Question : Furniture as on 31st March, 2019—Rs. 4,40,000; Furniture (having book value as
on 1st April, 2019—Rs. 40,000) sold at a loss of 20% on 31st December, 2019. Furniture is to be depreciated @ 10% p.a. Furniture costing Rs. 3,00,000 was also purchased on 1st October, 2019. Calculate the amount of Depreciation and loss on the sale of furniture to be transferred to the Income and Expenditure Account.

Option 1: Loss on sale of furniture Rs 74,000
Depreciation Rs 55,000

Option 2: Loss on sale of furniture Rs 7,400
Depreciation Rs 3,000

Option 3: Loss on sale of furniture Rs 7,400
Depreciation  Rs 58,000

Option 4: Depreciation Rs 50,000
Loss on sale of furniture Rs 3,700

Question : The Gross Profit Ratio of a Company is 20%. Which of the following transactions will not change in gross profit ratio?

Option 1: Goods costing Rs. 1,50,000 sold for Rs. 2,00,000.

Option 2: Goods costing Rs. 3,40,000 sold for Rs. 4,00,000.

Option 3: Revenue from Operations Rs. 2,00,000.

Option 4: None of the above

Question : The Gross Profit Ratio of a Company is 20%. Which of the following transactions will not change in gross profit ratio?

Option 1: Goods costing Rs. 1,50,000 sold for Rs. 2,00,000.

Option 2: Goods costing Rs. 3,40,000 sold for Rs. 4,00,000.

Option 3: Revenue from Operations Rs. 2,00,000.

Option 4: None of the above