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To Net profit 2,026
*
4,800 13,200 4,800 13,200
Working Notes:
(1) Ratio for apportioning gross profit:
Suppose, sales for the months of April 2011, February, 2012 and March 2012 is 2
and for other months 1 per month. Then,
Sales for April, May & June (2+1+1) = 4
Sales for July 2011 to March 2012 [(1x7) + (2x2)] = 11
This gives the ratio of 4:11; this ratio has been used for apportioning gross profit
and expenses related to sales.
(2) Rent and Rates have been divided on time basis which is 3:9 or 1 : 3.
6. (i) In the books of Maitri Ltd.
Journal Entries
Dr. Cr.
2012 ` `
1 March 31 Equity Share Capital A/c (` 10) Dr. 3,00,000
To Capital Reduction A/c 90,000
= ` 451 (approx.)
It is assumed that the market value has been determined in an arms length transaction between
knowledgeable and willing buyer and seller.
The Institute of Chartered Accountants of India