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Author Topic: accounts doubts  (Read 1749 times)

Offline RTB

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accounts doubts
« on: May 31, 2010, 11:29:27 am »
can anyone explain me p1 may/june 2007 q17 , oct/nov 2007 q3 and q4 plzzz , may/june 2008 q4 and may/june 2005 q16.
« Last Edit: May 31, 2010, 03:31:43 pm by RTB »
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Offline ez2009

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Re: accounts doubts
« Reply #1 on: May 31, 2010, 01:21:06 pm »
Write the question which you have doubts in, I'll try to explain them. :)
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Offline RTB

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Re: accounts doubts
« Reply #2 on: May 31, 2010, 01:51:20 pm »
dont u hav da question???
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Offline RTB

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Re: accounts doubts
« Reply #3 on: May 31, 2010, 02:00:22 pm »
if u hav plzz explain me.
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Offline lastgift

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Re: accounts doubts
« Reply #4 on: May 31, 2010, 02:44:43 pm »
A company receives payment for 20 % of its sales in the month of sale, 50 % in the following
month and 30 % two months after the month of sale.
The table shows sales for four months.
$
January 180 000
February 240 000
March 270 000
April 220 000
How much were total cash receipts in April?
A $220 000 B $228 000 C $249 000 D $251 000

If this is the question then the answer is $251 000
Calculation: (220 000*x 20/100) + ( 270 000x 50/100) + ( 240 000x30/100)
Reason : the sales of April were 220 000 and the question says that 20% is received in that month + the 50% for febs sale as specified in the ques + the 30% of feb!
« Last Edit: May 31, 2010, 03:10:10 pm by lastgift »
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Offline RTB

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Re: accounts doubts
« Reply #5 on: May 31, 2010, 03:04:49 pm »
ya thanx alot. n do u know da other questions???
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Offline lastgift

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Re: accounts doubts
« Reply #6 on: May 31, 2010, 03:25:54 pm »
A trial balance at 30 June, before making end of year adjustments, showed:
debit
$
credit
$
trade debtors 35 600 -
provision for doubtful debts - 1 160
At 30 June, it was decided to write off a bad debt of $1600 and to make a provision for doubtful
debts equal to 2 % of trade debtors.
What was the total expense in the profit and loss account for bad and doubtful debts for the year
ended 30 June?
A $680 B $1120 C $2080 D $2280

Calculation : provision for doubtful debts for the current year : (35600-1600)=34000 ---> trade debtors
                                                                                     2/100x 34000=680
                 reduction in provision= 1160-680= 480
Therefore amount charged in p/l : Add: reduction in provision     480
                                              less: bad debts                  (1600)
                                              Net amount :                     (1120)
Hope its clear now!
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Offline RTB

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Re: accounts doubts
« Reply #7 on: May 31, 2010, 03:28:21 pm »
if u no da answer for other questions so plzz explain me.
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Offline lastgift

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Re: accounts doubts
« Reply #8 on: May 31, 2010, 03:36:04 pm »
A business prepares its accounts to 31 December. Insurance premiums paid were:
date paid $
January 2006 paid for 6 months to 31 December 2005 940
July 2006 paid for 6 months to 30 June 2006 1120
January 2007 paid for 6 months to 31 December 2006 1245
March 2007 paid for 6 months to 30 June 2007 1880
Which amount should be shown in the profit and loss account for the year ended
31 December 2006?
A $1120 B $2060 C $2365 D $3305

Calculation : 1120+ 1245= 2365
Reason : The amount is needed for the year ending 20x6 and those are the only ones relating to it.

I am doing it for Q4

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Offline RTB

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Re: accounts doubts
« Reply #9 on: May 31, 2010, 03:38:33 pm »
why r u subtracting the bad debt.
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Offline lastgift

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Re: accounts doubts
« Reply #10 on: May 31, 2010, 03:44:30 pm »
Because that debtor wont be paying anything so we cant provide provision on him too...! Its against the principle of matching.
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Offline lastgift

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Re: accounts doubts
« Reply #11 on: May 31, 2010, 03:49:57 pm »
I cant solve the depreciation question!
Sorry!  :-[
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Offline RTB

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Re: accounts doubts
« Reply #12 on: May 31, 2010, 03:57:31 pm »
y u dont no how to do?
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Offline RTB

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Re: accounts doubts
« Reply #13 on: May 31, 2010, 04:07:54 pm »
i no itz really tough   :( . plzz help
« Last Edit: May 31, 2010, 04:17:28 pm by RTB »
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