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Tambaya 1 Rahoto
Tambaya 2 Rahoto
its flow of cost is in sequence with the flow of stock: since the first stock will be considered for sale before other stock. the cost is always in sequence with the flow of stock because it correspondence with the normal physical flow of goods
Tambaya 3 Rahoto
Tambaya 4 Rahoto
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
Tambaya 5 Rahoto
Tambaya 6 Rahoto
Tambaya 7 Rahoto
Receipt voucher: these are vouchers raised as evidence for the receipt of government funds and property. The revenue collected is prepared for the government ministry as a means that revenue has been collected
Tambaya 8 Rahoto
Tambaya 9 Rahoto
Tambaya 10 Rahoto
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Tambaya 12 Rahoto
Tambaya 13 Rahoto
Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes
Tambaya 14 Rahoto
Tambaya 15 Rahoto
| ₦ | |
| Debtors opening | 4000 |
| Debtors closing | 1500 |
| Cash received from debtors | 8500 |
| Bad debts written off | 350 |
| Discount allowed | 500 |
| Discount received | 1000 |
If the gross profit is ₦5 000, what is the net profit?
Gross Profit5000Discount Received10006000ExpensesBad debt.350Discout Allowed500850Net profit5,150
Net profit is the profit made after all the expenses incurred are deducted from the gross profit
₦5150 is the net profit calculated i.e bad debt 350 &nplus; discount allowed 500 &nplus; net profit 5,150 less gross profit 5,000 + discount received 1,000
Tambaya 16 Rahoto
Tambaya 17 Rahoto
Tambaya 18 Rahoto
| ₦ | |
| Plant and Machinery | 190 000 |
| Motor Vehicle | 170 000 |
| Stock | 60 000 |
| Current Liabilities | 50 000 |
| Purchase consideration | 400 000 |
Determine the amount of goodwill.
Tambaya 19 Rahoto
| ? | |
| Balance as per cashbook | 5 467 |
| Uncredited cheques | 4 410 |
| Unpresented cheques | 19 404 |
| Cheques wrongly debited by bank | 1 404 |
The balance as per bank statement is
Tambaya 20 Rahoto
The accounting entries is to debit profit and loss account and credit branch stock. The profit and loss is debited because the cost of the stolen goods must be charged against the profit for the period to balance the account and the branch stock account is credited because the cost of the goods is out of the branch already.
Tambaya 21 Rahoto
Tambaya 22 Rahoto
Tambaya 23 Rahoto
Tambaya 24 Rahoto
Tambaya 25 Rahoto
Tambaya 26 Rahoto
| ₦ | |
| Balance as per cashbook | 5 467 |
| Uncredited cheques | 4 410 |
| Unpresented cheques | 19 404 |
| Cheques wrongly debited by bank | 1 404 |
The balance as per bank statement is
Tambaya 27 Rahoto
Tambaya 28 Rahoto
Calculate the discount received in Department B:
| Dept A | Dept B | ||
| \(N\) | |||
| Sales | 250000 | 500000 | |
| Purchases | 150000 | 250000 | |
| Discount received | 24000 | ||
| Discount allowed | 15000 |
We need to calculate the percentage of purchases for Dep B
Out of the total purchases
Dep. A purchases 150,000
Dep. B purchases 250,000
400,000 - Total purchases
there4; 250,000×24,000(Total discount received) x 400,000
= 15,000
Tambaya 29 Rahoto
Tambaya 30 Rahoto
Changes can occur in partnership when:
I. partnership is dissolved
Ii. There is amalgamation of partnership
Iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase
Tambaya 31 Rahoto
Bayanin Amsa
Tambaya 32 Rahoto
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
Tambaya 33 Rahoto
| Dept A | Dept B | |
| \(N\) | ||
| Sales | 250000 | 150,000 |
| Purchases | 500,000 | 250000 |
| Discount received | 24000 | |
| Discount allowed | 15000 |
Determine the discount allowed by Department A.
Tambaya 34 Rahoto
Tambaya 35 Rahoto
Tambaya 36 Rahoto
Which of these accounts is dissolution expenses credited?
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Tambaya 38 Rahoto
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Tambaya 40 Rahoto
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