Der exercise 3 answer
5
Debtor May 22 Sales $11000 ______ $11000 Jan 1 Bal b/d $1900 Aug 9 Sales Return $4000 Sep 20 Cash $5000 Discount Exp $100 Dec 31 Bal c/d $1900 $11000 Drawings May 31 Cash $5000 $5000 Dec 31 Capital $5000 $5000 Interest Exp. Jun 2 Cash $2000 $2000 Dec 31 P&L $2000 $2000 Cost of Goods Sold May 17 Inventory $12000 May 22 Inventory $6700 Nov 19 Inventory $7200 Aug 9 Inventory $1900 Dec 31 P&L $24000 ______
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Transcript of Der exercise 3 answer
DebtorMay 22 Sales $11000
______$11000
Jan 1 Bal b/d $1900
Aug 9 Sales Return $4000Sep 20 Cash $5000 Discount Exp $100Dec 31 Bal c/d $1900 $11000
DrawingsMay 31 Cash $5000 $5000
Dec 31 Capital $5000 $5000
Interest Exp.Jun 2 Cash $2000 $2000
Dec 31 P&L $2000 $2000
Cost of Goods SoldMay 17 Inventory $12000May 22 Inventory $6700Nov 19 Inventory $7200
$25900
Aug 9 Inventory $1900Dec 31 P&L $24000 ______ $25900
Sales ReturnAug 9 Debtor $4000
$4000Dec 31 P&L $4000 $4000
Discount Revenue Dec 31 P&L $200 $200
Sept 6 Creditor $200$200
Discount ExpenseSep 20 Debtor $100 $100
Dec 31 P&L $100 $100
P&L AccountDec 31 COGS $24000 Sales return $4000 Interest Exp $2000 Salary Exp. $7500 Utility Exp. $1500 Discount Exp. $100 Capital $11100 $50200
Dec 31 Sales Revenue $50000 Discount Rev. $200
______ $50200
Ms. Sheppard’s Bathroom Renovation StoreP&L Statement for the 12-months ended 31 Dec 2012
RevenueSalesLess: Sales ReturnNet Sales
Less: Cost of Goods SoldCost of Goods Sold
Gross ProfitAdd: Discount revenueAdjusted Gross Profit
Less: Operating Expenses1. General ExpensesSalary $7500Utility Exp $1500
2. Financial ExpensesInterest Exp $2000Discount Exp $100
Net Profit/(Loss)
$
$9000
$2100
$
$50000($4000)$46000
$24000
$22000$200
$22200
$11100
$11100
Ms. Sheppard’s Bathroom Renovation StoreBalance Sheet as at 31 Dec 2012
$$
OWNER’ EQUITYCapitalAdd: Net ProfitLess Drawings
Represented by:
ASSETSCurrent AssetsCashInventoryDebtor
Non-current AssetsOffice ApartmentWarehouse Building
Total Assets
LIABILITIESNon-current liabilitiesBank Loan
Total Liabilities
NET ASSETS
$166,200$8,000$1,900
$150,000$30,000
$176,100
$180,000
$50,000
$300,000 $11,100 ($5,000)$306,100
$356,100
$50,000
$306,100
