Sir, by the way, is it necessary to speak every day?
You ask yourself and tell the situation yourself.
Now you are sitting live in front of me, so the fun of live
talks is different.
Now I have to run a little work like this, what to do to
create an atmosphere.
Sir, what are you going to teach today?
Should I teach you mathematics today?
I have accountancy, what else do I know?
Accountancy comes, I teach that only.
This is the mistake I make every time.
In every batch, I teach students only accounts.
Illustration no. 8 is presented in front of you.
Hey brother, there is no dialogue written below,
I am not reading the dialogue by looking down.
I have a question book below, I am looking at that.
Let's read illustration no. 8.
You have to find the value of inventories on 31st March
2020.
This is a different question, listen carefully.
It is not difficult, it is different.
Inventory is asked on 31st March 2020, and the value of the
inventory has been given to you on 1st April 2019.
You have the opening value, the closing value of the
inventory is being asked from you.
Purchases are 760 to 500, manufacturing expenses 1.5 lakh,
selling expenses, admin expenses, financial charges, sales,
all these figures are also given to you.
Sales is 12,45,000 rupees.
At the time of valuing inventory, as on 31st March 2019,
tell me which inventory is this?
Opening or closing?
Sir, the question asked on 31st March 2020 is closing.
31st March 2019 means,
Sir, this is the same sir,
Sir, the inventory given on 1st April 2019 is 1,42,500.
You are holding it correctly.
That 1,42,500 can be called 1st April 2019's inventory, or
31st March 2019's inventory.
It doesn't matter, brother, it doesn't matter.
Yes, let's listen to what has been said about it.
What has been said about this 1,42,500's inventory?
A sum of 17,500 was written off on a particular item, which
was originally purchased for 50,000.
In 50,000, some item must have been purchased, right?
In 50,000.
Then what happened?
Its market value fell.
That's why 17,500 was written off on it.
And its value, after subtracting 17,500 from 50,000, fell
to 32,500.
This item is linked to your 1,42,500's inventory.
In the 1,42,500's inventory, one item is of Rs.
32,500, which is abnormal.
Sir, why are you calling it abnormal?
It fell below the cost.
Its value fell from 50,000 to 17,500 and fell to 32,500.
That's why it's abnormal.
Abnormal in the sense that you won't be able to sell it at
a normal profit price.
You won't be able to sell it at a normal selling price.
If its cost recovers, it will be a big deal.
And was sold during the year for 45,000.
Miracle, sir, miracle.
You were saying that its cost recovers.
That's enough.
You sold 32,500 for 45,000.
You made a profit of Rs. 12,500.
By the way, shall I tell you something?
Originally, it was bought at Rs. 50,000.
It was sold at Rs. 45,000.
Where is the cost recover?
Yes, sir, that's fine.
Originally, it was bought at Rs. 50,000.
According to that, there is a loss of Rs. 5,000.
But once when you reduced it to Rs.
17,500 and bought it at Rs.
32,500 by reducing it to Rs.
According to that, there is a loss of Rs. 12,500.
Okay? So, when you reduced it to Rs.
32,500 and sold it at Rs.
45,000 then you will have to show a loss of Rs.
Bearing the transaction relating to this item, the gross
profit earned during the year was 20% on sales.
What do you mean by this, sir?
Sir, what do you mean by bearing the transaction?
He is saying that the transaction of selling an abnormal
item of Rs.
32,500 at a profit of Rs.
12,500 at Rs.
45,000 if it is removed, bearing the transaction means if
it is removed, if it is not kept in view, then the
remaining sale will earn a profit of 20%.
You have to use these things to find out the value of the
inventory.
Sir, I am feeling a little dizzy after reading the question.
If you want, we can drink Eno.
There is a pouch of Eno.
Eno is such a pain.
You come to the pad.
I will give you Eno as an answer.
All your worries will go away.
You are very anxious.
I read a little question and got anxious.
When you and I are together, so many times I said when you
and I are together, then what is there to worry about?
Solution No.
Let's make a trading account.
Sir, I really like trading accounts.
Do you know that all these problems are spread by your
study material
The solution you have given has not made a trading account.
It has made an equation and has melted the children's minds.
What should the private coaching tuitions do now?
The institute itself says that our book will be dangerous.
You go and read from the private ones.
Tell me, there are such equations that just don't ask.
Once we read it, we say, what is this doing?
It will be done in an ordinary way.
Come on, if you make a trading account, then there is no
problem for us.
