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!
You work for a firm of accountants as a junior accounts assistant and part of your role is to prepare clients' ledgers accounts from incomplete records.
A client of the firm you work for is Mr Payne, a sole trader, trading as home wares, selling domestic household goods.
You have the following information for the year ended 31 March 2012:
Day book summaries:
Goods £
VAT £
Total £
Balances as at:
31 March 2011
£
31 March 2012
Sales returns
Sales
Purchases returns
3,000
156,375
1,500
600
31,275
300
3,600
187,650
1,800
Trade receivables
Trade payables
VAT balance (Cr)
18,000
10,700
4,335
18,725
12,000
To find
Purchases
104,950
20,990
125,940
Note: All sales and purchases are on credit terms
Further information:
Net £
Office expenses
4,500
900
5,400
Note: Office expenses are not included in the purchases day book amount
Bank summary
Dr £
Cr £
Balance b/d
8,120
Motor and travel expenses
2,350
180,600
6,432
VAT paid to HMRC
7,526
Drawings
24,110
Wages expenses
12,888
Balance c/d
121,224
14,190
188,720
(a) Using the figures given from the information above, prepare the purchases ledger control (trade payables) account for the year ended 31 March 2012. Show clearly cash discounts as the balancing figure.
(b)Using the figures given in the information above, prepare the sales ledger control (trade receivables) account for the year ended 31 March 2012. Show clearly cash discounts as the balancing figure.
(c) Using the figures given in the information above, prepare the VAT control account for the year ended 31 March 2012. The balance c/d must be the missing figure.
This task involves the recording of non-current asset information in the general (nominal, main) ledger and other non-current asset matters. You are assisting in preparing the a
Stopover industries ltd, a recently incorporated company plans to go into production next year. the following standard cost matrix has been assembled for one of the products it pro
sorption costing
discuss stages of accounting for costs
the annual overhead costs for abc ltd which has 3 production centeres and 2 service centers are as follows. indirect wages & supervision X 2million Y 2million 3 production departme
Mathematical Derivation of EOQ Let cost per order is represented via Co. it is the cost incurred every instance one order is placed. Let the economic quantity purchase ever
The Federal Reserve adjusts short term interest rates based upon their perceptions of the needs in the economy. Please describe the ways the Federal Reserve can influence interest
Which method of measuring costs associated with production is more widely used in practice A. Normal Costing B. Actual Costing C. Both are used equally D. Neither one
Job Costing This is a costing method that is applied when a job or cost unit is relatively of small size, is undertaken to fit the customer's specifications and is of compara
Mission Foods produces two flavors of tacos, chicken and fish, with the following characteristics: Chicken Fish Selling price per taco $3.00 $4.50 Variable cost p
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