. A company was incorporated on 1st May, 2015 to take over a business from thepreceding 1st January. The accounts were made upto 31st December, 2015 as usual and the Trading andProfit and Loss Account gave the following result :To Opening StockTo PurchasesTo Gross Profit c/d2$1,40,000| By Sales9,10,000| By Closing Stock3,00,00012,00,0001,50,00013,50,00013,50,00018,000 | By Gross Profit b/d20,0003,00,000To Rent, Rates and InsuranceTo Directors' Fees51,00048,00012,00015,0003,0008,5006,0004,500To SalariesTo Office ExpensesTo Travel rs' CommissionTo DiscountsTo Bad DebtsTo Audit FeesTo DepreciationTo Debenture InterestTo Net Profit1,14,0003,00,0003,00,000It is ascertained that the sales for November and December are one and half times the average of thosefor the year, whilst those for February and April are only half the average.Apportion the year's profit between the pre-incorporation and the post-incorporation periods.

A newly incorporated company may take over a running business from a certain date which is prior to…

preceding 1st January. The accounts were made upto 31st December, 2015 as usual and the Trading ar n wOJ Profit and Loss Account gave the following result : To Opening Stock To Purchases To Gross Profit c/d $ 1,40,000| By Sales 9,10,000 By Closing Stock 3,00,000 12,00,00 1,50,00 13,50,000 13,50,0 18,000 By Gross Profit b/d 20,000 51,000 48,000 12,000 15,000 3,00,0 To Rent, Rates and Insurance To Directors' Fees To Salaries To Office Expenses To Travel" rs' Commission To Discounts

preceding 1st January. The accounts were made upto 31st December, 2015 as usual and the Trading ar n wOJ Profit and Loss Account gave the following result : To Opening Stock To Purchases To Gross Profit c/d $ 1,40,000| By Sales 9,10,000 By Closing Stock 3,00,000 12,00,00 1,50,00 13,50,000 13,50,0 18,000 By Gross Profit b/d 20,000 51,000 48,000 12,000 15,000 3,00,0 To Rent, Rates and Insurance To Directors' Fees To Salaries To Office Expenses To Travel" rs' Commission To Discounts

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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