Sir, the first thing in this is the opening stock.
I know.
You didn't tell me anything very big.
Sir, the opening stock comes in this.
The big thing is that there will be two pieces of the
opening stock this time.
Pieces will be cut to the opening stock.
Sir, don't talk about pieces.
We remember pizza.
You send me your address on WhatsApp.
I will send it.
Do you remember these things in class?
Normal and abnormal.
Opening stock will be of two types.
What was the total?
The total was 1,42,500.
But I told you that 30 to 500 is abnormal.
And the remaining 1,10,000 will be called normal opening
stock.
Those who want to know how did 32,500 come?
I will tell you.
I bought the item in 50,000.
I dropped it below 17,500 because the value has decreased.
And now it has become the opening stock of 32,500 at the
beginning of the year.
We are going to sell it in 45,000 in a little while.
Then let's see how many purchases are there.
Sir, there are purchases of 17,62,500.
Very good.
It is directly given in the question.
Let's see the manufacturing expenses.
Sir, this is 1.5 lakh rupees.
Manufacturing expenses will come here because they are
direct expenses.
It is related to goods.
Manufacture means the expense of making goods.
So it will definitely come to your trading account all the
time.
Yes, the selling expense, finance expense and admin expense
were all given to you.
That is a P&L item.
They are given to you to make you make a mistake in a hurry
and put them somewhere in trading.
And then when you come and see the solution at home, then
you hit your head and shed tears from your eyes.
That is why it is given.
Sir, you don't let us do this.
Yes, I will not let you do this.
That is why it is your duty to remember that those things
will not come to you.
We will also have two sales.
Normal is different.
Abnormal is different.
The item of Rs.
30,000 to Rs.
500, how much did we sell it for?
Rs. 45,000.
That is the sale of the abnormal item.
We will show it in the abnormal sale.
What is the total sale, sir?
Rs. 12,45,000.
So this is not something to ask.
This is not the dialogue of Tiger Shroff that Rs.
12,45,000 will come to normal sales.
Thereafter, we have two things missing.
One is GP.
One is closing stock.
One is bitter gourd.
The other is Neem Chadha.
We have two missing figures.
Don't worry, we will find the gross profit.
We will also find the gross profit of the abnormal sale.
Sir, how will we find it?
Is there any magic spell?
Yes, there is a magic spell.
There is a magic spell.
Your question, who has already given you the data.
then our normal sale is 12,00,000 and the profit is 20%
that is 2,40,000 and you can see the profit of abnormal
sale if you can't see then I will show you by making Ram
Setu see this, I have sold an item of 30,000 to 500 in
45,000 so how much is the abnormal profit? 12,500 and the
total gross profit is 2,52,500 wow sir, it was fun, how
will it not be fun? these are simple questions, I don't
know what equation you have made in metal 1,42,500 plus
7,62,500 plus 1,50,000 plus 2,52,500 13,07,500
12,45,000 62,500, my closing stock has come has come, has
come see this, closing stock has come 12,45,000 plus 62,500
total 13,07,500 13,07,500 we did what the question asked
very good, congratulations to all of you come on, tell me
after this after this, you may not like the thing after
this why sir, what are you going to talk like this? should
I tell you, it's a matter of homework oh sir, then it's
okay, where will we like the matter of homework? see this,
in the head of practical questions
number 2 is visible if you read this, you will find that it
is exactly like this question which I have just made you do
okay sir, just figures are up and down so this has to be
your homework there is one more small thing in this
question the thing is that 25% is written on cost
whereas the profit percentage you will put on normal sales
you will need it on sales so it's simple, 25% on cost means
1 by 4 on cost so how much is on sale? 1 by 5 the matter is
over you can also say 1 by 5 as 20% the same is above, in
the above question 20% on sale was written directly we
multiplied by 12,00,000 from sale and got normal GP in this
question, 25% on cost is said which you will have to
convert into 20% of sales then the normal sale will be
multiplied by 20% ultimately to get
gross profit we will do it right, okay let's move on more
dangerous questions are included in our list today the
first dangerous question is he is sitting on his head on
the head of question number 2 here it is, practical number
1 on your computer screen for 7 crore rupees
bad joke sir, no problem, carry on practical number 1
on 31st March, due to some reasons like inventory, stock
taking physical stock calculation was not possible after 9
days, on 9th April when he took the stock we came to know
that the value of the stock is 2.5 lakhs but that is the
value of the stock we need to come 9 days back on 31st
March if you come 9 days back what will you do to the
sales? sir, add and that too cost of sales and what will
you do to the purchase? sir, minus we will do the purchase
minus absolutely right, very very good
I have taught you this it was found that sales are entered
in the sales book on the same day of dispatch and return
inward in the return books as and when the goods are
received back he is saying when the goods are dispatched
for sale and when the weight is dispatched when the goods
come out of the godown when the goods come out of the
godown then the sale is recorded the sale is not recorded
when customer's call comes sale is not recorded when the
things are ready sale is not recorded when
is collected from the party sale is recorded at the time
when the goods are dispatched from the godown
The return invoice i.e. sale return is recorded when the
goods return from the other party to our warehouse.
