A departmental stores carries on its business through five departments, A, B, C, D and E. (i)

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A departmental stores carries on its business through five departments, A, B, C, D and E.

(i) The following information for 2017 is now made available to you: Salaries and Commission ₹11,020; Rent and Rates ₹2,900; Insurance ₹1,160; Miscellaneous Expenses ₹2,610. All these expenses are chargeable to each department in proportion to the cost of the articles sold in the respective departments.

(ii) The following balances as at 31.12.2017 were ascertained: (all figures in ₹).

Prepare the Profit and Loss Account to show the final result of each department and also the combined results with respective percentages on sales.

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Financial Accounting Volume II

ISBN: 9789387886230

4th Edition

Authors: Mohamed Hanif, Amitabha Mukherjee

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Question Posted: Aug 25, 2023 06:19 AM

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A departmental stores carries on its business through five departments, A, B, C, D and E. (i)

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Particulars Opening stock at cost Purchases Sales Closing stock at cost A 10,000 1,00,000 96,000 23,000 B 6,000 60,000 62,000 8,000 C 15,000 20,000 19,000 6,000 D 8,000 52,000 46,000 2,000 E 9,000 60,000 60,000 11,000

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To prepare the Profit and Loss Account for each department A B C D and E and calculate the combined results with respective percentages on sales you n...View the full answer

Financial Accounting Volume II

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