- Steps in Preparing the Final Accounts(Solved)
Steps in Preparing the Final Accounts
Date posted: December 14, 2021.
- W White’s business has a rate of turnover of 7 times. Average stock is sh12,600. Trade discount (i.e. margin allowed) is 33¼% off all selling...(Solved)
W White’s business has a rate of turnover of 7 times. Average stock is sh12,600. Trade discount (i.e. margin allowed) is 33¼% off all selling prices. Expenses are 66 ¾% of gross profit.
You are to calculate:
(a)Cost of goods sold.
(b)Gross profit margin.
(c)Turnover.
(d)Total expenses.
(e)Net profit.
Date posted: December 14, 2021.
- M Jones gives you the following information as at 30 June 2009(Solved)
M Jones gives you the following information as at 30 June 2009
Jones’s mark-up is 50% on cost of goods sold. His average stock during the year was £12,000. Draw up a trading and profit and loss account for the year ended 30 June 2002
a)Calculate the closing stock as at 30 June 2009
b)State the total amount of profit and loss expenditure Jones must not exceed if he is to maintain a net profit on sales of 10%.
Date posted: December 14, 2021.
- A firm has the following data for the period(Solved)
A firm has the following data for the period:
Date posted: December 14, 2021.
- Show how the three common rations is calculated in accounting(Solved)
Show how the three common rations is calculated in accounting
Date posted: December 14, 2021.
- A sole trader’s capital position is as follows. He has estimated his drawings for 2010 at £12,500. Estimate his net profit for the year. (Solved)
A sole trader’s capital position is as follows
Date posted: December 14, 2021.
- Approaches in preparing final accounts where there are insufficient records(Solved)
Approaches in preparing final accounts where there are insufficient records
Date posted: December 14, 2021.
- Give two reasons for incomplete records in accounting records(Solved)
Give two reasons for incomplete records in accounting records
Date posted: December 14, 2021.
- Uses of cash flow statements(Solved)
Uses of cash flow statements
Date posted: December 14, 2021.
- From the following balance sheet, prepare cash flow statement of Abc Ltd for the ended 31/12/2009(Solved)
From the following balance sheet, prepare cash flow statement of Abc Ltd for the ended 31/12/2009
Date posted: December 14, 2021.
- Format of cash flow statement(Solved)
Format of cash flow statement
Date posted: December 14, 2021.
- Components of a cash flow statement(Solved)
Components of a cash flow statement
Date posted: December 14, 2021.
- The accountant of Mamba Sports Club has extracted the following information from the books of account for the year ended 31 March 2009(Solved)
The accountant of Mamba Sports Club has extracted the following information from the books of account for the year ended 31 March 2009
Date posted: December 14, 2021.
- The following is the receipts and payments account of the Friendship Club for the year ended 31 December 2010.
a)Prepare an income and expenditure account for...(Solved)
The following is the receipts and payments account of the Friendship Club for the year ended 31 December 2010
a)Prepare an income and expenditure account for the year ended 31 December 2009
(b)Prepare a balance sheet at that date
Date posted: December 14, 2021.
- Format for the financial account of a non profit making organisation(Solved)
Format for the financial account of a non profit making organisation
Date posted: December 14, 2021.
- Explain the main difference between the financial of non-profit - oriented organizations and of profit - oriented organizations(Solved)
Explain the main difference between the financial of non-profit - oriented organizations and of profit - oriented organizations
Date posted: December 14, 2021.
- Beta Ltd is reviewing the financial statements of two companies, Zeta Ltd and Omega Ltd. The companies trade as wholesalers, selling electrical goods to retailers...(Solved)
Beta Ltd is reviewing the financial statements of two companies, Zeta Ltd and Omega Ltd. The companies trade as wholesalers, selling electrical goods to retailers on credit. Their most recent financial statements appear below.
Required:
a)Calculate for each company a total of eight ratios which will assist in measuring the three aspects of profitability, liquidity and management of the elements of working capital. Show all workings.
b)Based on the ratios you have calculated in (a), compare the two companies as regards their profitability, liquidity and working capital management.
c)Omega Ltd is much more highly geared than Zera Ltd. What are the implications of this for the two companies?
Date posted: December 14, 2021.
- Compute the relevant ratios for ABC ltd(Solved)
Compute the relevant ratios for ABC ltd
Date posted: December 14, 2021.
- Define what trend/industrial analysis is and state the critical issues to be taken note of when carrying it out(Solved)
Define what trend/industrial analysis is and state the critical issues to be taken note of when carrying it out
Date posted: December 14, 2021.
- Briefly describe what a stock market/valuation ratio is(Solved)
Briefly describe what a stock market/valuation ratio is
Date posted: December 14, 2021.
- Briefly describe what a profitability ratio is(Solved)
Briefly describe what a profitability ratio is
Date posted: December 14, 2021.
- Briefly describe what a gearing/capital structure ratio is(Solved)
Briefly describe what a gearing/capital structure ratio is
Date posted: December 14, 2021.
- Briefly describe what a turnover/asset management ratio is(Solved)
Briefly describe what a turnover/asset management ratio is
Date posted: December 14, 2021.
- Briefly describe what a liquidity ratio is(Solved)
Briefly describe what a liquidity ratio is
Date posted: December 14, 2021.
- Explain two types of a basic financial statement(Solved)
Explain two types of a basic financial statement
Date posted: December 14, 2021.
- Mwanga and Sons Ltd is a small manufacturing firm owned by members of the family. The
following trial balance was extracted from the books of the...(Solved)
Mwanga and Sons Ltd is a small manufacturing firm owned by members of the family. The
following trial balance was extracted from the books of the company as at 31 March 2009:
Date posted: December 10, 2021.
- Owik-Freez p.l.c. is a company which provides refrigerated storage facilities to local farmers.
Services offered include the collection of produce, the use of rapid freezing equipment,...(Solved)
Owik-Freez p.l.c. is a company which provides refrigerated storage facilities to local farmers.
Services offered include the collection of produce, the use of rapid freezing equipment, storage of the frozen produce and transport from frozen storage in refrigerated vehicles to any point within the country. Orders for these services are secured by the company’s sales staff.
The company’s revenue consists of charges for transport and freezing, and of storage rentals.
Customers may hire storage space either on a long-term contract basis at advantageous charges
(payable in advance) or on a casual basis (invoiced monthly).
A considerable amount of electricity from the public supply is used by the company in the
freezing and storage operations. In the event of a sudden failure in this supply, the company is able to generate its own emergency supplies from standby generators kept for this purpose. An insurance policy has been taken out to protect the company against the claims which would arise should any of the frozen produce deteriorate as the result of power or equipment failure.
At the end of the company’s financial year ended 30 September 2008, the assistant accountant
extracted the following balances from the ledgers.
Required:
-Prepare, for internal circulation purposes, a Profit and Loss account for Qwik-Freez p.l.c.for the year ended 30 September 2008 and a Balance Sheet at that date. All workings must be shown.
-Open the Suspense account and post the entries needed to eliminate the opening credit balance.
Date posted: December 10, 2021.
- The following is the trial balance of Transit Ltd at 31 March 20X8. (Solved)
The following is the trial balance of Transit Ltd at 31 March 20X8.
Date posted: December 10, 2021.
- Discuss the expenses that are unique to a company's profit and loss account and and not found a sole trader account(Solved)
Discuss the expenses that are unique to a company's profit and loss account and and not found a sole trader account
Date posted: December 10, 2021.
- Differentiate between unlimited partnerships and limited companies(Solved)
Differentiate between unlimited partnerships and limited companies
Date posted: December 10, 2021.