Purchases are entered in the purchase day book once the
invoices are received.
But in the case of purchase, this is not the case.
We buy the goods and as soon as we get the bill, we record
it.
Whether the goods have reached the warehouse or not.
Why are all these things said?
The question will get you the physical stock.
The question is asking you to install a periodic inventory
system.
Go and count at the warehouse.
How much is it?
On April 9, you took out the physical stock and found out
that it was 2.5 lakhs.
So when you come back, you will have to check the physical
presence of everything.
When the final answer is in the physical presence, then
even coming back, you will have to check the physical
presence of everything.
Don't worry, we will see more in detail in the equation.
It was found that sales between 31st March 20 and 9th April
20 as per the sales book are Rs. 17,200.
You will have to give the data of 9 days.
The sales of 9 days is Rs. 17,200.
The purchase of 9 days is Rs. 1200.
Out of these goods, amounting to Rs. 500 were not received
until after the stock was taken.
The purchase is of Rs. 1200.
But the goods of Rs. 500 have not yet reached the warehouse.
It is on the way.
The supplier has not sent it yet.
The purchase is of Rs. 1200.
Now the bill must have come to us.
We must have written the entire amount of Rs. 1200.
But if I talk about the physical stock, then the physical
stock must be of only Rs. 700 in the warehouse.
Yes, yes.
The physical stock of Rs. 500 has not yet come from the
supplier.
Yes.
Just listen to this much.
Now we will do the equation and the rest of the work will
go on.
Goods invoiced during the month of March 2020.
But goods received only on April 4, 2020 amounting to Rs.
1000.
Some purchases were made in March.
The bill came in March.
We had given Rs. 1000 in the name of purchase in March.
But the goods have come on April 4.
The gross profit rate is 1.3 on cost.
33 right, 1 by 3 percent means 1 by 3 on cost.
You can also call it 1 by 4 on sale.
If we need it somewhere, then.
Ascertain the value of physical stock.
On March 31, 2020.
Come back for 9 days.
Tell March 31, 2020.
How much is the physical stock in the warehouse?
The physical word has come here this time.
What will change with it?
I will explain to you through the equation.
Some children also ask many times.
Sir, how does this 33 right, 1 by 3 percent, 1 by 3 remain?
For those innocent innocent children.
I would like to tell.
3 into 33, 99 plus 1.
This becomes 100 by 3.
And to subtract the percent, we put 100 below.
And as soon as 100 is subtracted from 100, it becomes 1 by
3.
Okay.
Sir, tell me.
Even we had this doubt.
Thank you, you cleared it.
I know.
I know you.
Write.
Practical number 1 solution.
Practical 1 solution.
Let's make a photo.
The question is telling us.
You click my photo, Piya.
So we started clicking the photo of the question here.
Our year ends on March 31, 2020.
This is the day when we need the value of the inventory.
Which is missing.
After 9 days from here,
On April 9, the inventory was made possible by going
somewhere.
And on that day, after taking the inventory,
After taking the stock, it was found that the value of the
stock is 2.5 lakhs.
In the gross profit question, you are given 1 by 3 on cost.
If needed, we will use it by doing 1 by 4 on sales.
These are the 9 days in between.
What happened in these 9 days?
I would like to tell you.
In these 9 days, brother, the sale was of Rs. 17,200.
This is the first thing.
Very good sir.
After that.
Purchases we did.
Rs. 1200 of Rs. 1200.
Okay.
But there is a problem in the purchase of Rs. 1200.
What is that problem?
Out of this, Rs. 700 is in the go-down.
Stuff worth Rs. 700.
And the stuff worth Rs. 500 is not in the go-down.
It is in transit.
It is on the way.
The supplier has not delivered it.
