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.
Atlanta Company stock is expected to follow an exponential growth rate. The relationship between the current stock price P0, future price PT after time T, and the continuously comp
need help to achieve my assignment
Assignment of Variance in Variance Calculation In variances calculating, the calculations require to be detailed sufficient hence the responsibility for the variance can be a
The state legislature has voted to develop a grant-in-aid policy to try and induce local communities to devote more resources to improving their infrastructure. Town O = Has a
for the year ended31st dec 2008manufacturing accountshowing costof row material,manufacturing expenses and the cost of goods manufactured& tradind account where stock of row mater
concept of cost accounting in an enterprise
to determine product cost:
1. The table below gives data for Southland where there are three consumption goods: bananas, coconuts and grapes. Goods Quantity in base period basket
It is the year 2012. The Chief Executive of XYZ Systems Plc, a growing firm in the telecommunication sector, has called your team for an important meeting. "We are expanding": he s
a. If you could pick a single source of cash for your business, what would it be? Why? b. How can a business earn large profits but have a small balance in Retained Earnin
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