# Classify VIII Bookkeeping Question

by Yash bhardwaj
(Delhi)

Classify

Rohit brought a tape-recorder for rs.1500 and sold it for rs.1800. Calculate his profit or loss percent.

### Comments for Classify VIII Bookkeeping Question

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 Oct 10, 2023 Rating Profit Percentage by: BB The Basics of Profit and Loss Calculation When you buy something for a certain price and sell it for another, the difference between the selling price and the cost price determines if you've made a profit or incurred a loss. In Rohit's case, he bought a tape-recorder for Rs. 1500 and sold it for Rs. 1800. Calculating the Profit First, let's find the difference between the selling price and the cost price: - Selling Price: Rs. 1800 - Cost Price: Rs. 1500 Profit = Selling Price - Cost Price Profit = Rs. 1800 - Rs. 1500 Profit = Rs. 300 Rohit made a profit of Rs. 300 on the transaction. Calculating Profit Percentage To find out how much profit he made in percentage terms, we use the following formula: Profit Percentage = (Profit/Cost Price) × 100 Profit Percentage = (300/1500) × 100 Profit Percentage = 0.2 × 100 Profit Percentage = 20% Rohit made a 20% profit on the sale of his tape-recorder. Final Thoughts Understanding how to calculate profit and loss percentages can give you a clearer picture of the effectiveness of your financial decisions. Whether you're selling products like Rohit or managing larger business transactions, these calculations help you gauge your financial standing. Got more questions on financial calculations or bookkeeping? Feel free to ask! I'm here to help simplify these sometimes-confusing topics.

## Classify Each Bookkeeping Item

by Ellen
(RSA)

Classify Each Bookkeeping Item

Please categorize and classify each of the following bookkeeping items:

accounting feeds
bank charges
bank overdraft
call deposit account
capital
cash float
creditors
debtors
drawings
insurance
interest paid.
land and buildings
mortgage bond
motor vehicle
office equipment
petrol and oil
property rate and taxes
repairs and maintenance
salaries and wages
services rendered.
stationery and printing
stationery stock

### Comments for Classify Each Bookkeeping Item

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 Jul 17, 2023 Rating Bookkeeping Item Classifications by: Stephanie Here is the categorization and classification of each bookkeeping item: Accounting Fees - Expense, Professional Fees Advertising - Expense, Marketing Bank Charges - Expense, Bank Fees Bank Overdraft - Liability, Short-term Borrowings Call Deposit Account - Asset, Cash Equivalent Capital - Equity, Owner's Equity Cash Float - Asset, Petty Cash Creditors - Liability, Accounts Payable Debtors - Asset, Accounts Receivable Drawings - Equity, Owner's Withdrawals Insurance - Expense, Insurance Interest Paid - Expense, Interest Expense Interest Received - Income, Interest Income Land and Buildings - Asset, Property, Plant, and Equipment Mortgage Bond - Liability, Long-term Debt Motor Vehicle - Asset, Vehicles Office Equipment - Asset, Equipment Petrol and Oil - Expense, Fuel and Oil Property Rate and Taxes - Expense, Property Taxes Repairs and Maintenance - Expense, Maintenance and Repairs Salaries and Wages - Expense, Payroll Services Rendered - Income, Services Rendered Stationery and Printing - Expense, Office Supplies Stationery Stock - Asset, Inventory Taxes - Expense, Taxes Please note that the categorization and classification may vary depending on the specific accounting practices and industry standards.

 Aug 25, 2018 Rating Classify Bookkeeping Items by: Stephanie Thank you for your question about categorizing and classifying bookkeeping items. Please see the classification your requested below:accounting - expenseadvertising - expensebank charges - expensebank overdraft - expense/transfercall deposit account - incomecapital - equitycash float - assetcreditors - liabilitydebtors - a/r drawings - equityinsurance - expenseinterest paid - expenseinterest received - other incomeland and buildings - assetsmortgage bond - liability motor vehicle - assetoffice equipment - assetpetrol and oil - assetproperty rate & tax - expense repairs & maint. - expensesalaries and wages - expenseservices rendered - incomestationery & printing - expensestationery stock - inventorySave money on bookkeeping legal forms here

## Classifying Vendor Discounts

by Teresa
(Littleton, CO USA)

We are in a debate over classifying vendor discounts as income or a reduction of COGS. What are the pros/cons of each?

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## Classification of Health Club Memberships

What do you classify health club membership fees for employees as on the books of a business?

### Comments for Classification of Health Club Memberships

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 Jul 01, 2011 Rating Health Club Category by: Anonymous I believe health club membership fees paid for the employees by a gym business structure can be classified as a Fringe Benefit expense which would be a subcategory of Payroll Expenses.Get a free do-it-yourself Business Plan here

## Food Bookkeeping Categorization

Food Bookkeeping Categorization

If we buy chicken, where do we categorize it for bookkeeping purposes? Do we classify it under Groceries?

### Comments for Food Bookkeeping Categorization

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 Jul 29, 2018 Rating Food Bookkeeping Classification by: Stephanie Thank you for your bookkeeping question about where you should categorize food.The answer for where you should classify a food purchase such as chicken, is dependent upon what the purchase is for.If the purchase of chicken is for personal purposes only, it would be categorized as an Owner's Draw with a subcategory of Groceries which would show on the Balance Sheet Statement.If the purchase of chicken is for a business meal with a client or for business travel, it would be categorized as a Meal & Entertainment Expense which would show on the Profit & Loss StatementIf the purchase of chicken is for a business event in which you are providing food for the event, it would be categorized as a Food Expense which would show on the Profit & Loss Statement as well but would not be limited to the 50% tax deduction limitation.Find Affordable Bill of Sale Forms Here