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Purchases
June 396 units at R120 each
October 450 units at R132 each
February 142 units at R 144 each
March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each
6. A Chinese supplier entered the market in late March and was selling its
speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks)
b) Prepare the statement of comprehensive income for the year ended 31 March
2024, taking (1 – 8) above into accoun?
June 396 units at R120 each
October 450 units at R132 each
February 142 units at R 144 each
March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each
6. A Chinese supplier entered the market in late March and was selling its
speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks)
b) Prepare the statement of comprehensive income for the year ended 31 March
2024, taking (1 – 8) above into accoun?
Most Upvoted Answer
Purchases June 396 units at R120 each October 450 units at R132 each F...
Journal Entries
- Purchase of 396 units in June:
- Inventory | 47,520
Accounts Payable | 47,520
- Purchase of 450 units in October:
- Inventory | 59,400
Accounts Payable | 59,400
- Purchase of 142 units in February:
- Inventory | 20,448
Accounts Payable | 20,448
- Purchase of 56 units in March:
- Inventory | 8,736
Accounts Payable | 8,736
- Purchase returns of 56 units in July:
- Accounts Payable | 6,720
Inventory | 6,720
- Purchase returns of 12 units in March:
- Accounts Payable | 1,872
Inventory | 1,872
- Theft of 10 speakers in March (R212 each):
- Loss Due to Theft | 2,120
Inventory | 2,120
Statement of Comprehensive Income
- Revenue:
- Calculate the total revenue generated from the sale of speakers during the year.
- Cost of Goods Sold:
- Calculate the total cost of goods sold by summing up the costs of all purchases made and deducting any purchase returns.
- Gross Profit:
- Determine the gross profit by subtracting the cost of goods sold from the revenue.
- Operating Expenses:
- Include any other operating expenses such as rent, utilities, salaries, etc.
- Net Profit:
- Calculate the net profit by subtracting the total operating expenses from the gross profit.
- Taxation and Dividends:
- Since no taxation or dividends are payable for the year, these amounts will not be deducted from the net profit.
- Final Net Profit:
- The final net profit is the amount that remains after deducting all expenses from the gross profit.
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Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun?
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Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? 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 Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun?.
Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? 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 Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun?.
Solutions for Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? 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 Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? defined & explained in the simplest way possible. Besides giving the explanation of
Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun?, a detailed solution for Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? has been provided alongside types of Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? theory, EduRev gives you an
ample number of questions to practice Purchases June 396 units at R120 each October 450 units at R132 each February 142 units at R 144 each March 56 units at R156 each (after trade discount)Purchase returnsJuly 56 units at R120 each March 12 units at R156 each 6. A Chinese supplier entered the market in late March and was selling its speakers at R212 each. The normal selling price of Rashgard was R283.7. During March 2024, a carton of 10 speakers purchased in March was stolen. Rashgard is not insured for losses of this nature.8. No taxation or dividends are payable for the year.Required;a) Record the journal entries to finalise the books for the year ended 31 March 2024for items 1, 2, 6 and 7 only. Narrations are not required. If no entry is required, state this fact and give a reason for your answer. (10 marks) b) Prepare the statement of comprehensive income for the year ended 31 March 2024, taking (1 – 8) above into accoun? tests, examples and also practice B Com tests.
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