So I say
Physically, in the warehouse only Rs.
700 worth of goods have arrived
The in-transit goods the Rs.
500 worth of goods are not physically present in our
warehouse.
are not physically present in our warehouse.
The question has given one more data which I will write
with a different colored pen.
which I will write with a different colored pen.
During the month of March
So the month of March will come from 1st March 2020 to 31st
March 2020
During this month we had made some purchases of Rs.
1000 and when the bill came we had recorded that purchase
in our books.
But if I talk about the physical stock
But if I talk about the physical stock then physically that
goods came to the warehouse on 4th April 2020
This Rs.
1000 goods was received physically not in March but on 4th
April 2020
Ok, no problem
Whatever confusion you have
I will clear it in one equation
Tell me the equation
Tell me the equation which we already know
Sir, see
This is our 36th March 2020
Sir, add whatever we purchased minus whatever we sold and
the closing stock will come
The reverse equation derives from this
I will use the same, but I am walking from the beginning so
that you don't face any problem
I said that in the opening stock
Purchases are added and in sales the cost of sales is minus
then our closing stock comes out.
Now because opening stock is our missing figure, that's why
we keep the opening stock here and what we do in equal to,
we take the purchase from the closing stock and make it
minus
and we make the cost of goods sold plus.
Absolutely right.
We have to do the same thing in this question also, we
don't have to do anything new but everything that is
physically in the warehouse, you have to take the physical
presence of everything.
How much was the physical opening stock in the warehouse?
How much was the physical closing stock?
How much has the purchase you have done physically reached
your warehouse?
And the cost of goods that you have sold, how much has the
goods physically gone out of your warehouse?
Sometimes it happens that you have sold it but the goods
are still with us, the other person is saying that I will
pick it up in a day or two.
So you have to take the physical goods that have gone out
of the warehouse, even in sales, you have to consider the
physical value of everything.
Okay sir.
So the closing stock that came out physically, this
question had told you two and a half lakh rupees, there is
no problem in this, sir.
Now let me talk to you about purchases.
How many purchases did we have physically?
The goods that reached the warehouse, how much was that?
Only and only 700 rupees.
And this 1000 rupees has also reached physically during
these 9 days.
If I talk about the physical receipt, then we have
purchased goods worth 700 and 1700 physically during 9 days.
During 9 days, we have purchased goods worth 1700.
If I talk physical presence, physical receipt of goods in
the warehouse.
Yes, 1000 rupees.
But that goods came physically in 9 days.
So we have to consider that.
Our purchase was worth 1700 rupees.
Plus, cost of goods sold.
How much is the sale? 17200.
This is the sale price.
We have to subtract the profit because we need the cost of
the goods sold.
Cost of goods sold.
So how to subtract the profit? 17200 into 1 divided by 4.
Sale value is 17200.
So to subtract the profit, we need the percentage of sale.
How much is that? 1 divided by 4.
Job done.
Money digested.
Very simple question.
Yes, solve this.
What is this?
Here is your sir.
First, subtract this.
How much is 17200 divided by 4?
And subtract from this.
This is 12900.
Okay.
This is 12900.
So, 250000 minus 1700 plus 12900.
This is coming as 261200.
261200 is your answer.
That's it, sir?
Yes.
You only were saying, dangerous, dangerous.
I never said dangerous.
Sir, listen to your recording again.
You said many times, this question is dangerous.
Night has gone, conversation has gone.
Okay.
Now it is not dangerous.
It was before.
It was when you were studying.
Now it is not dangerous.
Now we will come to one more question.
Sir, question after question, question after question, we
have got questions.
We did not get justice, sir.
We did not get justice.
We will get justice that day, the day the result will come.
We will get uniform justice, when you will get to see
P-A-S-S.
That day, even in 46 degrees, you will feel the golden
weather of 14 and 15 degrees.
This is my promise to you.
For that day, you will have to work.
Come on, we are busy, sir.
No problem.
Definitely, we will be successful.
Not one day.
There is a problem in one day.
We will be successful, one day, one day.
There is a problem in that.
Then the singer thinks, we will be successful, someday.
We will be successful, that day.
If we say that day, we will be successful in our first
attempt.
After that, no.
After that, there is no fun.
Okay? Okay, sir.
If you have got an attempt, then there is another saying
for you.
When you wake up, when you wake up.
Everything fits according to the occasion.
Whatever stage you are in, you should take motivation from
there.
Practical number 3.
Profit and loss account of Hanuman.
