Prepare Trading Account from the transactions given below: Opening Stock 33,000 Purchases 29,000
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From the following information, determine Gross Profit for the year ended 31st March, 2023: Opening Stock (1st April, 2021)
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State whether the following expenses are capital or revenue in nature: Expenses on whitewhashing and painting of a building purchased to make it ready for use.
Solution:- I) Capital Expenses Reason:- Expenses incurred on after purchasing an assets are included in the purchasing cost of the assets. ii) Capital Expenses Reason:- Expneses incurred on a new machine to make it usable is included in the purchasing…
Fit India Ltd. has paid-up share capital of ₹ 1,00,00,000 (divided into 5,00,000 Equity Shares of ₹ 20 each) and 10,000, 7% Debentures of ₹ 200 each
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Dev Ltd. acquired running business of Amrit Ltd. having assets of ₹ 10,00,000 and liabilities of ₹ 2,50,000. 9% Debentures of ₹ 100 each were issued for the acquisition of business at a premium of ₹ 20 per debenture
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On 1st April, 2018, Mathew Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 5%
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On 1st April, 2022, Solar Power Ltd. issued 10,000, 8% Debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 15% at the end of five years
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On 1st June, 2020, R Energy Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% at the end of five years
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Garvit Ltd. invited applications for issuing 3,000, 11% Debentures of ₹ 100 each at a discount of 6%. The full amount was payable on application
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Global Ltd. issued 10,000, 8% Debentures of ₹ 100 each redeemable in four equal instalments by draw of lots from the end of 3 years at a premium of ₹ 9
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