Practice of Q9.47 and Q9.48

.xlsx
School
University of Wollongong **We aren't endorsed by this school
Course
ACCY 901
Subject
Finance
Date
Oct 18, 2023
Pages
4
Uploaded by CoachRainCobra46 on coursehero.com
Revenue Sales 127,868.00 less the cost of goods sold Inventory 11,253.00 Purchases 65,253.00 Cost of goods available for sale 76,506.00 Less inventory 9,223.00 67,283.00 Gross profit 60,585.00 add other revenue Bad debts recovered 150.00 total revenue 60,735.00 less expense Selling and distribution Customs duty 1,398.00 Sales commissions 1,799.00 Delivery expenses 493.00 3,690.00 General and administrative Salaries 46,253.00 Council rate 2,746.00 Donations 57.00 light and power 1,706.00 postage 282.00 Motor Vehicle expense 1,584.00 photocopying 219.00 stationery 374.00 telephone 688.00 53,909.00 Financial and borrowing expenses Bank charges 303.00 Interest on overdraft 3,657.00 bad debts expense 923.00 debts collection expenses 253.00 5,136.00 62,735.00 Net profit - 2,000.00
Revenue Sales 109,117.00 less the cost of goods sold 32,570.00 Gross profit 76,547.00 add other revenue Rent received 2,798.00 discount received 281.00 3,079.00 total revenue 79,626.00 less expense Selling and distribution Advertising 1,293.00 Sales commissions 3,878.00 cartage outwards 1,178.00 sales Salaries 15,815.00 22,164.00 General and administrative office salaries 18,776.00 rates and taxes 1,653.00 electricity 1,522.00 insurance 254.00 legal expenses 328.00 office cleaning 1,605.00 office expenses 2,181.00 repairs and maintenance 1,168.00 travellers' expenses 1,677.00 29,164.00 Financial and borrowing expenses discount allowed 185.00 Interest on overdraft 819.00 bad debts expense 294.00 debts collection expenses 175.00 1,473.00 52,801.00 Net profit 26,825.00
Assets Current assets Inventory 3,104.00 Accounts receivable 10,835.00 GST paid 1,067.00 15,006.00 Non- current assets premises 47,480.00 total assets 62,486.00 Liabilities Current liabilities Accounts payable 2,574.00 bank overdraft 3,104.00 GST Collected 2,728.00 less total liabilities 8,406.00 Net assets 54,080.00 Owner's Equity Capital 27,255.00 add net profit 26,825.00 Total owner's equity 54,080.00
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