Question
Vendor ‘P’ sold goods for Rs. 1500 at a profit of
25%. Another vendor ‘Q’ earned 40% more profit than ‘P’. Find Q’s profit percentage if cost price is same for both.Solution
Cost price = 1500 ÷ 1.25 = Rs. 1200 Profit by P = 1500 – 1200 = Rs. 300 Profit by Q = 1.4 × 300 = Rs. 420 Required profit % = (420 ÷ 1200) × 100 = 35%
Accounting has been referred to as the__________of business.
XYZ Ltd. shows difference between written-down value of a depreciable asset in books (₹4 lakh) vs tax books (₹5.5 lakh). The corporate tax rate is 3...
A not-for-profit organisation receives a donation of ₹1,00,000 for constructing a new building. How should this be treated in the financial statements?
In a buyback of shares, which reserve is typically used for purchase of own shares in companies law contexts?
A key difference between an Internal Audit and a Statutory Audit is that the scope of an Internal Audit is:
In GST, the credit of tax paid on the input service used by more than one supplier:
The 'Payback Period' method of capital budgeting evaluates a project based on:
Cost of goods sold will be:
An insurance company invests a large portion of its funds into corporate bonds rated BBB. After a sudden downgrade to junk status, the insurer faces los...
ABC Ltd. wants to conduct a vertical analysis of its income statement. To standardise its financial data, each line item should be presented as a propor...
