Jojomat Ltd owns a small business making and selling children’s toys. The following trial balance was extracted from her books on 31 December 2020: capital 15000 drawing 2000 sales 90000
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Jojomat Ltd owns a small business making and selling children’s toys. The following
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- Yui Sum Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £60 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £116,000. How much was the cost of each briefcase? O A. £17.85 OB. £40.00 O C. £35.69 O D. £20.00Yui Sum Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £60 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £116,000. How much was the cost of each briefcase? O A. £17.85 OB. £40.00 O C. £35.69 O D. £20.00(b) Abdullah is concerning about buying of a gift shop operating at AEON Shah Alam. Based on the shop financial statement, Abdullah estimated the revenue of the shop is RM275,000 per year. The shop cost of goods sold are RM65,000. The other expenses per year for the shops as follows: Expenses Wages and Salaries Utilities charges Repair and maintenance Printing and stationery Promotion Other expenses RM 137,500 9,000 10,000 3,000 5,500 2,200 Based on the information given, compute the selling price of the gift shop if the cash flow discounted at 10 percent using discounted cash flow method.
- Please see below. I need to make sure that what I have included details 2 accrual and 2 deferral transactions correctly. Please let me know if I need to correct something.Pasadenas starts a business on the 1 June 20x8, introducing the following assets: cash £5,000 van £1,000 Pasadenas’s godfather agrees to lend the business £7,200 at an annual interest rate of 5% per annum. The business makes the following cash payments: goods for resale £6,000 rent for 6 months £1,500 In the first month of trade the business makes sales of £5,000 operating on a mark-up on cost of 25%. The inventory/stock held at the end of the first month’s trade was valued at £2,000. [Note: not all information provided above is required to answer this question correctly] Pasadenas’s capital account at the end of the first month’s trade is: Answers: a. £6,000 b. £13,000 c. £720 d. £6,720Tritan Sdn. Bhd. is involved in supplying frozen lambs. The information given was for the month of May 2019. On 1May, the company had a stock of 50 kg of lamb worth RM150. The following were transactions carried out by the company until 31 May 2019: 4 Date Transaction Amount 2 May Sold 30 kg 5 May 15 May Purchased 60 kg @ RM160 Purchased 80 kg @ RM195 22 May Sold 120 kg @ RM220 26 May Returned to supplier 5 kg 29 May Sold 30 kg Required: (a) Calculate the value of inventory using the first-in, first-out (FIFO) and weighted-average cost methods. (b) Prepare an extract of the Statement of Profit and Loss to determine the gross profit and discuss the differences between both methods towards the gross profit and inventory value.
- On 1 July 2021, McTavish Ltd, and organisation involved in the surfing industry, provided two weeks of surfing lessons to a group of middle-aged executives employed by Big Town Ltd. The lessons concluded on 15 July 2021. The contract required Big Town Ltd to make one payment of $20,000 to McTavish on 15 July 2021 and another payment of $20,000 on 15 July 2022. McTavish typically provides credit to such customers at an annual interest rate of 8%. Required:Prepare journal entries that McTavish Ltd needs to record to recognise revenues associated with the above surfing lessons on 15 July 2021 and on 15 July 2022 in accordance with AASB 15 Revenue from Contracts with Customers.Erin's Hair Styling files GST returns quarterly. During the first quarter of the year, Erin billed customers for a total of $12,500 and then added the GST. In the same period, Erin paid $2500 to suppliers and $6000 for rent, plus the GST on these goods and services. What GST must Erin remit to the Canada Revenue Agency for the last quarter? O $200 O $625 O $385 O $425John has opening balances on his trade receivables of £68,000 and an allowance forreceivables of £3,400. During the year John made cash sales of £146,000 and credit sales of£354,000. He collected cash from his credit customers of £340,000.At the end of the year John identified £2,000 of bad debts to write off. In addition, he estimatedthe need to increase the allowance for receivables to £4,000.A. Calculate the net trade receivables balance to present in the Statement of financial positionat the year end B. What is the total bad and doubtful expense to be charged to the Statement of Profit or lossfor the year?
- please help with both 4 and 5A company in the manufacturing sector prepares its account to 31.12 annually. In July 2019, the company completed the construction of its own factory as follows: Land - RM580,000 Legal fees for an agreement to purchase land - RM11,000 Legal fees for an agreement with the building contractor - RM10,000 Consultant's fees and building plan - RM80,000 Stamp duty for the purchase of land - RM9,000 Construction cost - RM1,510,000 Required: Calculate the qualifying building expenditure. Select one: A. RM2,200,000 B. RM1,620,000 C. RM1,590,000 D. RM1,600,000
