Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Illustration of marked up by an additional amount
E Limited sent goods to its branch in Thika invoiced at selling price, which was cost plus 505 of cost. On 1st July 20X2, the opening stock in Thika was Shs 3 million at selling price. Goods at selling price of SHS 16.5 million were received by Thika in the year ended 30th June 20X3.
Branch Stock A/C
20X2
Shs 000
20X3
Jul 1
Balance b/f
3,000
Jun 30
Cashbook/debtors
16,800
June 30
Sundry a/c
16,500
Feb 28
Branch Markup a/c
1,600
Balance c/d
4,300
21,100
Balance b/d
Branch Mark Up A/C
Branch profit and loss a/c
6,400
July 1
Bal b/f
1,000
Bal c/d
1,700
Branch stock a/c
5,500
_____
Branch stock
8,100
Workings
a.
Sales
Selling price
Gross profit
Cost of sales
Sh ‘000’
Total sales
10,400
Marked up goods (75% X Shs 7.6m)
5,700
2,700
Normal sales
11,100
3,700
7,400
b.
Closing stock
Total
2,600
Marked up goods
1,900
900
2,400
800
Presentation and hearing The petition is presented to the court and must be served on the debtor at least eight days before the hearing. If the debtor wishes to oppose it he mu
The return on investment has been aptly about as a primary ratio as it gives the relative net profit earned on the capital utilized. It is one particular measure where the last out
Describe the concept of full cost recovery with illustrative examples.
Describe:- What are the limitations of the balance sheet? What are the benefits of the balance sheet? What are the form of the balance sheet?
what are the activities?
Preparation of cashflow statements IAS 7 recommends that the cashflow statement can be prepared using two methods:- I) Direct method Whereby, cash from operations is deter
INTER-COMPANY TRANSACTIONS AND BALANCES As the associate company is not consolidated, care should be taken when there are trading transactions and inter-company balances between
Q. Flexibility in Debt finance? Debt finance is more elastic than equity in that various amounts can be borrowed at a fixed or floating interest rate and for a range of maturit
Peer Review - Process by which an accounting firm's practice is evaluated for compliance with professional standards. Objective is achieved through the performance of an independen
Q. What is Inheritance in Gross income? Inheritance - As distinguished from a BEQUEST or devise, an inheritance is property attained through laws of descent and distribution fr
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd