12B Assignment
Ms. J. Vassell
Fundamental of accounting
- What is the balance on the following account on June 30, 2017?
Dr Lora Green Cr
2017 2017
June 4 sales 150,000 June 15 Cash 200,000
June 16 sales 207,000 June 20 Returns 57,000
June 20 sales 100,000
- The balance owing by debtors at December 31, 2015 was $2,000,000. the balance on the provision for bad debts account on January 1, 2015 was $100,000. If the company adjusted the provision for bad debts to 2% of debtors, the amount reported in the balance Sheet for debtors will be.
- A firm bought a machine for $6,400,000. It is to be depreciated at a rate of 25 per cent usingthe Reducing Balance Method. What would be the remaining book value after 2 years?
- A customer called John Smith has owed the sum of $400,000 for a long time. He becomes bankrupt on September 30, 2019 and is able to pay 25% of his debt. The journal entries to write off the bad debt will be.
- The balance owing by debtors at December 31, 2015 was $2,000,000. the balance on the provision for bad debts account on January 1, 2015 was $100,000. If the company adjusted the provision for bad debts to 2% of debtors, the adjustment to the profit and loss account will be:
- Givenfigures showing: Sales $20,000; Opening stock $2,000; Closing stock $2,500;Purchases $12,000; Carriage outwards $1,000; Carriage inwards $800, the cost of goods available for sale figure is.
- Givenfigures showing: Sales $16,400; Opening stock $2,600; Carriage outwards $2,000; Closing stock $1,800;Purchases $12,800; Carriage inwards $400, the gross profit is.
- What is the balance on the following account on June 18, 2017?
Dr Lora Green Cr
- 2017 2017
- June 4 sales 150,000 June 15 Cash 200,000
- June 16 sales 207,000 June 20 Returns 57,000
- June 20 sales 100,000
9. Givenfigures showing: Sales $8,200; Opening stock $1,300; Closing stock $900;Purchases $6,400; Carriage inwards $200, the cost of goods sold figure is.
10. Afirm bought a machine for $8,000,000. It is expected to be used for 5 years then sold for$500,000. What is the annual amount of depreciation if the straight line method is used?
11. Givenfigures showing: Sales $16,400; Opening stock $2,600; Carriage outwards $2,000; Closing stock $1,800;Purchases $12,800; Carriage inwards $400, the cost of goods sold figure is.