Purchase Ledger Control Account
| # | # | ||
|
Cash paid to debtors |
15000 | Balance c/d | 5000 |
|
Bills payable |
3000 | Purchase journal | 30000 |
|
Discount receive |
2500 |
|
|
|
Return outward |
1500 | ||
|
Sales ledger |
1200 | ||
|
Balance c/d |
11800 | ||
| 35000 | 35000 |
The balance of #11,800 represents the amount
The following extracts are made from the books of Agama Enterprises.
|
Motor van (cost) |
120000 |
|
Life span |
4 years |
|
rate of Depreciation |
40% |
Method of depreciation used is Diminishing Balance The scrap value of the asset at the end of year four is
The following extracts are made from the books of Agama Enterprises.
|
Motor van (cost) |
120000 |
|
Life span |
4 years |
|
rate of Depreciation |
40% |
Method of depreciation used is Diminishing Balance The depreciation charge for year two is
| # | |
|
Stock 1/1/09 |
2200 |
|
Purchases |
18000 |
|
Sales |
27000 |
|
Salaries |
1500 |
|
Rejection in doubtful debts |
500 |
|
Office expenses |
1100 |
|
Other expenses |
1300 |
|
Stock 31/12/09 |
1000 |
The cost of goods sold is
| # | |
|
Stock 1/1/09 |
2200 |
|
Purchases |
18000 |
|
Sales |
27000 |
|
Salaries |
1500 |
|
Rejection in doubtful debts |
500 |
|
Office expenses |
1100 |
|
Other expenses |
1300 |
|
Stock 31/12/09 |
1000 |
The net profit is
