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CBSE Class 12 Commerce Free Doubts and Solutions

CBSE - XII Commerce - Accountancy

Lulu Lime Ltd, a wholesaler of fruit products, has provided the following accounts for the financial period ending 30 June 2022:     Accounts Amount Accounts Payable 54000 Accounts Receivable 48000 Accumulated Depreciation: Office Equipment      ? Accumulated Depreciation: Shop Fittings      ? Advertising Expense 42000 Capital 934500 Bank overdraft 150000 Cost of Sales 780000 Court Fees Payable (due in June 2025) 15000 Depreciation expense – Office Equipment      ? Depreciation expense – Shop Fittings      ? Land 487500 Mortgage payable (due in May 2024) 75000 Office Equipment 202500 Prepaid Insurance 12000 Rent Expense 18000 Sales Revenue 900000 Shares in ABC Ltd 31500 Shop Fittings 480000 Utilities Expense 27000     Required:    1. Lulu Lime Ltd purchased Office Equipment for $720,000 on 1 July 2021. The Office Equipment is depreciated using the straight-line method with a useful life of 5 years and no residual value. How much is the depreciation expense for Office Equipment as of 30 June 2022? Show calculation. 2. On 1 July 2021, Lulu Lime Ltd also purchased Shop Fittings for $960,000. The Shop Fittings are depreciated using the reducing balance method, and estimated that the value would reduce at 25%. How much is the depreciation expense for Shop Fittings in the first year? Show calculation. 3. Prepare the statement of financial performance for Lulu Lime Ltd as of 30 June 2022, including Gross Profit/Loss and Net Profit/Loss. 4. You are preparing the statement of financial performance of Lulu Lime Ltd for the year ending 30 June 2023. How much is the accumulated depreciation for both Office Equipment and Shop Fitting? Show calculation.

Asked by NKR2705 6th June 2023, 2:51 PM
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CBSE - XII Commerce - Maths

2+5×6

Asked by grdsagar97 3rd June 2023, 11:07 AM
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CBSE - XII Commerce - Maths

from a group of 4 engineers, 3 economic and 2 statisticians a committee of 3 persons is to be selected. find the probability that 1)committee has 1 member 2)exactly 1 engineer and 2 economists

Asked by kharatsrushti572 13th May 2023, 7:59 PM
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CBSE - XII Commerce - Maths

Top 10 students selected from an examination is an example of which sampling method?

Asked by aniketsingh25027 7th May 2023, 2:39 PM
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CBSE - XII Commerce - Accountancy

Profit and loss Appropriation account   

Asked by dhurubkeshari 9th April 2023, 8:27 PM
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CBSE - XII Commerce - Accountancy

Its admission of partnership qn ,picture attached 

qsnImg
Asked by srthkgogia 1st April 2023, 9:18 PM
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