(i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.(ii) 1/3rd of above goods sold at a profit of 10% on cost and half of the payment is received in cash.
Question
(i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.(ii) 1/3rd of above goods sold at a profit of 10% on cost and half of the payment is received in cash.
Solution
(i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.
Step 1: Calculate the total amount of cash and cheques received by D. Mahapatra. Cash received: ₹ 50,000 Cheque received: ₹ 1,00,000
Step 2: Calculate the total value of goods, machinery, and furniture. Goods: ₹ 60,000 Machinery: ₹ 1,00,000 Furniture: ₹ 50,000
(ii) 1/3rd of the above goods sold at a profit of 10% on cost and half of the payment is received in cash.
Step 1: Calculate the value of 1/3rd of the goods. 1/3 * ₹ 60,000 = ₹ 20,000
Step 2: Calculate the profit on the goods sold. Profit on cost = 10% of cost Profit on cost = 10/100 * ₹ 20,000 = ₹ 2,000
Step 3: Calculate the total payment received for the goods sold. Payment received in cash = 1/2 * ₹ 20,000 = ₹ 10,000
Therefore, D. Mahapatra received ₹ 10,000 in cash for the goods sold at a profit of ₹ 2,000.
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