X Limited has three departments and submits the following information for the year ending on 31stMarch, 2017ParticularsATotal (7)Purchases (units)5,00010,00015,000..---Purchases(Amount)Sales (units)Selling price ( per unit)Closing stock (units)8,40,0005,2009,80015,300404550400600700You are required to prepare Departmental Trading Account of X Limited assuming that the rate ofprofit on sales uniform in each case.

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X Limited has three departments and submits the following information for the year ending on 31st March, 2017 Particulars A B Total (2) 10,000 15,000 Purchases (units) Purchases(Amount) Sales (units) 5,000 ---- 8,40,000 Selling price (7 per unit) Closing stock (units) 5,200 40 9,800 15,300 50 45 600 700 400 You are required to prepare Departmental Trading Account of X Limited assuming that the rate of profit on sales uniform in each case.

X Limited has three departments and submits the following information for the year ending on 31st March, 2017 Particulars A B Total (2) 10,000 15,000 Purchases (units) Purchases(Amount) Sales (units) 5,000 ---- 8,40,000 Selling price (7 per unit) Closing stock (units) 5,200 40 9,800 15,300 50 45 600 700 400 You are required to prepare Departmental Trading Account of X Limited assuming that the rate of profit on sales uniform in each case.

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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XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit 2. Sold 4500 units of inventory on account to Customer A, FOB shipping point, for 3 TL per unit. The journal entry for item 2 involves a debit to for 13500 and a credit to for 5500 accounts receivable inventory cost of goods sold Cash
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XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit 2. Sold 4500 units of inventory on account to Customer A, FOB shipping point, for 3 TL per unit. 3. XYZ granted credit to the customer A, who returned 100 units of inventory as they did not match the required specifications. The items were returned to inventory from the most recent purchase price. 4. XYZ bought 1000 units of inventory at a unit cost of 2 TL. The journal entry for item 4 involves a debit to for 2000 TL and the balance of the inventory account equals units, a total of TL. inventory 6650 4100 3100 4650 Purchases
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