Anyway, today is Tuesday.
I will tell you the truth.
Showed a net profit of Rs.
6 lakh after considering the closing stock of Rs.
3,75,000 on 31st March, 2020.
On 31st March, 2020, two figures are given to you.
Net profit is Rs.
6 lakh and closing stock is Rs.
Subsequently.
Sir, did you note anything?
In our questions, there is a fight to get the closing stock
on 31st March, 2020.
This question has already given you Rs. 375,000.
It means there will be some other issue.
Sir, you are right.
There is some other issue.
Subsequently.
After 31st March, 2020, in the next year, in 2021, after
31st March, 2020, means next year, means in 2021, something
has been found out.
In 2021, it has been found out.
No. 1.
Purchases for the year included Rs.
15,000 paid for new electric fittings for the shop.
Some electric fittings were made.
Someone must have installed an AC.
By the way, where will an AC be installed in Rs.
Someone must have installed lighting, fans, etc.
It is called fitting.
And it has been debited in the purchases account.
When we buy some things electrically to use, it is an asset.
It has to be written in its name.
But they debited the purchases.
Purchases are debited for goods.
When goods are bought which are to be sold later, which is
called goods, it means the goods which are to be bought to
be sold later.
So, when goods are bought, then the purchase is debited.
When someone is buying something which is to be used, it is
not debited in the name of purchase.
It is written in its own name.
Here, it should have been written
Electric Fitting Account Debit.
You have written
Purchase Code Debit.
So, sir, we will have to correct it.
Yes.
Sir, I remember.
I remember.
Which chapter?
Sir, I remember the chapter of Rectification.
Yes.
That is why
I made you do Rectification before Inventory.
I knew in Inventory, you will also need
Rectification.
It will also be useful here.
So, Rectification's own weightage is of 10.
And it is also helping in Inventory.
It is also helping in solving Inventory's questions.
And shall I tell you one more thing?
Rectification is also seen in Partnership's questions.
So, that chapter is equal to 4.
It will not leave you in the whole course.
It is not leaving here also.
It has come here also.
See.
That is why I made you understand in such detail.
No. 2
Hanuman gave away goods valued at 40,000 as free samples
for which no entry was made in the Books of Accounts.
Hanuman gave away goods valued at 40,000 as free samples
whose entry he forgot to do.
Tell me.
Which error?
Sir, Error of Omission.
Which was the one above?
Sir, Principal Error.
I had told you to write Purchase Account instead of Asset
or to write Asset instead of Purchase.
We have these
Principal Errors.
No. 3
Invoices for goods amounting to Rs.
2.5 Lakh have been entered on 27th of March 2020 but the
goods were not included in the stock.
He said.
Some goods were bought for Rs.
2.5 Lakh and its general entry was also done.
I forgot to write 250,000 while taking out the stock
Now we will see what to do with it
We will see, we will see, we will see
No. 4
In March 2020, sold goods worth Rs.
Okay And also delivered
Whoever bought it, we delivered it to his house
We said no problem
Word taken in sales for April 2020
Oh my god
Sales for March month was Rs.
It is not written there
Sales for April month were Rs.
March sales became April sales
Life was not a jingalala at all
No. 5
Goods costing Rs.
75,000 were sent on sale or returned in March 2020 at a
margin of 1 by 3 on cost
Don't ask again
There was an ad on TV
Clormint Why is it so cold?
He would beat it properly
Don't ask again
So how did this 1 by 3 on cost come?
Don't ask again
Okay Some goods worth Rs.
75,000 were sold on sale or return basis on which cost was
Rs.
75,000 and profit is 1 by 3 on cost
So Rs.
75,000 is also cost
Profit margin is also cost 1 by 3 came to Rs.
Multiply it
So Rs.
75,000 and Rs.
25,000 became Rs.
1,00,000 sales value
Approval was given in April 2020 but these were taken as
sales for March 2020
Sir, we are not able to understand what is written here
Look, friends
When new companies enter the market they want to run their
business and they make various offers to attract customers
One of the tricks is to sell goods on approval basis
Sale of goods on approval basis
Do you know what happens in that trick?
New company says
Look at our mobile
Take it
Run it 10 days, 15 days
That company tells you
Go and run it for 15 days
Take it for free
If you like it, keep it
If you don't like it, return it
Security can take money in advance
That is a different issue
But you gave the goods and said, use it first
If you like it, keep it
Otherwise, return it
We will be ready to take it back
This is called sale of goods on approval basis
Now approval is yet to come
So what did we do?
