Q: The following is the trial balance of J. Peters as at
The following is the trial balance of J. Peters as at 30 September 20X9: Additional information 1. The inventory at 30 September 20X9 was valued at £4,580. 2. The loan from A. Drew is r...
See AnswerQ: B. Good drew up the following trial balance as at 31
B. Good drew up the following trial balance as at 31 March 20X9. Additional information Inventory at the year-end was £35,650. B. Good made the following transactions. 1. Cash sales of...
See AnswerQ: The balances extracted from the books of G. Ryan at 31
The balances extracted from the books of G. Ryan at 31 December 20X9 are given below: Additional information At 31 December 20X9 inventory was valued at £33,990. Required a. Post the f...
See AnswerQ: A company has 100 units in inventory at the start of the
A company has 100 units in inventory at the start of the year valued at £1,000. During the year it purchases a further 500 units for £5,000 and sells 400 units for £8,000. Required a. What is the qua...
See AnswerQ: Balances on the main inventory accounts are as follows:
Balances on the main inventory accounts are as follows: The closing inventory count reveals inventory of £1,500. Required Determine the gross profit.
See AnswerQ: Extract the statement of profit or loss for the year ended 31
Extract the statement of profit or loss for the year ended 31 December 20X9 for M. McKee and the statement of financial position as at 31 December 20X9 from the following. Additional information Inv...
See AnswerQ: N. Moss commenced business on 1 May 20X0 with a capital
N. Moss commenced business on 1 May 20X0 with a capital of £5,000 of which £1,000 was in cash and £4,000 was in a bank current/cheque account. Her transactions during May were as follows: 1 May Borrow...
See AnswerQ: On 31 December 20X9, the trial balance of Joytoys showed the
On 31 December 20X9, the trial balance of Joytoys showed the following chart of accounts and balances: Additional information 1. The inventory at 31 December 20X9 was valued at £19,500....
See AnswerQ: You bought a lorry for £5,000. Its
You bought a lorry for £5,000. Its useful life is estimated at four years. The residual value is expected to be £1,000 after the four years. Required Calculate the depreciation charge for each of th...
See AnswerQ: On 31 December 20X9, plant and machinery acquired at a cost
On 31 December 20X9, plant and machinery acquired at a cost of £200,000 in 20X6 was sold for £30,000. The accumulated depreciation to date was £130,000. Required Calculate the profit or loss on dispo...
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