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.
importance of classifying cost accounting
Choice of Budget Flexing Basis The most suitable flexing basis must be considered where it assists in the comparison of alternative budget data at the planning stage and for
Example of Contract Account A company has been awarded a contract to build a house. It is a contract Number 45 for the company and the contract price is shs.2.65 millio
what is overhead cost classfication of cost overhead
Determine Inventory Costs Mary Cosmetics sells specialty lipstick for a retail price of $12.25 each. Mary purchases each tube for $5.00 and pays the following additional amounts: $
WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS
AOL is considering two proposals to overhaul its network infrastructure. They have received two bids. The first bid, from Huawei, will require a $20 million upfront investment and
Consider as Illustration. Profit and loss account of TIL demonstrates, that, operations have given gross addition of Rs. 360 million to funds throughout the period. These funds sho
The CFO of ABC Municipality has heard of activity based costing and wants to execute it in the municipality. Because ABC involves a number of changes to how service costs are deter
Early customers at Graffiti Week balk at the price for Moondoggie Reserve. The marketing department at DFW, Jolene, conducts some research that suggests Stanislaus county residents
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