Statement of profit and loss questions and answers. Answer: Trading and Profit and Loss Account. 2) 98500. Find the profit percent. Exchange rates at the relevant dates are as follows: 2. Profit / Loss Percentage. If he sells the scooter for Rs. Disclaimer: Let’s Study Together does not own this PDF, neither created nor scanned. For performance with respect to marketing, you will need to compute the Marketing Return on Investment and assess which comp Accounting questions and answers. 16 2/7%. e CP = Loss + SP ) Profit Percentage = [ Profit x 100] / CP. Having said that, on a couple of my interviews I have been asked about P & L (profit and loss) responsibility or budget responsibility. Jan 31, 2024 · A profit and loss account is prepared to determine the net income (performance result) of an enterprise for the year/period. 2008. 12: 100 oranges are bought at the rate of Rs. (C) Rate of increase or decrease in net profit. Jan 29, 2024 · SG&A = $20 million. Question 2 (45 Marks) The statement of Profit and Loss and other Comprehensive Income and the Statement of Financial Position as at 28 February 2021 for Sefika Ltd is presented below: Sefika Ltd Statement of Profit and Loss and other Comprehensive income for the year ended 28 February 2021 Sefika Ltd 17 FACULTY Check Answer. Profit / Loss Test. Question 1. A sells an article to B at a profit of 10% B sells the Use our database of questions and answers on Profit And Loss Statement and get quick solutions for your test. Assist in making a dividend declaration decision. (4700 + 800) = Rs. Loss = [ Loss % x CP ] / 100. Match the content of Column A and Column B. Aid in determining the organization’s ability to repay current and long-term liabilities. Amounts shown as non-current liabilities by House plc and Martins Inc. From the following balances extracted from the books of M/s Ahuja and Nanda. Given those assumptions, we can enter them into our P&L format, with the following line items being formulas, as opposed to hard-coded inputs. Mar 13, 2021 · Hey guys!! In this video i talk about the Income Statement. Create a Profit and Loss Statement. Learn & free practice aptitude mcq questions on profit & loss of discount, percentage sums with formulas, shortcuts to improve your solving skills. 5500. How many ball pens should be sold for ₹96 so as to have a profit of 20%? Solution: S. Cost of Materials Consumed 50 % of Revenue 60 % of Revenue from Operations (Net) from Operations (Net) D. Babu for the year ended 31. Jamuna live in old city and she is very fond of candies, while going to school every day waits for the candy vendor to come who will sell a unique variety of mango candy for Rs 200. If p < q, then in the whole outlay, he makes. The aim of consolidated financial statement is to show the performance of the group if it was a single entity. Gross sales $82, 000 Customer returns and allowances $4, 000 Inward freight $2, 000 Workroom costs $1, 000 Opening inventory at Jul 4, 2020 · (3) Profit and loss account (4) Profit and loss appropriation account (5) Balance sheet According to Company Act, annual financial statement should be prepared by the board of directors of a public limited company every year at least thirty (30) days prior to the holding of its annual general meeting. Solution: Cost Price of 50 laptops = 50 × $500 = $25,000. The more questions a candidate answers, the better their understanding of the Profit and Loss concepts and their ability to answer quickly and accurately. Formulas: Percentage Profit = ( Profit * 100 %) / CP. May 14, 2019 · Here is the compilation of all previous year question of profit and loss with answers. financial statements are financial statements that bring the holding (parent) company's subsidiaries into its aggregated accounting figure. Statement of cash flows d. The gross profit or loss from the trading account is transferred to this account. D. 34. Kitsch is owned equally by four shareholders. The discount allowed by a shopkeeper is (x)50% of the marked price when paid in cash and (y) 40% of the selling price when paid by card. Cost of Goods Sold = 45,000. The profit or gain is equal to the selling price minus the cost price. a) 200%. Calculate profit or loss. Practice Profit and Loss Questions & Answers. If the 1st dealer makes a profit of 20%, then the profit per cent made by the second is. (Delhi 2012: Modified) Answer: Solve as Q. Finance questions and answers. 