MANAGERIAL ACCT W/ACCESS
MANAGERIAL ACCT W/ACCESS
17th Edition
ISBN: 9781264274017
Author: Garrison
Publisher: MCG
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Chapter 7, Problem 6E
To determine

Concept introduction:

Activity-based costing: Activity-based costing method is also called the ABC method, it is a method for determining accurate costs. The reasons that the managers allocate overhead costs to products are to provide information for internal decision-making, to promote the efficient use of resources, and to comply with cost accounting standards.

To classify: The activities are at the unit level, batch level, product level, customer level, or organization sustaining activity.

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The following is a list of balances relating to Phiri Properties Ltd during 2024. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained. These were as follows: Debit balance in debtors account 01/01/2024 66,300 Credit balance in creditors account 01/01/2024 50,600 Sunday credit balance on debtors ledger Goods purchased on credit 724 257,919 Goods sold on credit Cash received from debtors Cash paid to suppliers Discount received Discount allowed Cash purchases Cash sales Bad Debts written off Interest on overdue account of customers 323,614 299,149 210,522 2,663 2,930 3,627 5,922 3,651 277 Returns outwards 2,926 Return inwards 2,805 Accounts settled by contra between debtors and creditors ledgers 1,106 Credit balances in debtors ledgers 31/12/2024. 815 Debit balances in creditors ledger 31/12/2024.698 Required: Prepare the debtors control account as at 31/12/2024. Prepare the creditors control account…
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MANAGERIAL ACCT W/ACCESS

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