We sold goods worth Rs.
75,000 for a profit of Rs.
1 by 3 i.e.
Rs. 25,000 for a total of Rs.
We sold goods worth Rs.
and said, if you like it, keep it
Otherwise, return it
We sold goods worth Rs.
Approval was given in April 2020
In April, the customer liked the goods
He said, okay, brother
I have kept the goods worth Rs.
If I had given the money earlier, I would not ask again
If I have to take the money now, I will take Rs.
Leave that thing
Although it is taken in advance
Otherwise, he will run away with it
There is no shortage of such people in India
Okay, sir
Approval has been given in April 2020
These were taken as sales for March 2020
We considered it as sales in March
In March, we had given empty goods to him that if you like
it, keep it
There was no sale in March
The sale took place when approval was given
It came in April
So, from this perspective
If you see
We have made April sales as March sales
We had a point above
We had made March sales as April sales
This point is opposite
Actual sales took place in April
Actual confirmation
Sales were recorded in March
We have made April sales as March sales
This has to be corrected
Calculate the value of stock on 31st March 2020 and the
adjusted net profit
He is saying
Correct the above mistakes
When you correct the mistake
Your profit will definitely move
That adjusted profit
That correct profit
That rectified profit
And tell the value of the stock
Let's correct the mistake first
The first thing to do is to correct the mistake
So, we all are going to get corrected profit
Practical number 3 solution
First of all, we will write
Rectification
People have to correct mistakes
Number 1
First of all, what we did
Now you write when I say
Now listen first
Brother, we bought some things
We should have entered
Electric Fitting Account
We should have done this entry
From 15000 to 15000
What we should have done
This is the entry
But by mistake
Instead of Electric Fitting
Debited the Purchase Account
Purchase Account Debit to Cash
Made this entry
Made this entry by mistake
So see
There is no mistake in cash
He should have done credit
Cash account is fine
Cash account is saved
But the mistake happened here
Electric Fitting Account
Should have been debited
We did not do
And an account named Purchase
Which should not have been debited
We have forcibly debited it
So what do I do to correct the mistake
The throne of debit
Who should we have
Electric Fitting
We have put
Purchase on it
So what to do
Remove Purchase
And put Electric Fitting
So we will remove Purchase from the throne of debit
Means we will do credit
And the right person
Electric Fitting
Will be placed on that throne
Entry will be made
Electric Fitting Account Debit
To Purchase Account 15000
But if you
Have read the chapter of rectification
Even after that
You have given this answer
Electric Fitting to Purchase
Then I will be a little angry with you
Sir why are you angry with us
What happened sir
The reason for the anger is
Written in the question
Subsequently we made a mistake
Made a mistake after 31st March
Made a mistake
Made a mistake in the next accounting year
And if we make a mistake
In the next accounting year
Then I have told you
In that case
Instead of Purchase
Which account comes
P&L Adjustment Account Instead of Income or Expense
P&L Adjustment Account comes
Purchase being an expense
Instead of that P&L Adjustment
Will come
There are three stages in rectification
Before Trial Balance
After Trial Balance
Before Financial Statement
And Next Accounting Year
When we make a mistake on the third stage
In the next accounting year
Then we
Instead of Income or Expense
P&L Adjustment
Use the word
That's why I wrote instead of Purchase
P&L Adjustment
Now you write this entry
To P&L Adjustment Account
Being Error Rectified If you are looking at the inventory
first
You have not seen the rectification before
Then you are wrong
Ok Ok Sir
No.1 No.2 If you are watching on YouTube
Then Tell me in the comment box
That you have not seen the rectification
I will upload it to you
And I will share the link
If you have already done
Then you can see it in the i button above
Ok No.3 No.4 No.5 No.6 No.7 No.8
No.9 No.10 No.11 No.12 No.13 No.14 No.15 No.16 No.17 No.18
No.19 No.20 No.21 No.22
No.23 No.24 No.25 No.26 No.27 No.28 No.29 No.30 No.31 No.32
No.33 No.34 No.35 No.36
No.37 No.38 No.39 No.40 No.41 No.42 No.43 No.44 No.45 No.46
No.47 No.48 No.49 No.50 There is a far-fetched thought,
there is a far-fetched advertisement.
Now don't write.
So the entry of the free sample is in the name of
advertisement.
Advertisement Account Debit
And the goods you bought, they went away.
