FINANCIAL STATEMENTS WITH ADJUSTMENTS

If closing stock is given in Trial Balance, so it will be recorded ________________.

General Manager is to get a commission of @10% on Net Profit after charging such commission. If profit before Commission is Rs 33000, Amount of commission will be:

General Manager is to get commission @20% on Net Profit before charging such commission. If profit before Commission is Rs 44000, the Amount of commission will be.

Give the Treatment of Outstanding rent shown in the trial balance.

Give the Treatment of Outstanding Salaries given in Adjustments.

A trader’s Financial Year is from 1st April 2019 to 31st March 2020. He paid Rs 6000 for the annual insurance Policy expiring on 30th July 2020. Calculate the net amount that should be debited in P& L Account.

Machinery Purchased on 1st July 2019 for Rs 400000. Depreciation is provided at 10 %. Calculate the amount of depreciation if accounts are closed on 31st March 2020.

The cost price of closing stock is Rs 10000 and Market Price is Rs 9500. At what price closing stock will be recorded in the books of Accounts?