Answered

Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

6. Prepare a profit and loss account for Biraansh Concern for the year ended 2024.

\begin{tabular}{|l|l|l|l|}
\hline
\textbf{Particulars} & \textbf{Rs.} & \textbf{Particulars} & \textbf{Rs.} \\
\hline
Royalties & 13,000 & Bad debts recovered & 8,000 \\
\hline
Factory insurance & 2,000 & Opening stock & 3,000 \\
\hline
Purchase expenses & 1,500 & Expenses on sale & 2,000 \\
\hline
Bank charge & 100 & Duck charge & 150 \\
\hline
Purchase & 60,250 & Sales & 65,120 \\
\hline
Return (Dr.) & 1,120 & Return (Cr.) & 250 \\
\hline
Patent written off & 1,000 & Export duty & 1,850 \\
\hline
Electricity (offices) & 300 & Carriage & 450 \\
\hline
\end{tabular}

Sagot :

GinnyAnswer
To prepare the profit and loss account for Biraansh Concern for the year ended 2024, we need to categorize all given particulars as either incomes or expenses. Then, subtract the total expenses from the total income to determine the net profit or loss.

### Profit and Loss Account for Biraansh Concern for the Year Ended 2024

Income:
- Royalties: Rs. 13,000
- Bad debts recovered: Rs. 8,000
- Opening stock: Rs. 3,000
- Sales: Rs. 65,120
- Return (Cr.): Rs. 250

Expenses:
- Factory insurance: Rs. 2,000
- Purchase expenses: Rs. 1,500
- Bank charge: Rs. 100
- Purchase: Rs. 60,250
- Return (Dr.): Rs. 1,120
- Patent written off: Rs. 1,000
- Electricity (offices): Rs. 300
- Expenses on sale: Rs. 2,000
- Duck charge: Rs. 150
- Export duty: Rs. 1,850
- Carriage: Rs. 450

Now, let's summarize the profit and loss account in an organized fashion:

#### Profit and Loss Account
For the year ended 2024

| Particulars | Rs. | Particulars | Rs. |
|----------------------|--------|----------------------------|--------|
| Income: | | Expenses: | |
| Royalties | 13,000 | Factory insurance | 2,000 |
| Bad debts recovered | 8,000 | Purchase expenses | 1,500 |
| Opening stock | 3,000 | Bank charge | 100 |
| Sales | 65,120 | Purchase | 60,250 |
| Return (Cr.) | 250 | Return (Dr.) | 1,120 |
| | | Patent written off | 1,000 |
| | | Electricity (offices) | 300 |
| | | Expenses on sale | 2,000 |
| | | Duck charge | 150 |
| | | Export duty | 1,850 |
| | | Carriage | 450 |
| Total Income | 89,370 | Total Expenses | 70,720 |
| Net Profit | | | |
| | 18,650| |18,650|

#### Summary
From the profit and loss account:

- Total Income: Rs. 89,370
- Total Expenses: Rs. 70,720
- Net Profit: Rs. 18,650

Biraansh Concern has a net profit of Rs. 18,650 for the year ended 2024.
Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.