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ACT 110 Is EASY POP!

I STILL BELIEVE. ACT 110 Is EASY POP!. Because, The Presence of Faith does not mean the Absence of Doubt!. Exercises. Sole Proprietorship’s Financial Statements. QUESTION 1 Workings. Sales. 61,250. Less Return Inwards. (400). Net Sales. 60,850. Less Cost of Goods Sold.

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ACT 110 Is EASY POP!

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  1. I STILL BELIEVE ACT 110 Is EASY POP! Because, The Presence of Faith does not mean the Absence of Doubt!

  2. Exercises Sole Proprietorship’s Financial Statements

  3. QUESTION 1 Workings Sales 61,250 LessReturn Inwards (400) Net Sales 60,850 Less Cost of Goods Sold Opening Stock 4,500 Add Purchases 28,500 Less Return Outwards (200) Net Purchases 28,300 Total Stock Available 32,800 Less Closing Stock (6,500) Cost of Goods Sold (26,300) Gross Profit 34,550 Add Commission Received 800 35,350 Less Expenses Discount Allowed 450 Insurance 425 Less Prepaid Expenses (25) 400 Salaries 9,950 Rent 2,150 Add Rent Owing 550 2,700 Bad Debt 325 Total Expenses (13,825) 21,525 Net Profit c/d

  4. QUESTION 1 Workings Fixed Assets Premises 27,000 Plant 14,850 Office Furniture 3,500 Total Fixed Assets 45,350 Current Assets Stock 6,500 3,100 Debtors Prepayments 25 Bank 3,250 12,875 Total Current Assets Total Assets 58,225 Capital and Liabilities 33,000 Capital Add Net Profit 21,525 54,525 Less Drawings (4,750) Closing Capital 49,775 Long Term Liabilities Bank Loan 5,000 Current Liabilities 2,900 Creditors 3,450 550 Accrual 58,225

  5. QUESTION 5 Workings Sales 60,900 Less Cost of Goods Sold Opening Stock 6,300 Add Purchases 46,500 Less Drawings (200) Net Purchases 46,300 Total Stock Available 52,600 (8,800) Less Closing Stock Cost of Goods Sold (43,800) Gross Profit 17,100 Add Discount Received 814 Add Decrease in Provision 40 17,954

  6. QUESTION 5 Workings 17,954 Less Expenses 848 Repairs to Building Less Improvements (650) 198 Car Expense 318 Less Drawings (106) 212 Wages & Salaries 8,606 Add Owing 318 8,924 Discount Allowed 1,061 Rates & Insurance 248 Less Prepayment (45) 203 Bad Debts 359 General Expenses 1,586 Total Expenses (12,543) Net Profit c/d 5,411

  7. QUESTION 5 Workings Fixed Assets Land & Building 10,650 Furniture & Fittings 1,460 Motor Car 950 Total Fixed Assets 13,060 Current Assets Stock 8,800 5,213 Debtors Less Provision (100) NetDebtors 5,113 45 Prepayments Bank 540 14,498 Total Current Assets Total Assets 27,558

  8. QUESTION 5 Workings Capital and Liabilities Opening Capital 20,500 Add Net Profit 5,411 25,911 (2,706) Less Drawings Closing Capital 23,205 Current Liabilities 4,305 Creditors Accruals 318 4,353 Total Current Liabilities Total Capital and Liabilities 27,558

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