2. Once your operating expenses have been calculated, you’ll want to subtract that total to obtain your total Aptitude questions and answers section on "Profit and Loss Data Sufficiency 1" for placement interviews and competitive exams: Fully solved Aptitude problems with detailed answer descriptions and explanations are given for the "Profit and Loss Data Sufficiency 1" section. Q : A shopkeeper earns a profit equal to the selling price of 11 meter by selling 22-meter cloth. ) = Rs. 2008 Balance sheet as on 31. Here are some Important Questions Class 11 Accountancy Chapter 10 with solutions: Question 1. Profit and Loss Questions with Solutions. Question 6. If any way it violates the law or has any issues then kindly mail us support@letsstudytogether. 350 and sold at the rate of 48 per dozen. Profit or Gain = Selling price – Cost Price. In that case the following entry will be passed: Insurance company account – Debit Financial Reporting (FR) September/December 2021 Sample Answers Section C Mims Co (a) Statement of profit or loss for the year ended 31 December 20X5 $’000 Revenue 24,300 Cost of sales (11,600 – 700 inventory) (10,900) ––––––– Gross profit 13,400 Administrative expenses (10,900 + 1,400 provision + 1,300 promoting brand + Dec 14, 2023 · Income Statement: An income statement is a financial statement that reports a company's financial performance over a specific accounting period . What is Profit And Loss Statement? A Profit and Loss Statement (also known as an Income Statement or P) is a financial report that summarizes a company’s revenues, expenses, and profits/losses over a specified period of time. Difficulty level:3 out of 5 (Normal) Examination-SSC, Banking, GMAT, GRE, SAT, CAT, etc. from the balances extracted of M/s Rahul Sons. Parent section:Quantitative Aptitude. Here are some of the solved questions on profit and loss concept: Q1: Alfred buys an old scooter for Rs. 567 $104,338 65. Gross Profit = $100 million – $40 million = $60 million. , prepare a comparative. Find his gain percent. Profit on 40 laptops = 40 × 20% × $500 = $4,000. If the profit is reduced to 8%, then the selling price will be: 3. A profit and loss (P&L) statement summarizes the revenues, costs Aug 21, 2023 · Part 1: 30 financial accounting quiz questions & answers. 4700 and spends Rs. Answer: Trading and Profit and Loss A/c of Mr. May 18, 2022 · Step 5: Subtract operating expenses from gross profit to obtain operating profit. A. 318 49261. , an S corporation, shows $180,000 book income. General expenses RM600 Utilities RM250 Required: a) Prepare the Statement of profit or loss for the year ended 31 December 2017 b) Prepare the Statement of financial position as at 31 December 2017 QUESTION 2 Required: a) Prepare the statement of profit or loss for the year ended 31 December 2014. B. c) x with a discount of 400 rupees. Question 1: By selling 90 ball pens for ₹160 a person loses 20%. It lists revenues, expenses, and net profit for the period covered. Feb 1, 2024 · Question 3: A store bought 50 laptops for $500 each and sold 40 of them at a profit of 20%. The percentage of profit is. This rebate is known as discount and discount is known as rebate. An article passing through two hands is sold at a profit of 40% at the original cost price. Company ABC ltd is in the business of manufacturing and selling sports equipment in the market. By selling a bicycle for Rs. Which financial statement reports a company’s financial position at a specific point in time? a) Income Statement. Show the following items in the balance sheet as per the provisions of the companies Act, 1956 in (Revised) Schedule VI: Question 2. Profit & Loss (P&L) is a concept in quantitative aptitude that involves determining the cost of goods sold, which includes the cost of raw materials, labor, and overhead expenses, and subtracting it from the revenue generated from the sale of goods. An expense that a company may A P and L statement is a go-to financial statement that shows how much your business has spent and earned over a specific period of time. net profit percentage c Mar 23, 2018 · Loss = CP – SP ( i. Sell Price = CP – Loss. This set of Aptitude Questions and Answers (MCQs) focuses on “Profit and Loss”. Prepare Trading and Profit and Loss a/c for the year ended 31. a. represent the longterm element of the bank loan shown in current liabilities. The income statement is usually prepared using the International Financial Reporting Standards (IFRS), which match revenues and expenses to the period in which The following information related to Kerubo Traders for the year ended 31 December,2006. Feb 27, 2023 · Ascertain the total of two sides, jvhich must be equal. (v) Puan Suria took goods and cash of RM1,200 and RM600 respectively as a gift for her niece. 