Neo concerned business on 1* April, 2014. During the year ended 31st March, 2015 purchasesamounted to $ 54,000 and ordinary sales $ 62,000. In addition the following sales were made underHire Purchase arrangements:InitialMonthlyNo. of instalmentspaid during the yearArticleCostSalesamountInstalmenpricepaidtRadioWashing Machine20 of $ 4012 of $ 9018 of $ 5060090010088001,2001202Record Player7001,0001004After 4 instalments had been paid on Record Player it was returned on 29th March, 2015.Stock in trade on 31* March, 2015 excluding Record Player returned amounted to $ 7,000.Prepare (1) Hire Purchase Trading Account,(I1) General Trading A/c.(I) Goods Repossessed Account.

Answered: Image /qna-images/answer/d4be2236-7a09-4b84-93fc-1727ba661210.jpg

Neo concerned business on 1* April, 2014. During the year ended 31* March, 2015 purchases amounted to $ 54,000 and ordinary sales $ 62,000. In addition the following sales were made under Hire Purchase arrangements: Initial Monthly Article Cost Sales amount Instalmen No. of instalments price 2$ paid during the year paid t Radio Washing Machine Record Player 600 20 of $ 40 12 of $ 90 18 of $ 50 900 100 8 800 1,200 120 2 700 1,000 100 4 After 4 instalments had been paid on Record Player it was returned on 29th March, 2015. Stock in trade on 31* March, 2015 excluding Record Player returned amounted to $ 7,000. Prepare (1) Hire Purchase Trading Account,(II) General Trading A/c.(II) Goods Repossessed Account.

Neo concerned business on 1* April, 2014. During the year ended 31* March, 2015 purchases amounted to $ 54,000 and ordinary sales $ 62,000. In addition the following sales were made under Hire Purchase arrangements: Initial Monthly Article Cost Sales amount Instalmen No. of instalments price 2$ paid during the year paid t Radio Washing Machine Record Player 600 20 of $ 40 12 of $ 90 18 of $ 50 900 100 8 800 1,200 120 2 700 1,000 100 4 After 4 instalments had been paid on Record Player it was returned on 29th March, 2015. Stock in trade on 31* March, 2015 excluding Record Player returned amounted to $ 7,000. Prepare (1) Hire Purchase Trading Account,(II) General Trading A/c.(II) Goods Repossessed Account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

6. Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018 $60,000 $50,000 $35,000 $40,000 $45,000 PLEASE NOTE: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. Using the information above, complete the following cash payments schedule for the monthly budgeted payments and total for Quarter 1: Dream Big Pillow Co. Cash Payments Schedule For the First Quarter of 2018 January February March November 2017 ? ? ? December 2017 ? ? ?…
Help with parts three and four
Answer with detailed working please
Rainbow, Inc began operations on January 1 of the oument year with a $12.000 cash balanoe. Forty percent of sales e collected in the month of sale 00 ae colleded in the month following sale Similarty. 20% of purchases are paid in the month of purhase, and B0 are paid in the morth following purchase. The folowing data apply February January February 66.00 35.00 Sales 30.00 40.00 Purdhases Operating epenses operating experses re paid in the month inoumed and indude monnly deprediation anarges of 52.600. denermine the change in Rainbows cash talane dunng February $7.500 ingrease 7.000 9.000 $2.000 increase 35.000 inrease 4.000 ingrease None of the answen is coned
moodle1.du.edu.om/mod/quiz/atte Moodle English (en) - The following sales and purchases are expected over the Four-month period from December to March Purchases Sales December OMR 30000 OMR 26000 January OMR 25000 OMR 30000 February OMR 24000 OMR 24000 March OMR 26000 OMR 28000 Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 30% of the Sales are on credit - and we allow one-month credit period - and 70% of the sales for immediate settlement 3. 40% of the Purchases are on credit - and 1 month credit period - and 60% of the purchases are for immediate settlement 4. The balance of cash as at 1 January was OMR 9000 If the company is preparing a budget from January to March, what will be the Closing balance of cash on March ? Select one: O a. OMR 7800 Oh OMR 2500 to search DELL F5 F6 F10 44 41 # 24 % % & 3 4 5 8 A E Y F GY H i RY NI ÍM この * 00
Compute for the Consignment income
Stub stubby consigned $3,000,000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10% . The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor
a. net sales for Dec 2018 b. cost of good sold for Dec 2018 c. net income for Dec 2018
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…
Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Dream Big Pillow Co. purchase data December Month January 2018 February 2018 March 2018 2017 Purchases $31,908 $36,096 $33,603 $32,410 Calculate the payments made in February. Round to the nearest penny, two decimal places.