From January 2001 to December 2001 total sales was 1,20,000. The trend of sales was as follows: January and February = half of the average sales for each month. May, June, July and October3 average sales for each month. November and December = Half of the sales for each month a) Cost of goods sold 60,000 c) b) Salary and other expenses 6,000 Bad debts 2,400 d) e) Interest for purchase consideration which was paid to Rahuls old busi- ness on 1.8.2001 2:100 Expenses exclusively related to the company 8,900 f)

From January 2001 to December 2001 total sales was 1,20,000. The trend of sales was as follows: January and February = half of the average sales for each month. May, June, July and October3 average sales for each month. November and December = Half of the sales for each month a) Cost of goods sold 60,000 c) b) Salary and other expenses 6,000 Bad debts 2,400 d) e) Interest for purchase consideration which was paid to Rahuls old busi- ness on 1.8.2001 2:100 Expenses exclusively related to the company 8,900 f)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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