = Rs.1,00,000 Rs.8,00,000 Rs.30,000 Rs.15,000X 2 Rs.7,70,000
51 A. Rs.1,10,000/- B. Rs.90,000/- C. Rs.89,000/- D. None Answer :
52 Solution Gross Profit = 1/10 th on Cost = 1/11 th on Sales =1/11 of Rs.11,000 =Rs.1,000/- Cost Of Goods Sold = Sales Gross Profit = Rs.11,000 Rs.1000 = Rs.10,000 Closing Stock before adjustments is Rs.1,00,000. Rs.10,000 of Cost Of Goods Sold must be deducted to arrive at the Closing Stock after adjustments. Therefore closing stock after adjustments is Rs.90,000 Concept is: From Closing Stock, we have to reduce only Cost Of Goods Sold and not the Sale Price. From Sale Price, only profit margin has to be reduced.
53 A. Rs.5,000/- B. Rs.5,200/- C. Rs.1,050/- D. Rs. 950/- Answer :
54 Solution Total Sales Normal Sales Rs.5,000 Gross Profit = 25% on Cost Gross Profit ¼*Rs.5000 =Rs.1,250 Abnormal Sales Rs.500 Sales = Rs.200 Loss = Rs.300 Recouping it with the loss occurred in the abnormal sales, the Gross Profit will be Rs.1,250- Rs.300 = Rs.950
55 A. 20% B. 30% C. 33 1/3% D. 40% Answer:
56 Solution 25% on Cost = 20% on Sales
57 A. Rs.1,21,000/- B. Rs. 79,000/- C. Rs. 21,000/- D. None of the above Answer:
58 Solution Trading A/c To Opening Stock 50,000 To Purchases 1,00,000 Less: Returns 29,000 71,000 To Gross Profit? By Sales 2,00,000 By Closing Stock? A trading account cannot be closed without closing stock. And, there are 2 unknowns Gross Profit and Closing Stock. So, Trading account cannot be closed. Answer is Option D None Of The Above
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