If they go away for free, then the purchase account will be
credited.
Advertisement Account Debit to Purchase
If you had done sale, then sale would have come.
But if you have given the purchased goods, then the
purchase will be credited.
Debit while buying, if the goods went away, then the credit
will be credited.
Purchase Account
Entry will be Advertisement to Purchase
Now what did I tell you a little while ago?
If a mistake is being discovered in the subsequent year,
then instead of Income or Expense Account, P&L Adjustment
Account comes.
Did I tell you or not?
Yes sir, I just told you.
Just now.
Not even two minutes.
Apply this thing.
Advertisement is an expense.
Yes sir.
Advertisement is an expense.
So what will come instead of that?
P&L Adjustment
And instead of Purchase, P&L Adjustment comes.
You just saw above.
So P&L Adjustment Account Debit to P&L Adjustment Account
40,000 40,000
This entry has been made.
Entry Omitted
The entry that I forgot to pass,
Now passed.
I passed it now.
Some people find it strange.
They say that you have not seen such an entry yet.
The same account is being debited and the same account is
being credited.
Many things happen for the first time in life.
What happened?
Now I have seen.
Now I am satisfied.
Yes sir.
Okay.
It happens many times in life.
Many things happen for the first time.
No. 3
It is written on No. 3.
Invoices for goods amounting to Rs. 2.5 Lakh have been
entered on 27th May 2020.
But the goods were not included in stock.
I bought some goods worth Rs. 2.5 Lakh.
But I forgot to write in the stock.
Let's write now.
You will not know the entry of the stock.
I will do it.
Stock Account Debit to Trading Account
This is the entry.
You have seen that the credit side of the stock is written
on the trading account.
Yes sir.
By stock.
By means debit.
Stock Account Debit.
And writing the credit side on the trading account means
the trading account is being credited.
So the entry is stock to trading.
But instead of trading, the P&L adjustment word will come.
Because we are working next year.
Stock Account Debit to P&L Adjustment Account
Rs. 2.5 Lakh
Being Stock Entry
Now Passed
The entry of the stock which was not passed earlier, was
passed today.
Let's go.
So now
Where do we have to go now?
To the next point.
Number 4
When did we do the sale of Rs.
2 Lakh?
Sir, we did the sale of Rs. 2 Lakh in March.
It was written in April.
So do you know what to do?
It is very simple.
Number 4
This is very simple.
Number 4
What should have happened?
This should have been the sale of March.
This should have been the sale of April.
So we will cancel the sale of April.
Now don't write.
Sales April Account Debit
We cancelled the sale of April.
See, we credit the sales.
When there is a genuine sale, it is credited normally.
But If we are going to cancel the sale, then we have to do
the opposite.
We have to debit.
So I debited the sale of April.
And I am going to do the credit of the sale of March.
2 Sales March Account
By reversing the sale of April
By debiting
I credited the sale of March.
I made the sale of March.
But What will be the small difference?
The sale of March
Instead of that, P&L adjustment will come.
Because March means last year.
Last year's mistake
If you correct it next year
Instead of last year's income or expense
Account P&L adjustment account will come.
I have improved my words.
Till now, I told you
Instead of income or expense account
P&L adjustment will come.
Now I am saying
Instead of last year's income or expense account
P&L adjustment will come.
Last year's income was sales of March.
That was last year's income.
Sales of March
Instead of that, I have written P&L adjustment word.
If you reverse the current year's sale of April
You will reverse it in the name of sales.
In that, the sales account will be debited.
Sales account debit to P&L adjustment account 2 Lakh Rupees
This is the general entry.
Being
Sales of April
Transferred to
Sales of March
Sales of April
Transferred to
Sales of March
Improved the mistake
Sir, it is taking a lot of time.
The last point has come.
P&L adjustment account will be made in 2 minutes.
It will not take much time to remove the inventory.
It will take time.
Has anything happened in life without time?
Goods costing 75,000 worth sale
On approval basis in March
On approval basis in April
But it is considered a sale in March.
How to correct
Do not write now.
To sell goods worth 75,000
If I add profit
If I add profit 75,000 75,000 75,000 Okay, sir, there is no
problem at all.
I had made the sales in March itself.
I had made the sales in March itself, when its approval
came in April.
So, if I am adjusting the month of March, if I am
correcting the mistakes of March, then one of those
mistakes has come out, that the sales which were not of
March,
I made it a sale in March.
So, what will I have to do?