2015-16 percentages will be based on Rs. Cr. 2015 = 6,00,000 +50% × 25% = 75,000 2016 = 8,00,000 + 45% × 25% = 90,000. Frequently asked maths profit and loss questions or problems with solutions for all competitive exams like bank exams (po, clerk),CAT, SSC, interviews and quiz tests. Apr 14, 2024 · Income Statement (Profit and Loss or P&L) Design Assignment:Profit and Loss Statement (P&L Statement) is probably the most important financial document, which would show how well the operation is aligned with its financial goals and expectations. Small business owners have two reporting options when preparing an income statement: a single Profit and Loss Questions and Answers. 4,00,000 Rs. Profit % = y×100 x−y y × 100 x − y. How to Prepare a Profit & Loss Statement and Balance Sheet Income Statement Basics Income Statements for Bizzies Income Statements for Beginners Statement Of Profit And Loss Questions And Answers Downloaded from dev. Your P&L statement shows your revenue, minus expenses and losses. Prepare a Common Size Statement of Profit and Loss from the following Statement of Profit and Loss: Solution 4. Loss is equal to the cost price minus the selling price. 24,00,000 Rs. 251 $ 39,087 Gross Sales Cash Discount Net Sales Cost 13. edu by guest MOON MACK Income Statements Essentials Redleaf Press These blank forms can be customized for your own Profit Dec 31, 2018 · Question: Draft Statements of Profit and Loss or Other Comprehensive Income for the Year Ended 31 December 2018 Additional Information 1. Prepare a comparative statement of profit and loss from the following information. e. Income statement b. A store owner purchases a product for Rs. The statement displays the company’s revenue, costs, gross profit, selling and Jan 4, 2024 · Example #2. /Prom the following statement of profit and loss of M Ltd. Percentage of Revenue from Operations = 30%. 21,00,000 B. Quiz & Worksheet Goals. On selling ‘ x ’ articles the profit or loss is equal to Selling of ‘ y ’ articles, then. Sell Price = CP + Gain or Profit. mabts. of 90 ball pens = [100/(100 – Loss%)] × Selling Price = [100/(100 – 20)] × 160 = (100 × 160 After you have finished reading the concepts of this chapter, solve the following section on Profit and Loss Practice Questions within a given time limit. P When S. ACCA Financial Reporting (FR) Chapter 24 Group statement of profit and loss Questions - Free ACCA Financial Reporting (FR) Practice Tests. From the following balances taken from the books of Simmi and Vimmi Ltd. (B) Rate of increase or decrease in cost of revenue from operations. Importance:High. This account summarises the day-to-day revenue and expense items incurred in the running of a business. Comparative Statement of Profit & Loss provides information about: (A) Rate of increase or decrease in revenue from operations. Net sales Cost of goods sold Expenses $240,000 $100,800 $125,000 35. Required: Prepare a Statement of profit or loss and other comprehensive income for the year ended 30 June 2021 in compliance with Intemational Financial Reporting Standards appropriate to Samke Ltd's business activties. Question : 1 – After two successive discounts of 20% and 35%, an article is sold for Rs 50700. Nov 7, 2023 · A profit and loss statement aggregates the revenues, expenses, and profits or losses of a business. See Answer. Statement of Affairs as of 31st December 2017. 3 Using the profit-and-loss statement you developed in question 2. There are typically quarterly and annual P Discount – Sometimes shopkeeper gives you some rebate on items on selling to their customers. Select the answer below which best describes the content of the Profit and Loss Statement (Income Statement: A/Revenue is recorded when cash is received, while expenses can be recognised at an earlier point B/Transactions and events that affect an entity’s financial position or performance are recognised when Finance questions and answers; 2. Gross Profit = 55,000. Review the Profit and Loss Statement below and answer the following questions. This report portrays the financial results of a business for a specific period of time, such as for a month, quarter, or year. after deducting expenses directly related to such income) III. If a man sells two similar objects, one at a loss of x % and another at a gain of x %, then he always incurs loss in this transaction and. 880. Income statement Aa The income statement, also known as the profit and loss statement, helps calculate the firm's net income that is available to shareholders. If you have difficulty answering the following questions, learn more about this topic by reading our Income Statement (Explanation). . 13 2/7%. Question: 4. Feb 10, 2021 · Analysis of Financial Statements Important Extra Questions Short Answer Type. (a) Balance sheet. Questions 1. 1) What impact does Cost of Goods Sold have on Total Income? 2) If quality improved such that returns were reduced by 50%, what impact would that have on Net Income? 