FS of Sole Proprietorship Test - 8

Insurance paid Rs. 4000(including premium of Rs.3000 per annum) paid up to 30th June by what amount insurance prepaid amount should be debited

The manager is entitled to commission of 5% on profit before deducting the commission. The profit is Rs. 4100.The commission will be

Net profit before the following adjustments is Rs.180000, outstanding salary-Rs.13000, prepaid insurance-Rs.10000

Calculate interest on loan of Rs. 2000 taken on 1st May 2010 at 18 % If account are closed on 31st December

Calculate amount of rates , taxes and insurance to be shown on debit side of profit and loss account from the following information. Rent, taxes and insurance – Rs.2891, prepaid insurance- Rs.150, outstanding rates-Rs.35

What should be journal entry of commission earned but not received Rs. 2000

A firm spent a huge amount of Rs.200000 on advertisement to introduce a new product in the market and it is estimated that its benefit will last for 4 years. How much will be charged to Profit and Loss A/c each year for 4 consecutive years?

Stock on 31st March was valued at Rs.25000 whereas its reliable value was Rs.32000.At what price will the closing stock shown in the final accounts?

Taken interest on 1st October amounting Rs. 100000(10% interest) and interest paid till 31st March was 4000.Calclute interest outstanding on 31st March

A manager is entitled to a commission of 10% on net profit before charging such commission. Net profit before charging net commission is Rs.100000. Find out the commission payable to the manager