When we make a sale, we pass the entry, debtor's account,
debit to sales account.
Now, I have to reverse this mistake.
So, I will pass the entry, sales account, debit to debtors,
sales to debtors, and because the sale is income, so
instead of that,
P&L adjustment word will come.
P&L adjustment, account debit to debtors account,
Rs. 1 lakh, Rs. 1 lakh.
If you have read the chapter on sale of goods on approval
and return basis, then this entry is not at all heavy for
you.
But if you have not read it, still I have told you.
I have also told you for them, that how it will be.
We will have to reverse the sales of March.
So, sir, why didn't you do like above?
What did you do above?
Above, we have also improved the sale of April, but here we
are only concerned about 31st March 2020.
What happened in March?
We are only concerned about that.
So, in March, we did the sale, which was not the sale of
March.
That's why we removed it from the sale of March.
Above, we had put a sale in March.
That's why we removed the sale from April and put the sale
in March.
But here we have to reverse the sale of March.
That's why the entry will be a little different.
P&L adjustment credit was being done above because the sale
has come in March from April.
Here P&L adjustment is being debited because the sale of
March is over.
That was not the sale of March.
That's why you reduced the sale of March, means reduced the
profit, means P&L adjustment had to be debited.
And one more entry has to be passed.
If you have reversed the sales here, then you will have to
take it in Godown too.
If you have said that the goods have not been sold, then
your stock will also increase from there.
So, stock account debit to P&L adjustment account.
This entry has been passed from the cost of Rs. 75,000.
Remember to pass this entry with Rs. 75,000.
This whole concept is of the sale of goods on the basis of
approval and return.
In that, we do the same.
We reverse the sale, if we have recorded the sale by
mistake.
And if we have reversed the sale, then we say increase the
stock too.
If the goods are kept with the other person, but he has not
approved that I am buying, this means that your sale has
not been done.
For this, the sale has been reversed.
And if the sale has not been done, then the goods are
yours, even if it is kept with him physically.
We are not taking out physical stock in this question.
Even if it is kept with him physically, but the stock is
yours.
Instead of keeping it in the godown, it is kept at the
customer's house.
But the stock is yours.
So, you have to debit it in the stock account.
You have to accept it as your stock.
And the cost is Rs. 75,000.
The sale price is Rs. 1,00,000.
Cost and sale price, whichever is lower.
You know the rule.
According to this, I have taken 75,000.
75,000 Cost and sale price, whichever is lower
I have taken.
You note these two entries.
Being Sales Reversed
Stock lying with third party
This is called stock
With third party
But we have
That's why we will take it here.
We are not taking physical stock.
We are not in our warehouse.
That's why we will not include it.
Whether it is in our warehouse or outside
If it is ours, then we will take it.
It is crooked, but it is mine.
It is the same thing.
It is with someone else, but the stock is ours.
Will have to take
From here, the demand for the question
Question Adjusted Profit
Adjusted Profit
Question P&L P&L P&L P&L P&L P&L P&L P&L P&L P&L Buy
electric fittings
I am doing a leisure posting.
Don't eat my life.
P&L adjustment
Debit is also happening with 40,000
And there is also a credit in it.
With 40,000
Write here
Advertisement
No no no no
I did it the other way around.
Write here
Advertisement And write here
Advertisement account debit
To purchase
Stock account
Debit to P&L adjustment
Buy stock 2,50,000 Sales to P&L
Adjustment 2,00,000 P&L adjustment
To debtors
P&L P&L P&L Debt to sellers
Defi Mortgage Pay back
Invest in
This is coming as Rs.10,40,000
These are your adjusted profits
Two adjusted profits
Rs.10,40,000 Both sides have a total of Rs.11,80,000
Rs.11,80,000 Rs.11,80,000
The second requirement of the question
Tell me the value of the stock
Value of Inventory
On 31st March 2020
See The question told you the closing stock
One was given
Rs.3,75,000 After doing all this, you have come to know
Which is lying with the customer
You can also add it here
Stock lying with customer
Rs.75,000 You have made another stock of Rs.2,50,000
Stock to P&L Adjustment
This stock of Rs.2,50,000 has been made by you
You did not include the goods in the stock
Goods Included in stock
Earlier Include them now
All your mistakes have been corrected
After correcting the mistake, you found out
You have to add another stock of Rs.75,000 and Rs.2,50,000
Rs.7,00,000 Rs.7,00,000 Rs.7,00,000 Practical No.
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