3) If alternative office rental accommodations could be found at a savings of Accounting questions and answers. You are free to use this image on your website, templates, etc, Please provide us with an attribution link. Annual report. Find the profit or loss percentage in the whole transaction. The ratio of the cost price and the printed price of the book is: 2. 14. 5800, find his gain percent: A: Cost Price (C. ) Abnormal Loss Following entry will be passed: Abnormal Loss account – Debit Stock destroyed account – Credit If the organization has insured the stock with the insurance company then the insurance company settles the claim, either in full or part. Calculate the amount of : Cr. Expenses = 43,000. Take the information from Maggie's Music Shop adjusted trial balance and fill out an Income statement. The Profit and Loss Account, or Income Statement helps ascertain the net profit and loss from a firm’s operations within an accounting period. m. 1. Tax Rate = 30%. 11 2/7%. Profit = [ profit% x CP ] / 100. On 31st March 2018, debtors, creditors, and stock in trade were valued as ₹ 35,000, ₹ 17,500, and ₹ 12,500 respectively. Q1: By selling 45 lemons for Rs 40, a man loses 20%. Cost of Materials Consumed- It includes all the materials consumed during the process of manufacturing. P When C. It reflects the revenues and expenses of a firm for a fiscal year. 2,850, a shopkeeper gains 14%. Working Note:-All the Percentages will be calculated on the basis of total of Balance Sheet. The outcome is either your final profit or loss. View the full answer. Class 5 Profit and Loss. Working notes: 1. Like Subscribe, Comment & Share! Tutorial on Trial Balance: https://youtu. The Consolidated Statement of Profit or Loss and Other Comprehensive Income will show the Jun 12, 2023 · Answer. From the Navigation Bar, select Reports > Custom reports tab > Financial Statements > Profit 3. , prepare a comparativestatement of profit and loss for the year ended March 31, 2016, and 2017: Q. Answer Sheet. The profit & loss statement is a …. EBIT = $60 million – $20 million = $40 million. Also prepare a balance sheet at the end of the year. Jun 30, 2021 · Accounting questions and answers. P&L statement in an organization could be the Pro-forma (or estimated, or budgeted), which Answer Even though this question requires an extract from the consolidated statement of profit or loss, the principle is still the same as Illustration (2) – consolidate the group as if it is a single economic entity by adding in 100% line by line, and showing group performance with all non-group entities. 2nd PUC Accountancy Financial Statements of a Company Numerical Questions and Answers. a. 05 Get free profit and loss aptitude questions and answers below to improve your problem-solving skills and get higher scores. Question: This statement is also known as the profit and loss statement. Percentage Loss = ( Loss * 100 %) / SP. (D) 156% Profit. Revenue from Operations: Sales Rs. The formula for the profit and loss percentage is: Profit percentage (P%) = (Profit /Cost Price) x 100. Other Non-Operating Incomes (i. Aid with tax calculations. QUESTION TWO [20] The following information relating to property plant and equipment was 6 days ago · A company's statement of income is often called its profit and loss statement (P&L). Feb 28, 2023 · Prepare a Common size statement of profit and loss of Shefali Ltd. Hence profit Other Math questions and answers; Skeletal Profit and Loss Statement Practice Problems For problems 34 and 35, set up skeletal profit and loss statements in both dollars and percentage given the information in each problem. Answer is option $395000000 Explanation; Net …. c) Cash Flow Statement. Fishbourne Marketing. Accounting questions and answers. (CBSE Delhi 2019) Answer: Comparatwe statement of profit & loss for the year Q : A person buys oranges 8 for Rs 5 and sells them at 5 Rs 8. Loss Percentage = [ Loss x 100] / CP. From the information given below, prepare Comparative Statement of Profit and Loss : Particulars 31st March, 2018 31st March, 2017 A. From the following balance extracted from the books ofM/s Ahuja and Nanda. be/8exv May 21, 2020 · Start the Trading Profit and Loss Account Quiz. Question 42. Find the profit percent earned after selling an article at a doubled rate for half quantity. In this quiz, there are 20 multiple choice questions (MCQs). Mar 31, 2017 · Financial Statements – I – Numerical Questions Solutions. Net income or net profit is calculated by charging all operating expenses and by considering other incomes earned in the form of commission 8. P, if C Mar 17, 2023 · Answer: Trading and Profit and Loss a/c for the year ended 31. For fill-in-the-blank questions, press or click on the blank space provided. 14 2/7%. 