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What is journal entry for goods sold costing Rs40000 to Anil at a profit of 20 percent on sales?
Wiki User
∙ 12y ago
by anil dr -------40000
to sale cr---------40000
Wiki User
∙ 12y ago
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What are the uses of marginal costing and absorption costing?
to calculate the profit easilly
What are the limitations of absorption costing?
Absorption costing does not understand the importance of fixed costs. In absortption costing, fixed costs are absorbed to unit, therefore it is hard to distinguish between variable and fixed costs. And also, the variability of profit will cause confusion, the reason is that the net profit varies with both sales and stock changed under absorption costing. Absorption costing does not understand the importance of fixed costs. In absortption costing, fixed costs are absorbed to unit, therefore it is hard to distinguish between variable and fixed costs. And also, the variability of profit will cause confusion, the reason is that the net profit varies with both sales and stock changed under absorption costing.
What should be Journal entry for creation of general reserve?
Reserves always created from profit. Therefore the Journal entry will be for creating reserves Dr Profit & Loss A/c CR Reserve A/c
What is the journal entry to close the income summary account when a profit is shown?
debit profit and losscredit owners capital account
What is journal entry of closing stock?
it s transfer to profit and loss account.
What will be the profit percent if a bag of price costing Rs.480 is sold by making a profit of Rs 120?
It is 25%.
Find the selling price of an article costing rs.30that was sold at a profit of 15 percent of the cost price?
find the selling price of an article costing Rs.30.00,that was sold at a profit of 15% of the cost price
What are the uses of marginal costing and absorption costing?
to calculate the profit easilly
In contract costing profit can be recognised only when the contract is completed?
In contract costing, the profit is only guaranteed when the actual contract is completed because the prices keep changing. There is usually a slight variation between projected profit and the actual figures.
What are the limitations of absorption costing?
Absorption costing does not understand the importance of fixed costs. In absortption costing, fixed costs are absorbed to unit, therefore it is hard to distinguish between variable and fixed costs. And also, the variability of profit will cause confusion, the reason is that the net profit varies with both sales and stock changed under absorption costing. Absorption costing does not understand the importance of fixed costs. In absortption costing, fixed costs are absorbed to unit, therefore it is hard to distinguish between variable and fixed costs. And also, the variability of profit will cause confusion, the reason is that the net profit varies with both sales and stock changed under absorption costing.
How do you calculate restaurant profit?
Restaurant Gross profit = Total generated revenue - total costing *total costing = fixed assets, stock in hand, manpower, utilities, rental and maintenance. *Gross profit=Revenues-Variable costs-fixed costs
What is the journal entry for consignment sale?
profit
What is the journal entry for profit transfer from profit and loss account to balance sheet?
Debit profit and loss accountCredit owners capital
Compare marginal costing versus cvp analysis?
CVP stands for Cost-Volume-Profit.
What should be Journal entry for creation of general reserve?
Reserves always created from profit. Therefore the Journal entry will be for creating reserves Dr Profit & Loss A/c CR Reserve A/c
What is the formula for converting profit percent to profit?
Profit = (profit percentage / 100) x gross income
What is the journal entry to close the income summary account when a profit is shown?
debit profit and losscredit owners capital account
