A. Adding 2,200 to closing stock B. Deducting 1,800 from closing stock and deducting 2,200 each from debtors and sales C. Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales D. Deducting 1,800 from debtors
A. Debit of 800 to trading account and credit of 600 and 200 to insurance company and B. Deduct the 800 from closing stock in the trading account C. Credit insurance company for 600 D. Debit of 600 and 200 to insurance company and profit and loss account respectively and credit of 800 to trading account
A. Net profit = gross profit – administration and other expenses B. Net profit = gross profit + administration expenses and other expenses C. Opening stock + purchases – closing stock = cost of sales D. Both b. and c. above
A. Profit & loss account is prepared for a certain period and hence it is an interim statement B. Profit & loss account does not disclose the effect of non-financial items C. Net profits are ascertained on the basis of current costs D. Net profits as disclosed by p&l account is not absolute
A. Financial results of the concern for a period B. Financial position of the concern on a particular date C. Financial results of the concern on a particular date D. Cost of goods sold during the period
