Answer to Question #287560 in Other for Devanshu

Question

Q.1 From the following particulars of ABC ltd., find the profit for the year ended 31-12-2020 

using Stock and debtors system. The gross profit is 20% on sale price-

1-1-2020

Hire Purchase Stock account 40000

Instalments due and customers still paying 18000

Shop stock 20000

31-12-2020

Hire Purchase Stock account ?

Instalments due and customers still paying 20000

Shop stock 63000

During the year, goods worth Rs. 1,85,000 were purchased for sale on H.P. and Rs. 1,80,000 was 

collected from the customers. Goods on which instalments of Rs.5000 were due, were 

repossessed at a value of Rs. 3000. 

Answer 1

Dear Devanshu, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order