10 Lakhs. of 90 ball pens = ₹160. co to request removal of the link. A dishonest dealer purchases goods at 20% discount of financial accounting 6:35 am profit and loss questions and answers free excel cashbook for easy business bookkeeping sitekit beginnerbookkeeping home biz tips View Answer. Required: 3. This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Remember, one minute per question is what you will get. Financial Statements – II – Numerical Questions Solutions. Outstanding expense of last year. Use the amounts from the Profit and Loss Statement you created in Answer to Solved Another name for the profit and loss statement is the | Chegg. Accounting. Identify the missing line item in the trading and profit and loss account. 13: A man buys an item at Rs. Financial performance is assessed by giving a Jul 14, 2021 · Charge depreciation on furniture @10% and on machinery @20% p. 9. 2 and assuming that the company's beginning inventory was $15 million, ending inventory was $6 million, and total investment was $30 million including inventory, determine the following: a. 03. For the year ending March 31,2003, calculate the gross profit. Question: The income statement, also known as the profit and loss statement, helps calculate the firm's net income that is available to shareholders. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. Profit and Loss worksheet PDF for 5th Class, Solved example on Profit and Loss for fifth standard, Practice page on profit and loss, Practice Question on Profit and Loss, Finding Profit and Loss, Word problems on Profit and Loss with answers, Problems and solution on profit and loss, Questions and examples on profit and loss, Find the S. The company has the policy to prepare a Profit and Loss Statement after the end of the financial year for the whole year. com Aug 9, 2022 · Prepare a common size statement of profit and loss of Raj Ltd for the year ended 31st March, 2011. These questions are beneficial for various competitive exams, placement interviews, and entrance tests. During the year ending December 31, 2018, the Company generated revenue of $ 1000,000 by selling the different types Mar 31, 2021 · Both buildings and motor vehicles are depreciated at 10% per annum on their original cost. Which is a better option if the marked price is 1400 rupees? a) x with a discount of 700 rupees. d) Statement of Retained Earnings. Other Math questions and answers; Construct a skeletal profit-and-loss statement. Answer: b) Balance Sheet. So let us begin! Profit and Loss Practice Questions Part A. Question 2. This is the most significant information to be reported for decision making. Net Sales $561,800 Cost of Merchandise Sold $275,280 Expenses $ 253,936 Top 10 job interview questions and answers “On most occasions an employer is not going to find all of the desired qualities in a candidate. No. (A) 100% Profit. Answering each question will allow you to progress to the next question. gross margin percentage b. With our profit and loss questions with answers, you can familiarize yourself with the various formats and equip yourselves with the necessary tips and tricks to tackle this topic Jan 31, 2019 · A. Expenses- These can be bifurcated in the following given below types. 11/12/2020 0 Comments Feb 29, 2024 · A balance sheet gives analysts, investors, and creditors a snapshot of how effectively a company's management uses its resources. Calculation of other expenses indirect expenses = % of cross profit. Find C. A student buys a pen for Rs 90 and sells it for Rs 100. You'll be quizzed on the following aspects of a profit and loss summary: Three primary parts. C. 05 and Balance sheet as on that date from the following balance. 4 Profit and Loss Statement Complete the following to prepare a Profit and Loss Statement for Mookie The Beagle Concierge using the custom report you saved in Chapter 10. Calculate the total profit or loss if the remaining laptops are sold at the same price as purchased. Loss % = 20%. Hope you enjoy. What is the marked price (in Rs) of the article? [08-AUG-2017 Shift-1 ] Options: 1) 92500. Calculate his loss gain percent. Click on an answer to reveal whether its Right! or Wrong. P and Percentage of Profit / Loss is Known. A merchant buys p apples for ₹ q and sells q apples for ₹ p. Based on the 2004 statement of profit and loss data (Exhibits 1 and 2), do you agree with Waters's decision to keep product 103? Exhibit 1 Profit and Loss Statement for Year Ending December 31, 2004 (000) $105,905 1. If there is a profit of x % on selling the item, then cost price of the item = SP * 100 Q4. Loss = Cost Price – Selling Price. Answer: Financial statement-I. b) Balance Sheet. Column A. Net Profit = ? Sales = 100,000. 