a) Journalize the transactions (Use periodic system) b) Statement of Profit and Loss for the month ended 29 February 2020.
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a) Journalize the transactions (Use periodic system)
b) Statement of
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- A new merchandising business, Dazzle Corporation started its operations last January 1, 2020. Presented below is information concerning the financial condition of Dazzle Corporation for the calendar year 2020: Prepare the balance sheet as of December 2021 and income statement for the year.Prepare the statement of Profit and Loss for the month ended 29 February 2020.Supposing EQR Trading has completed the following transactions for the month of October, 2020. 1. Sale of goods to company A on credit P200,000. 2. Purchase of goods of P400,000 from company B on credit 3. Purchase of goods of P500,000from company C on credit. 4. Sales of office-use equipment of P100,000 to company D on credit. What is the total amount recorded in the Sales account for this month?
- d. Jasmine Perfume Bhd involves in manufacturing perfume-based products. On 25 June 2019, Jasmine Perfume Bhd had sold 30 boxes of its perfume-based products to NJ Sdn Bhd on credit. Required: 1) Explain whether the transaction occur on 25 June 2019 is an income to Jasmine Perfume Bhd.In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…1. on 1st Jan 2019 a club had received prepaid subscription of GHS 560. during the year ended 31 december 2019, the club received subscription GHS8480. on 31 december 2019 subscription to the club amounted to GHS400. which amount should be shown for subscription in the income and expenditure account for 2019. 2. A company has sales of GHS1000. the company sells three types of goods. 60% of sales are of type A which is sold at a markup of 20%. Type B goods are sold at a margin of 30%. The cost of type B sold in the year was GHS154 and total gross profit for the year was GHS184. What was the cost of sales of type A?
- You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the accrual basis, Operating Expenses to be reported by Lady G for the year 2021 amounts toLady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the CASH basis, service Fees to be reported by Lady G for the year 2021 amounts to
- Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the CASH basis, the net income of Lady G beauty shop for the year 2021 amounts toDerry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…The following information was obtained from the books of Sofi Launderette Enterprise, which offer a laundry service for July 2021. [Maklumat berikut diambil daripada buku-buku Sofi Launderette Enterprise, yang menawarkan perkhidmatan cuci pekaian untuk Julai 2021.] 2021 July 1 Sofi, the owner, invested RM20,000 cash in into the business. 2 Paid RM1,000 cash for rental. 3 Purchased washing machines and dryers amounting to RM25,000 paying RM10,000 in cash and the remaining balance by obtaining a loan from the bank. 10 Paid RM1,200 for a one-year accident insurance policy for his business. 20 Received a bill of RM200 from The Sunshine Times for advertising the opening of his launderette. 25 Withdrew RM700 cash to celebrate the successful opening of the business with his family. 30 Received the cash receipts of RM6,200 for laundry fees from the customers.