NABTEBGCE ACCCOUNT EXPO WAEC2015 and JAMB2015 expo subscription has started. Visit nairapod to subscribe now!!! 6. ROCHAS LIMITED Departmental Trading and Profit and loss Account for the year ended Dec 2011. Tabulate Name | cosmetics #000 | clothing#000 | utensils#000 | ----- | cosmetics(#000 | Clothing #000 | Utensils #000 umder Name write Opning Stock Add Purchases Less closing stock crsoss profit ad rait and rates light & cooling Insurance carnage cautaxed admin exps wages and salaries depreciation Net profit Under Cosmetics #000 Write 10 480 100 590 12 578 2222 2800 148,167 400 150 1125 245 48,067 150 931984 1290016 2222000 Under clothing #000 write 30 790 100 920 36 884 3916 4800 254 400 150 1125 42 824 150 1089650 2806350 3916000 umder Utensils #000 write 45 950 100 1095 54 1041 3359 4400 232833 400 150 1125 385 75533 150 150 1069366 3359000 3355000 Under -- write sales cross profit b/d Under cosmetics #000 write 2800 2800 2222 2222000 under clothing #000 4800 4800 3916 1916000 Under Utensils #000 4400 4400 3359 3359000 1a. Tabulate Reciept and Payment Account | Income and Expenditure Account Under Reciept and Payment Account write 1. only cash transaction section are recorded 2. it includes capital itmes under imcome and expenditure account write 1. there is advanticut for actuals and prepayment 2. it exclude capital items. 1b. i. Entrance fees: this is the money paid on application for membeship of an association or club. it is normally treated as income in the income and expediture account. the amount to be paid will be determined by the committee of the club. ii. Subcription in advance: this is the sum of money paid for future years by the members. it is treated as current liability item. ii. Subcription in Arreas: this is the sum of money due from members, but recomment in paid. subscription in arreas are treated as debtors in the balance sheet. iv. Doantions: it can reffered to as gifts of many or good from any member or cantsider, to the club. 1c. i. Federal Government: - Direct tax e.g personal income tax, compnay income tax - eaning and sales e.g federal government estrenly proceeds from persons fees. ii. State Government - license of car motorcycle, vehicles etc - fines e.g court ii. local government - special grants - fines e.g court 3. Petty cash book tabulate Account | f | date | perticular | total | postage telegram | travelling exp. | printing statiary | persons a/c under Account write # 20,000 - - - - - - - - - - - - - 18220 - 38220 20000 under F write C - - - - - - - - - - - - c under date write july 1 july 1 july 1 july 2 july 2 july 13 july 13 july 1g july 15 july 15 july 25 july 27 july 27 july 31 july 31 - - - - August 1 under paticular write Bal b/b postage stamp travelling exp stationery printing k. agu postage stamps bus fares telegram stationery H date travelling exp cash - Bal c/d - Bal b/d Under Total write # - 1150 1080 2250 2250 3000 1750 350 410 280 2750 2300 18220 - 20000 38220 under Postage Telegram write # - 1550 - - - - 1750 - - - 3710 under printing stationery write # - - - 2250 2500 - - - - 280 - - 5030 uder personal a/c # - - - - - 3500 - - - - 2750 - 6250 2a. Uses of the gneral jounal - opening entries - closing entries - c0rrection of errors - transfer between account - purchase of fixed assests can credit - sales of fixed assets can credit 2b. - Department Account: department account aim at seperating the seberal actwittes of a business in order to compare results and to assista the propriator in formulating policies. - Trading Account: trading account aim at prepared to show the gross profit or loss for the period. - Manufacturing Account: to as certain the cost of the goods manufactured. - profit loss account: to show the net ptofit or not loss of an organization - balance sheet: to show the presentation fo the sumary of assests and liabilities in a well arranged form, so that the financial position may be closely ascertained. --------------------- End of all exams in 2014. WAEC2015 and JAMB2015 expo subscription has started. Visit nairapod to subscribe now!!!
Posted on: Fri, 05 Dec 2014 08:59:29 +0000
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