a. Prepare a statement correcting the balance at 31 January 2018 on the Purchases Ledger Control Account. b. Prepare a statement correcting the original total of the list of balances extracted | from the Purchases Ledger.
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- 23.2A You are required to prepare a purchases ledger control account from the following infor- mation for the month of April. The balance of the account is to be taken as the amount of accounts as on 30 April. payable April 1 30 Purchases ledger balances Totals for April: Purchases day book Returns outwards day book Cheques paid to suppliers Discounts received from suppliers Purchases ledger balances 23,700 14,200 950 16,695 845Given the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR 5000 OPENING CREDITORS OMR 30000 CLOSING CREDITORS OMR 20000 What will be the amount of Net Credit Purchase? a. OMR 100000 O b. OMR 150000 O c. OMR 45000 O d. OMR 105000Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…
- 16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.The Purchase Order and Shipment Receipt tables from an AIS are partially represented below. Refer to these tables for questions 5-6. Purchase Orders Shipping Receipts PO# Date Total Rec# Date PO# 578 5/1/2018 $987.65 922 5/3/2018 578 579 5/15/2018 $834.23 923 5/17/2018 579 580 5/18/2018 $562.11 924 5/31/2018 581 5. Assume all records for May 2018 are entered. A reconciliation between the PO and Shipping Receipt tables could help discover which of the following? A. A supplier sends an invoice, but payment is not made on time. B. A supplier fails to send goods for a purchase order. C. A supplier invoices for a greater quantity than the shipment. D. A supplier invoices at a higher price than negotiated in the PO. 6. When the invoice is received for PO# 578, what data should be matched before payment? A. The quantity from the PO to the quantity in the Shipping Receipts table. B. The quantity from the PO to the quantity on the invoice. C. The quantity from the Shipping Receipts table to the…
- |Federa X M UMassD Logor X E QuickLaunch K myCourses Da: X 4 Univ of Mass Ceng cation.com Saved ework i View transaction list Journal entry worksheet arch 近OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…Qmyncwu-Search lomework //ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% Cash arch Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Merchandise Inventory X J Home | My NCWU.Edu Land Common Stock Retained Earnings a. Gross margin b. Gain on sale of land $ 67,000 47,000 107,000 87,000 134,000 Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $37,600 for $79,900. 2. Sold land that cost $42,800 for $80,300. Required: a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez. O M Question 7 - Chapter 3 Homewo JI W
- Preview File Edit View Go Tools Window Help V mgt120h-j17.pdf Page 4 of 10 Inventory Cash Accounts receivable Current liabilities 6. At the balance sheet date, Arlington Company reported the following balances. (All accounts have normal balances). Land Sales revenue What is Arlington Company's quick ratio? a. .50 b. .75 c. 1.00 d. 1.50 e. 2.00 L ● 0 $3,000 1,000 2,000 4,000 6,000 10,000 CC V Search ((. Ơ Sat Apr 15 2:51 PM 4000 15.000PROBLEM 10: The purchases journal of YYY Enterprises shows the following invoices: Invoice Invoice Date Number Amount Date FOB Term Received DECEMBER 2021 251 P20,000 23-Dec Destination 24-Dec 252 24,000 23-Dec Destination 29-Dec 253 16,000 26-Dec Shipping point 30-Dec 254 18,000 26-Dec Shipping point 5-Jan 255 27,000 2-Jan Destination 31-Dec 256 21,000 31-Dec Destination 4-Jan 257 2,000 27-Dec Shipping point 21-Dec 258 50,000 8-Jan Shipping point 2-Jan 259 12,000 22-Dec Destination 28-Dec 260 22,000 28-Dec Destination 27-Dec JANUARY 2022 261 P30,000 28-Dec Destination 4-Jan 262 24,000 29-Dec Destination 28-Dec 263 15,000 30-Dec Shipping point 31-Dec 264 6,500 2-Jan Shipping point 5-Jan 265 8,500 28-Dec Shipping point 4-Jan 266 19,000 30-Dec Destination 6-Jan How much of these invoices must be reported as part of inventory?19. After the posting of the accounts payable ledger and general ledeer is completed, the total of the accounts payable ledger balances should equal the general ledger balance of a. Purchases. Da 20 Jan b. Accounts Receivable. С. Accounts Payable. d. Purchases Returns and Allowances. 20. Amounts are posted individually from the purchases journal to the Credit column of the creditors' accounts in the accounts payable ledger. b. Credit column of the Inventory account in the general ledger. c. Credit column of the Accounts Receivable account in the general ledger. d. Debit column of the Cash account in the general ledger. a. 454