10. This statement is also known as the profit and loss statement. Jan 24, 2023 · Profit And Loss Questions: Solved Examples On Profit & Loss. Following is the profit and loss statements for two businesses. I have had little or no total responsibility. Prepare a trading and profit and loss account for the year ending March 31, 2017. Feb 6, 2023 · 1st PUC Financial Statement Numerical Questions. 3. Expert-verified. If you find some questions difficult, we advise that you thoroughly read the Final Accounts chapter in the financial accounting section of the website. This profit and loss will be used for all three growth scenarios. Use the financial information from the previous financial statements to create the statement of owner's equity (also known as a statement of retained earnings). Balance Sheet as at 31st December 2017. Answer the following questions to judge which company is doing better with resp marketing. A music system when sold for 10000 gave a profit of 2000 to the shopkeeper who sells it. P. From supplemental data, you obtain the following information about items that are included in book income. Column B. From the following information extracted from the Statement of Profit and Loss for the years ended 31st March, 2017 and 2018, prepare a Comparative Statement of Profit & Loss. In your upcoming exams, you can expect at least 3-4 profit and loss questions in the form of word problems, data interpretation, or data sufficiency questions. A shopkeeper earns a profit of 12% on selling a book at 10% discount on the printed price. Check Answer. 785 and sells it for Rs. ∴ C. 800 on its repairs. for the year ending March 31, 2017, calculate the gross profit. It can also be calculated with the help of the given below formula. (5pts) 12. Answer: The importance of financial statements is as follows: Assist in the preparation of the company’s budgets and plans. Accounting questions and answers; The profit and loss statement of Kitsch Ltd. Prepare a projected profit and loss statement for Farm Works Supply for each month April through July to analyze the results of the anticipated growth on profits. 1200 and sells it at the loss of 20 percent. Prepare Trading profit and Loss Account for the year ended 31 December, 2006. 1,00,000 C. with the help of following information: Answer: Common size Statement of Profit and Loss Working Notes 1. Loss % = y×100 x+y y × 100 x + y. P and Percentageof Profit / Loss are Known. Oct 30, 2020 · Financial Statements explanation of how to prepare Statement of Profit and Loss Jan 17, 2024 · A profit and loss (P&L) statement, sometimes called as an income statement, is a financial report that provides investors and outsiders with a financial overview of a company. Assist the loan creditors in making a decision. The income statement is usually prepared using the International Financial Reporting Standards (IFRS), which match revenues and expenses to the period in which they were incurred, not The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non-operating activities. Profit and Loss. We just provide the link already available on the internet. The income statement is one of three statements used in both corporate finance (including financial modeling) and accounting. The difference between these two figures is either a profit or a loss. Cross out the incorrect work (profit/loss). If it is being reported by a publicly held company, the P&L also includes both basic and diluted earnings per share The profit and loss statement will summarizes the revenues and expenses generated by the company over the entire reporting period. Mar 26, 2023 · This exam will help you clarify the main concepts. Mar 5, 2024 · Profit and Loss Statement (P&L): A profit and loss statement (P&L) is a financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time, usually a 500+ Profit and Loss Question with Solution Free PDF – Download Here. (B) 150% Loss. The profit or gain can be represented by the amount of items or good or articles left. Balance sheet c. (C) 146% Profit. Profit / Loss Worksheet. The formula used to calculate total income. Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2UZTISTIow your working. Question: Q. Sales Return Rs. (D) All of the above. Amount. 23 on page 418. Construct a profit and loss statement using the following departmental figures and show the dollar amounts for net sales, total cost of goods sold, gross margin, expenses, and profit. Interest Expense = $5 million. / Prom the following statement of profit and loss of M Ltd. Use the financial information from the previous financial statements to Economics questions and answers; EM10. A shopkeeper marks his sarees at 20% above the cost price and allows the purchaser a discount of 10% for cash buying. Common Size Statement of Profit and Loss for the year ended 31st March 2017. b) y with a discount of 700 rupees. Find S. Account Title. uk wr jr ak wa gg ig ri he jz