ΛΥΣΕΙΣ. Branch Stock Account

Transcription

1 ΛΥΣΕΙΣ QUESTION Exercise Branch Stock Account Selling Price Cost Price Selling Price Cost Price Stock b/d (W) Sales Cash Coods Sent (W2) Sales Credit Br.Debtors: Sales Returns Goods Sent: Sales Returns (W3) Gross Profit Goods Sent: Returns (W4) Surplus Allowances off Selling Price Stock c/d (W5) Stock B/d Goods Sent to Branch Account Branch Stock Returns Branch Stock Account Branch Stock Returns H.O. Trading A/c Branch Debtors Account Balance b/d Bad Debts.40 Credit Sales Cash Discount Allowed Branch Stock Sales Returns Balance c/d Balance b/d Profit and Loss Account Bad debts 40 Gross Profit Discount Allowed Bad Debts Recovered 930 Rent Salaries Net Profit

2 Workings () Cost + Profit Sales X 50 / X 3 / x (2) X 2 / (3) X (4) X (5) X 2 / / / Exercise 2 Machinery A/c Jan Balance b/d Dec. 3 Balance c/d Mar.3 Bank Jan. Balance b/d Oct. 3 Disposal Apr. 30 M.S. Ltd (25200X3) Dec. 3 Balance c/d Jan. Balance b/d Provision for Depreciation on Machinery A/c Dec. 3 Balance c/d Jan. Balance b/d Dec. 3 P/Loss-Deprec.(w) Oct. 3 Disposal (w3) Jan. Balance b/d Dec. 3 Balance c/d Dec. 3 P/Loss-Deprec. (w3) Jan. Balance b/d

3 Disposal of Machinery A/c Oct. 3 Machinery Oct. 3 Prov. For Deprec.(w2) Oct. 3 Profit on sale of Mach..920 Oct. 3 Cash WORKINGS. Depreciation of Machinery for X5%X year X5%X9/ Accumulated depreciation for disposal (30/4/2002 3/0/2007) 2.600X5%X66/ Depreciation of Machinery for 2007 ( ) X5%X year X5%X0/ X5%X8/ Question 2 Exercise (a) Trading & Profit & Loss Account of A.Lefkios for the year ended 3 December 2007 Sales less: Cost of Sales Purchases? less: Closing Stock Gross Profit less: General expenses Depreciation Net Profit

4 OR Trading & Profit & Loss Account of A. Lefkios for the year ended 3 December 2007 Purchases? Sales less: Closing Stock Cost of Sales Gross Profit General Expenses Gross Profit Depreciation Net Profit b) Balance Sheet of A. Lefkios as at 3 December 2007 Fixed Assets Less Depreciation Current Assets Stock Debtors Cash Less Current liabilities Creditors Working Capital Total Assets less: Current liabilities Capital? Add Net profit Less Drawings

5 OR Balance Sheet of A.Lefkios as at 3 December 2007 Fixed Assets Capital? Less Depreciation Add Net Profit Current Assets Less Drawings Stock Debtors Current liabilities Cash Creditors Workings. 0. F.A F.A A L. 3 2, A. L. (Working Capital), A. 3 X L. 2 X Sales 3. 2 Net Assets Sales Sales Debtors Sales 5 Debtors Debtors Cash+ Debtors L. cash Cash General Expenses Sales 8 General Expenses General Expenses A. L. 3 2 A. Stock L. 2 Stock (Working Capital) Cost of Sales 8. 6 Closin g Stock Cost of Sales Cost of Sales

6 QUESTION 3 REVALUATION ACCOUNT Motor van ( ) Goodwill Provision bad debts.950 Premises( ) Profit on Revaluation Stock ( ) M.M 33600X / N.N X 9/ GOODWILL ACCOUNT Revaluation a/c Capital M.M Capital N.N Capital P.P PARTNERS CAPITAL ACCOUNTS M.M N.N P.P M.M N.N P.P Goodwill written Balance b/d off Balance c/d Profit on revaluation Cash

7 QUESTION 4 EXERSISE Journal of the Lewis Plc DATE PARTICULARS DR CR 5 February 07 Bank (50000 X 2) Application and Allotment March 2007 Application and Allotment Bank(45000 X 2) March 2007 Application and Allotment Ordinary Share Capital (80000 X 3,5) Share Premium (80000 X ) March 2007 Bank Application and Allotment (80000X 2,5) - (25000X 2) October 07 First Call Ordinary Share Capital (80000X ) October 07 Bank (78000X ) Calls in Arrear (2000 X ) First Call October 07 Bank (400 X 0,50) 200 Calls in Advance December 07 Second and Final Call Ordinary Share Capital (80000X 0,5) December 07 Bank (77600 X 0,50) Calls in Arrear (2000 X 0,50).000 Calls in Advance (400 X 0,50) 200 Second and Final Call

8 QUESTION 5 Exercise (A) JOURNAL DR CR Buildings Office Equipment Motor Vans Stock Debtors Goodwill Creditors A/c Provision for Bad Debts A/c.420 (35500x4%) T.Theodosiou (vendor) A/c ( ) T.Theodosiou (vendor) A/c Cash at Bank A/c Ordinary Share Capital A/c Share Premium A/c (0000sh x 0,0 ) Ordinary Shareholders A/c (20000sh x 2,0) Ordinary Share Capital A/c (20000sh x 2) Share Premium A/c (20000sh x 0,0) Cash at Bank A/c (20000sh x 2,0) Ordinary Shareholders A/c Calculation of Goodwill Average Profit [(3.300) ] Goodwill: Average Profit x 2 years 5600 x

9 (B) BALANCE SHEET OF LINK PLC As at May 2008 INTANGIBLE AUTHORISED SHARE CAPITAL ASSETS Goodwill Ordinary Share Capital x 2 TANGIBLE ASSETS ISSUED SHARE CAPITAL Buildings Ordinary Share Capital sh x 2 Office Equipment RESERVES & SUPLUSES Motor Vans Share premium CURRENT ASSETS CURRENT LIABILITIES Stock Creditors Debtors Less Provision for Bad Debts Cash at Bank

10 OR BALANCE SHEET OF LINK PLC As at May 2008 INTANGIBLE ASSETS Goodwill TANGIBLE ASSETS Buildings Office Equipment Motor Vans CURRENT ASSETS Stock Debtors Less Provision for Bad Debts Cash at Bank LESS CURENT LIABILITIES Creditors WORKING CAPITAL FINANCED BY: AUTHORISED SHARE CAPITAL Ordinary Share Capital ( x 2) ISSUED SHARE CAPITAL Ordinary Share Capital (220000sh x 2) RESERVES & SUPLUSES Share premium

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