B Com Exam > B Com Questions > 5. A telephone bill of R1 800 relating to the...
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5. A telephone bill of R1 800 relating to the month of December 2023 was received
on 5 January 2024 and no entries had been made for it.
6. The fees income of R228 000 includes an amount of R6 000 (received in
December 2023), which relates to cake decorating classes to be provided in
January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000.
The company makes use of a Trading Account in the General Ledger in order to
calculate the gross profit.REQUIRED:
Prepare the following accounts in the General Ledger of Tom Johns for the year
ended 31 December 2023. Show all your workings.
2.1 Trading Account (6 marks)
2.2 Profit and Loss Account (24 marks)?
on 5 January 2024 and no entries had been made for it.
6. The fees income of R228 000 includes an amount of R6 000 (received in
December 2023), which relates to cake decorating classes to be provided in
January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000.
The company makes use of a Trading Account in the General Ledger in order to
calculate the gross profit.REQUIRED:
Prepare the following accounts in the General Ledger of Tom Johns for the year
ended 31 December 2023. Show all your workings.
2.1 Trading Account (6 marks)
2.2 Profit and Loss Account (24 marks)?
Most Upvoted Answer
5. A telephone bill of R1 800 relating to the month of December 2023 w...
Trading Account:
- Sales:
- Fees Income: R228,000
- Add: Amount received in December 2023 for services to be provided in January 2024: R6,000
- Total Sales: R234,000
- Cost of Goods Sold:
- Opening Inventory: R125,000
- Purchases:
- Inventory on hand (31 Dec 2023): R125,000
- Less: NRV: R100,000
- Cost of Inventory Sold: R25,000
- Total Cost of Goods Sold: R150,000
- Gross Profit:
- Total Sales: R234,000
- Less: Cost of Goods Sold: R150,000
- Gross Profit: R84,000
Profit and Loss Account:
- Gross Profit: R84,000
- Add: Other Income (if any)
- Less: Expenses (excluding cost of goods sold):
- Telephone Bill (December 2023): R1,800
- Net Profit:
- Gross Profit: R84,000
- Less: Expenses: R1,800
- Net Profit: R82,200
In conclusion, the Trading Account shows the sales, cost of goods sold, and gross profit for the year ended 31 December 2023. The Profit and Loss Account reflects the net profit after considering other income and expenses, including the telephone bill for December 2023. The company's profitability can be assessed based on the calculated net profit.
- Sales:
- Fees Income: R228,000
- Add: Amount received in December 2023 for services to be provided in January 2024: R6,000
- Total Sales: R234,000
- Cost of Goods Sold:
- Opening Inventory: R125,000
- Purchases:
- Inventory on hand (31 Dec 2023): R125,000
- Less: NRV: R100,000
- Cost of Inventory Sold: R25,000
- Total Cost of Goods Sold: R150,000
- Gross Profit:
- Total Sales: R234,000
- Less: Cost of Goods Sold: R150,000
- Gross Profit: R84,000
Profit and Loss Account:
- Gross Profit: R84,000
- Add: Other Income (if any)
- Less: Expenses (excluding cost of goods sold):
- Telephone Bill (December 2023): R1,800
- Net Profit:
- Gross Profit: R84,000
- Less: Expenses: R1,800
- Net Profit: R82,200
In conclusion, the Trading Account shows the sales, cost of goods sold, and gross profit for the year ended 31 December 2023. The Profit and Loss Account reflects the net profit after considering other income and expenses, including the telephone bill for December 2023. The company's profitability can be assessed based on the calculated net profit.
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5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)?
Question Description
5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)?.
5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)?.
Solutions for 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? in English & in Hindi are available as part of our courses for B Com.
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Here you can find the meaning of 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? defined & explained in the simplest way possible. Besides giving the explanation of
5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)?, a detailed solution for 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? has been provided alongside types of 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? theory, EduRev gives you an
ample number of questions to practice 5. A telephone bill of R1 800 relating to the month of December 2023 was received on 5 January 2024 and no entries had been made for it. 6. The fees income of R228 000 includes an amount of R6 000 (received in December 2023), which relates to cake decorating classes to be provided in January 2024.7. The physical count conducted on 31 December 2023 revealed that inventory on hand had a cost of R125 000 and a net realisable value (NRV) of R100 000. The company makes use of a Trading Account in the General Ledger in order to calculate the gross profit.REQUIRED: Prepare the following accounts in the General Ledger of Tom Johns for the year ended 31 December 2023. Show all your workings. 2.1 Trading Account (6 marks) 2.2 Profit and Loss Account (24 marks)? tests, examples and also practice B Com tests.
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