Qualification > Commerce
help in accounting paper 3 plz
Aodian:
--- Quote from: Shoshou on May 31, 2009, 11:43:08 am ---and here is the rest of the explanation go under the thread accounting on the next page by shan and ull see the questions he asked!!
gross profit mark up= gross profit margin( by adding 1 to the dominator)
mark up= 20%= 20/100= 1/5
so gross profit margin will be 1/6 (remember that i added one)
now gross profit margin= gross profit/sales
1/6 = GP/60000
GP = 10000
u can then get the closing stock....
--- End quote ---
thanx a lot you're a lifesaver!!! haha.. now i can rest assured that im prepared for almost everything in paper 3! thanx again! oh and whoever is taking accounting and chem tomoro good luck.. I only haev 15 minutes break between the papers.. which is ugh... thanx again + rep! :D
saiki:
7ood- what u talking about? wat u mean by income?
7ooD:
ok in the clubs and societies accounts subscription accounts any subscription recieved is credited in the subscription account that's why i want the journal entry behind that for example the journal entry for rent paid is rent 300 debit
cash 300 credit
and is entered in the rent account as a debit cash 300
saiki:
subscriptoon =revenue... if u recieve money from it ->
dr bank xx
cr subscription xx
n then in bank a/c u enter dr subscription xx... in sub a/c u enter cr bank xx
7ooD:
thanks man one last thing i don't understand how they corrected this error in 2008 nov paper page 8 the question is
4 On 15 September 2008, $50 had been received from W Lee. This amount was
incorrectly debited to the bad debts account and credited to W Lee’s account.
W Lee’s account had been written off as a bad debt on 30 June 2008.
and the correction is cash 50 (debit) bad debt recovered 50 (credit)
W lee 50 (debit) bad debts 50 (credit)
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