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.
1) Presented below is a list of terms, followed by definitions or descriptions of those terms. a. Cost pool b. Actual cost system c. Cost driver d. Manufacturing diver
Allocation of Joint Costs Whereas two or more products of relatively high value emerge simultaneously from a single process, they are named as joint products. The processes s
What type of activity could a company engage in to improve their cash flows in their Cash Flows Statement? Is this ethical? Could borrowing money make the cash from operations be
Freshly Ground Investments have just made an investment of $550 000 in a new Toyota Hilux (with trailer) delivery vehicle. This vehicle will be used for deliveries and generate rev
Slick Corporation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Each case contains twelve quarts of synthetic oil. To achie
Shrinkage - Production Process This refers to a disappearance or loss of material inputs utilized throughout the production process. It happens mainly via the evaporation. Thi
This is defined as an actual amount paid or incurred, as opposed to estimated cost or standard cost. In contracting, actual costs amount includes direct labor, direct material, and
Administration Costs Budget This represents the costs of all administration expenses. Every department or budget centre will be responsible for the preparation of its own bud
weekly working hour 48 , hourly wage rate 15$ , price rate per unit 6$ , normal time taken per piece 36 minuets , normal output per week 220 pieces , actual output per week 275 pie
Example of LIFO, FIFO and Weighted Average Method Suppose the following purchases were made in ABC Ltd as like: Date of purchase Units purchased Price/uni
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