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Accounting
Calculate closing stock from the following details :
Opening stock 4,80,000 ₹
Purchase 13,60,000 ₹
Sales 19,50,000 ₹
G.p. is 30% on cost
Opening stock 4,80,000 ₹
Purchase 13,60,000 ₹
Sales 19,50,000 ₹
G.p. is 30% on cost
Accounting
Calculate the gross profit and cost of goods sold form the following information:
Net sales ₹ 9,00,000
Gross profit is 20% on cost
Net sales ₹ 9,00,000
Gross profit is 20% on cost
Accounting
1. The market value of a listed investment decreased in January 2019 to N$600 000. Investments
are stated at market value. Assume that the company does not speculate with shares.
2. A debtor with an outstanding balance of N$71 500 on 31 December 2018, was declared
insolvent and placed under liquidation on 20 January 2019. The liquidator indicated that creditors
will receive 30 cents in the rand. No allowance for credit losses was made at reporting date.
3. On 15 January 2019 the directors declared a dividend of 10 cents per share for the year ended
31 December 2018. There is 100 000 issued ordinary shares.
4. During January 2019 inventory with a value of R20 000 was destroyed when a store was burnt
down during a political uproar.
Required:
1. Discuss with reasons whether each of the above situations are adjusting/Non
adjusting events.
1. Show journal entries of the above where applicable
are stated at market value. Assume that the company does not speculate with shares.
2. A debtor with an outstanding balance of N$71 500 on 31 December 2018, was declared
insolvent and placed under liquidation on 20 January 2019. The liquidator indicated that creditors
will receive 30 cents in the rand. No allowance for credit losses was made at reporting date.
3. On 15 January 2019 the directors declared a dividend of 10 cents per share for the year ended
31 December 2018. There is 100 000 issued ordinary shares.
4. During January 2019 inventory with a value of R20 000 was destroyed when a store was burnt
down during a political uproar.
Required:
1. Discuss with reasons whether each of the above situations are adjusting/Non
adjusting events.
1. Show journal entries of the above where applicable
Accounting
What do you mean by suspense account?
Accounting
What are the bases of valuation of goodwill?
Accounting
Give four examples of divisable profits.
Accounting
Profit volume ratio 40%. Break even sales Rs.2,50,000. Calculate fixed cost.
Accounting
Give four examples of capital profit.
Accounting
Write the formula for computing value of right.
Accounting
S Ltd. Issued Rs.80,000 13% debentures at 5% discount, which are redeemable at 10% premium after 3 yers. Paas the journal entry on issue of debenture in the books of company.
