Accounting Answers

Choose the correct answer.
Paid to ram ₹ 11500 in full settlement of ₹ 12000. Posting will be made in ram' s A/c:
(A) ₹ 12,000 on debit side
(B) ₹ 12000 on credit side
(C) ₹ 11,500 on debit side
(D) ₹ 11,500 on credit side

1. The financial year ends annually on 30 June 2020.

2. 60% of all raw materials are purchased for cash and the balance is purchased on credit.

3. Finished goods are sold at cost plus 60%.

4. Indirect raw materials:
On hand on 1 July 2019, R2500.
Purchased during the year, R85000.
Returned to suppliers during the year, R3000.
On hand on 30 June 2020, R32000.

5. Depreciation:
Machinery is depreciated at 20% per annum on cost price. The cost price of the machinery purchased was R960000. Accumulated depreciation written off until 30 June 2019 amounted to R820000.

6. Rent expense:
The rent expense account has a balance of R495000 on 30 June 2020.
Rent expense amounted to R35000 per month from 1 July 2019.
Rent expense increased by R10000 per month effective from 1 April 2020.

An employee was caught taking off - cut pieces of fabric home. When the employee was questioned she stated that she needed the fabric to fix the ceiling in her house, she also stated that she did not think that it was wrong as everyone in the business was taking left over materials home. In your opinion, do you think what the employee was doing was right? Suggest two points in which you explain to the management of the business what courses of action should be followed and how they can ensure that something like this does not happen again.

Suggest three control measures that management could implement in order to effectively control and manage debtors.

Suggest two ways a business could encourage cash sales over credit sales

Need assistance with my assignment

Machine cost = 5 lack
Salvage value = 54994.35
Find book value of machine after 5 years and also find accumulated depreciation after nine years .
By using db method

question 1
You are required to identify the incomplete source documents and complete the journals .Prepare the following for Makha traders for the month ended 30 June 2018.
a.General ledger
b.Trial balance
NB. The business uses 60% profit mark-up on cost price

A machine was purchased on 1 st april, 2008. The balnce of his machine on 31 st march ,2011 is ₹ 5,83,200. Depreciation is charged @ 10% p.a. on written down value method. What was the cost price of the machine on 1 st apirl,2008 ?

Calculate the material turnover ratio for the yers 199 from the following details:

(mx) (my)
Opening stock 25,000 87,500
Closing stock 15,000 62,500
Purchase 1,90,000 1,25000