OBJ ANSWERSJ: 1ABAADDAEBC 11BCDEBCCDAE 21CAABDCCDDE 31CEBBCDDDDD 41EADCEECADC 51BDCDDEACEB ------------------------------ 1a) Add unpresented cheque,add credit tansfer and add dividends ------------------------------** 1b) i)personal account ii)personal account iii)Nominal account iv)Nominal account v)Debtors vi)Real account vii)Real account viii)Nominal account ix)Nominal account x)Real account xi)Nominal account --------------------------------- ACCOUNTING THEORY ANSWERS (Q2C)- -Owners and investors – Management -Trade creditors or suppliers -Lenders -Government -Employees -Customers. ---------------------------- 3) i)Accumulated fund;this is the fund that correspond to the capital of a patnership or sole trader and it can be calculated using statement of affairs.It is also the excess of the assets over liabilities of a non profit making organization which takes place of the capital found in a trading organization ii)Depreciation;this can be defined as the fall or decrease in the economic service potential of an asset as a result of wear,tear,useage,obsolescence and inadequacy iii)Bad debts;These are debts,which have become irrecoverable.It will appear on the side of debit side of profit and loss account in charge.Bad debts occur as a result of inability of the consumer to pay debt iv)Gross profit;This is the excess of sales over cost of goods sold.Itis the total profit before deducting the expenses v)Nominal capital;This is the amount stated in the memorandum association as the amount of capital used. --------------------------------- (5) opening stock(40000) add purchase(50000) 90000 less closing stock(60000) g.p(30,000) 60000 less exps(30000) Net profit(60000) (a)cost of goods sold=N30,000 (b)net profit(N60000) (c)current asstes: current liability 20,000:10,000 2:1 (d) workinbg capital=current nassets less current liabilities =20000-10000 =N10000 (e) rate of turnover = cost of goods sold/average stock av. stock= (opening + closing )stock)/2 =(400000+60000)/2=100000/2 =50000 =30000/50000 =0.6 =1 approx (f) G.p/sales *100 =600000/90000 *100 =66.6% =67 approx ---------------------------- DNT FORGET TO DROP YOUR COMMENT....

Original posted by lizzytech.mobie.in
@2015-07-02 10:59 ( 0 comments )