A. Net Profit will decrease by 3,140
B. Gross Profit will increase by 3,320
C. Gross Profit will decrease by 3,500
D. Gross Profit will decrease by 3,320
Related Mcqs:
- Total sales less cost of manufacturing gives
- A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book??
- Goods sold on the basis of ‘sales or return ‘ should:?
- Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve?
- Which of the following relationships is/are false??
- $5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.?
- Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book??
- Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.?
- A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book?
- Goods returned by customer should be debited to which of the following accounts??
