Goods/Stock purchased or sold being returned is quite a common practice in business. This may be on account of a number of reasons like defects in goods‚ quality not matching the requirement for which the buyer purchased it‚ the buyer not needing the stock‚ etc. This happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
Premium Bookkeeping Asset Balance sheet
company issue a share having face value of Rs 10 at Rs 8 Give two examples of ‘Capital receipts’. Give two circumstances in which sacrificing ratio may be applied (1) (1) (1). (1) (1) Show how you would deal with the following items in the final accounts of a club: (3) Debit credit Prize fund Prize fund Investments 1‚20‚000 Income from Prize fund Investments Prizes awarded 9000 Q7. 1‚20‚000 12000 A‚B and C are partners sharing profits and losses in the ratio of 1 : 2: 3. They have omitted interest
Premium Balance sheet Asset Stock
profit and unappropriated profit. what is the accumulated profit and why do accountants and bookkeepers use different names for the same thing? (6 marks) Accumulated profits is profits that are not paid as dividend but is transfered over to the accounts for the next year. Also can be used to reinvest in the core of the business to help pay off debts or to purchase a capital asset. The reasons why accountants and bookkeepers use different names for the same thing is because bookkeepers are the people
Premium Balance sheet Generally Accepted Accounting Principles Finance
Fixtures and fittings $000 $000 250 100 350 Current Assets Stock Debtors Cash Current Liabilities Creditors for supplies Accruals Bank 1540 820 3 2363 1210 192 203 1605 758 1108 25 910 Share capital – Ordinary shares Retained profits Loan accounts – Bracket Racket 104 69 173 1108 The company accountant resigned at the beginning of April 2002 and proper records were not kept for the six-month period 1 April to 30 September 2002. The following information is available for that six-month period
Premium Balance sheet
Transactions Show Journal entries to record the following transactions. Post them into appropriate Ledger Accounts and then extract a Trial Balance on 31st December‚ 2012: 2012 Jan 1st: Commenced business with cash Rs 1‚00‚000. Jan 10th: Bought office equipment worth Rs 40‚000. Jan 25th: Purchased goods worth Rs 25‚000; less 10% trade dis. on credit from Rahul. Feb 4th: Purchased office stationary worth Rs 500. Feb 9th: Paid premium for fire insurance Rs 5‚000 Feb 20th: Sold goods on
Premium Electric charge Electricity Bookkeeping
UNIVERSITI UTARA MALAYSIA UUM COLLEGEOF BUSINESS SCHOOL OF ACCOUNTANCY COURSE CODE : BKAL1013 COURSE : BUSINESS ACCOUNTING PRE-REQUISITE : NONE 1.0 COURSE SYNOPSIS This course is designed specifically for students from non-accounting disciplines. It is divided into two sections‚ i.e. financial accounting and management accounting. Students will be exposed to accounting concepts‚ principles and assumptions. They would be able to assess
Premium Financial statements Management accounting Balance sheet
The Institute of Chartered Accountants of Bangladesh ASSURANCE Professional Stage Knowledge Level www.facebook.com/cainbd Study Manual www.icab.org.bd Assurance The Institute of Chartered Accountants of Bangladesh Professional Stage These learning materials have been prepared by the Institute of Chartered Accountants in England and Wales ISBN 978-1-84152-637-9 First edition 2009 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means or stored
Premium Auditing Audit Financial audit
Human Resource Policy Manual | August 28 2012 | This manual summarizes all major human resources policies and procedures that are currently in force in AXIOM International Ltd. and its subsidiaries. | AXIOM International Ltd. | ------------------------------------------------- Preface In consonance with the Vision of transforming our AXIOM International Ltd. into an Institution‚ we recognize our Employees are our biggest asset. To assist and facilitate transparency‚ it is imperative
Premium Employment
Moving and Handling Moving and handling is the single most cause of injures at work in social care settings. With this in mind are there legislation in place to protect all involved and set standards; • The Manual Handling Operations Regulations 1992 requires employers to avoid all reasonable manual handling where there is a risk of injury. Requires employers to carry out risk assessments to ensure appropriate steps have been taken to reduce any risks. • Provision and Use of Work Equipment
Premium Occupational safety and health Employment Safety
Money is everybody everyday thing. Money is everywhere‚ at all the time. People wake up in the morning wondering when the next time money is going to be in their pockets. Parents can teach teenagers how to earn money‚ how to manage it and how to save it through both discussion and example. Create a long-range budget for a year or more‚ one for the school term‚ and a short-term budget for each month. Keep paperwork. Keep receipts‚ bills‚ cancelled checks‚ and credit card statements in a jar or
Premium Debt Credit history Fair Credit Reporting Act