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Author Topic: account  (Read 945 times)

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Offline JEFFREY96

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account
« on: September 09, 2014, 08:54:33 am »
« on: Yesterday at 05:29:14 pm » Quote
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    Offline JEFFREY96

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    Re: account
    « Reply #1 on: September 09, 2014, 10:58:34 am »
    (1a)
    Partnership business can be defined as the
    relationship which subsists between persons
    carrying on a business in common with a view of
    profit. It can be formed by one to twenty persons in
    business.
    (1b)
    Dormant partner is define a person who does not
    partake in the day to day running of the business
    but only contribute capital. it can also be called a
    sleeping partner
    (1c)
    i. The capital to be contributed by each partner
    ii. the rate of interest on capital
    iii. the rate of interest on drawings
    iv. the division of profits and losses
    v. the basis of valuing goodwill on the death or
    retirement of a partner
    ==============================
    (4a.)
    computer is any device that is capable of accepting
    data automatically, applying a sequence of process
    to the data and supplying the results of these
    processes.
    (4bi.) input data is a data or raw information
    accepted by a computer to be processed into a
    useful information eg
    (4bii.) output data is the result information from a
    computer when it has been processed
    (4biii.) input components are devices used to insert
    commands into computer for processing eg
    keyboard
    (4biv.) output components are devices which
    displays the useful information that has been
    processed from raw data eg monitor.
    ==============================
    (9a)
    Gross profit percentage
    for 2010
    G.p/sales * 100
    = 50000/200000* 100
    = 25%
    for 2011
    =70000/280000*100
    =25%
    (9b)
    Stock turnover ratio for 2010
    Average stock/2
    = 50000+20000/2
    =70000/2
    =35000
    cost of sale/average stock
    = 150000/35000
    =4.2=4 times
    Stock turnover ratio for 2011
    20000+30000/2
    =50000/2
    =25000
    cost of sales/average stock
    =210000/25000
    =8.4 = 8times
    (9c)
    Net profit percentage for 2010
    Net profit/sales*100
    = 12000/200000*100
    =6%
    Net profit percentage for 2011
    Net profit/sales*100
    =20000/280000*100
    =7.14%
    (9d)
    Acid test ratio for 2010
    = current asset - stock/current liability
    =25000/1500
    =1.66 : 1
    Acid test ratio for 2011
    = current asset - stock/current liability
    =33000/12000
    =2.75 : 1
    (9e)
    Current Ratio 2010
    = current asset / current liability
    = 45000/15000
    = 3 : 1
    Current Ratio 2011
    = current asset / current liability
    = 63000/12000
    =5.25 : 1
    =======================================
       
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    Offline JEFFREY96

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    Re: account
    « Reply #2 on: September 09, 2014, 12:35:57 pm »
    (5a)
    tabulate, debit side and credit side must be
    side by side
    trial balance:
    Dr:
    motor van(15,000)
    equipment(40000)
    furniture(10500)
    stock(8500)
    purchases(60000)
    debtors & creditors(4300)
    cash(15500)
    discounts(1500)
    bad debt(500)
    salaries(3500)
    drawings(800)
    gen exps(500)
    lighting(750)
    insurance(400)
    Cr:
    sales(9,000)
    debtors&creditors(2000)
    rent(1000)
    loan(5000)
    provision(1000)
    capital(60800)
    (5b)
    Trading profit & loss A/c for the yr end
    31/12/2014
    debit side:
    Stock(8500)
    purchases(60,000)
    68500
    stock(3820)
    GP(64680)
    26320
    G.P(64680)
    26320
    9,000
    Dep:
    motor van((5/100)*15,000=750)
    equipt((5/100*40,000=2000)
    int on loan(325)
    disct alld(1500)
    bad debt(1500)
    salaries 500+1500 (2000)
    gen exps(500)
    lighting(750)
    Ins(400)
    19545
    28770
    Credit:
    sales(9,000)
    9,000
    G.P b/d(26320)
    rent recd(1000)
    disct rcd(1000)
    provision for bad debt(450)
    28770
    28770
    ===============================
    ( 8 )
    Manufacturing Trading Profit and Loss Account
    for the year 31/3/2012
    Tabulate Debit and credit side for this question
    Debit side
    Stock (18900)
    Purchase(72000)
    90200
    Less return outward (1800)
    88400
    Add carriage inwards( 840)
    89240
    Stock (15240)
    74000
    Wages(60000+1200) 61200
    Prime cost (135200)
    Overhead Expenses
    Rent 3200*4/5 2560
    Rate 4800*4/5 3840
    Insurance(1260-400) 860*4/5 688
    Fuel (3200)
    Salaries (4540)
    14828
    Add Wip at start (23000)
    (37828 )
    Less Wip at end (36178 )
    1650
    G.p on manufacture (27370)
    Market value (164220)
    Stock (17000)
    Market value (164220)
    181220
    Stock (16000)
    165220
    +60860
    =226080
    Rent 3200*1/5 640
    Rate 4800*1/5 960
    Insurance 860*1/5 172
    Selling expenses 5100
    Salaries 6120
    Discount allowed 2800
    General office exps 4114
    Advert 6124
    Carriage out 1200
    Bad debt 680
    Net profit 61520
    Total 89430
    Credit side
    Market value (164220)
    Total (64220)
    Sales (228200)
    Return inward ( 2120)
    226080
    G.p B/D ( 60860)
    G.p on manufacturer ( 27370)
    Discount Received (1200)
    89430
    Total
    89430
    ==============================
       
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    Offline JEFFREY96

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    Re: account
    « Reply #3 on: September 09, 2014, 12:37:59 pm »
    Verified ACCOUNT OBJ
    1-10: CAABCBCBCC
    11-20: CAAADBCBDC
    21-30: ACBDDADBBA
    31-40: CDADAABBBB
    41-50: BBBBCCBDCC
       
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