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ACCOUNT OBJ:
1-10: CCBBCACCCD
11-20: CCBCBBDBBB
21-30: CAADADBCBA
31-40: ABDCDACBBB
41-50: BBDDADCCCC
2ai.)
Discount Allowed
Bills receivable
Bad debts
Return inwards
__________________________
(2aii)
Discount Received
Bills Payable
Cash to suppliers
Return outwards
(2b)
- Error of original entry
- Error of omission
- Error of commission
- Error of principle
- Compensating errors
- Complete reversal of entry
3b)
Uses of journal
*They are used to record errors
*record purchase and sale of fixed assets on credit.
*record closing entrie
*record transfers between ledgers.
*Record opening the closing entires,write q debt
8a) Gross profit as a percentage= Grossprofit/sales * 100/1 =96,000/240,000 * 100/1 =40% b) Net Profit as a percentage = Net profit/sales * 100/1 =8000/240,000 * 100/1 =3.3% c) Profit/Cap employed * 100 =8000/142,000 * 100 =5.6%
(5)
Adjusted Cash book:
Debit side:
Bal b/f(4500)
dividend(320)
under(180)
5000
Credit side:
subscri(350)
charges(500)
electricity(70)
insurance(100)
medical(120)
bal(3860)
5000
bank reconcilation statement:
bal as per adj cash book(3860)
add unpresented chequer(4800)
8660
uncredited cheque(1990)
bal as per bank statement(6670)
1a) General journal is the accounting version of our personal journals. It doesn't record everything that happens to the business, of course, but it does record every financial transaction that takes place (sometimes alone, sometimes as a group of similar transactions). Like our personal journal entries, it notes the date, the accounts involved, and the amounts of money, as well as providing a brief description of what happened
(4a) Depreciation is the measure of the wearing out, consumption or other loss of value of a fixed asset whether arising from use, effluxion of time or obsolescence through technology and market changes
________________________
(4b) I. Physical deterioration
ii. Obsolescence
iii. The time factor
iv. Economic factor
v. Inadequacy
4c.)
i. Straight line: This allows an equal amount to be charged as depreciation for each year of expected use of the asset. The basic formulae is
Cost- Estimated residual value/ number of years of expected use.
Advantage: it is simple to calculate
ii. It is time oriented
Disadvantage
i. Assumption of equal or constant revenue per year is unrealistic
ii. Might lead to a misleading picture of the financial statement
Cii) Reducing balance: Under this method, the depreciation charged per annum is determined by applying a fixed rate of depreciation on the net book value of the asset at the beginning of each year.
Disadvantage of reducing balance Difficulty in calculating the rate of depreciation -
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