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accounting-journal,SCI問題(20點)

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Taurus Company purchases vacuum cleaners from manufacturers and sells them to local department stores. On 1 January 2012, the inventory on hand comprised 300 units of vacuum cleaners of $250 each. During the month of January 2012, the following transactions took place:5Jan:Purchased 1,100 units of vacuum cleaners... 顯示更多 Taurus Company purchases vacuum cleaners from manufacturers and sells them to local department stores. On 1 January 2012, the inventory on hand comprised 300 units of vacuum cleaners of $250 each. During the month of January 2012, the following transactions took place: 5Jan:Purchased 1,100 units of vacuum cleaners at $250 each from Jimmy Company on credit 18Jan:Sold 995 units of vacuum cleaners at $400 each to Chic Company on credit. 22Jan:Received 50 unit of vacuum cleaners which were sold to Chic Company on 18 January 2012. All the goods received were found to be defective and full allowance had been given to Chic Company. 30Jan:Received a cheque from Chic Company for a full settlement of the account. A cash discount of 5% was given. 31Jan:A physical count was undertaken and it revealed that the inventory on hand was 444 units. the company uses perpetual inventory system to account for the movement of inventory. a)Prepare journal entries to record the above transactions for Taurus Company.(Note:Narratives are NOT required.) b)Prepare an extract of the statement of comprehensive income for the month ended 31 January 2012.

最佳解答:

Workings:- a. 2012..............Particulars...........Units.....Bal.....C/U......Cost.....Cost (Bal)...S/U...S. Price 01/01...Bal b/f...............................300......300...250.....75,000.......75,000 05/01...Purchases - Jimmy Co....1,100...1,400...250...275,000.....350,000 18/01...Sales - Chic Co...............(995)......405...250...248,750.....101,250....400..398,000 31/01...Adj:Understate the units.......39......444...250.......9,750.....111,000 b. Full Allowance - Defective goods 22/1: 50*400*(1-5%) = $19,000 c. Full settlement - 5% Cash Discount on goods 30/1: (995-50)*400*(1-5%) = $359,100 d. Physical Count – understate the stock 31/1: (444-405)*250 = $9,750 e. Cost of sales = Opening Stock + Purchases – Closing Stock = 75,000+275,000-111,000 = $239,000 f. Distribution Cost – Discount allowed = 19,900+19,000 = $38,900 Answer:- (b) Taurus Company extract of the statement of comprehensive income for the month ended 31 January 2012 ______________________________________________ ..........................................................................$ Revenue.........................................................398,000 Cost of sales.................................................(239,000)..(wkg.e) ....................................................................________ Gross profit.....................................................159,000 Operating expenses Distribution cost...............................................(38,900)..(wkg.f) ......................................................................________ Operating profit................................................120,100 2012-12-07 09:39:47 補充： Answer:- (a) Journal Entries 5/1 Dr. Inventory A/c……………….……..$275,000 Cr. Trade creditor A/c……….…….…..…………...$275,000 (wkg.a) 2012-12-07 09:40:39 補充： 18/1 Dr. Trade debtor A/c………….…....…$378,100 Dr. Discount allowed A/c ………..…….$19,900 (wkg.b) Cr. Sales A/c……………………….…..……………$398,000 Dr. Cost of goods sold A/c…….……..$248,750 Cr. Inventory A/c……………………..………………$248,750 (wkg.a) 2012-12-07 09:42:16 補充： 22/1 Dr. Discount allowed A/c………....…….$19,000 Cr. Trade debtor A/c……….….………….…………..$19,000 (wkg.b) 30/1 Dr. Bank A/c………..……………...……$359,100 Cr. Trade debtor A/c………….……..……….……..$359,100 (wkg.c) 31/1 Dr. Inventory A/c…………….…..…………$9,750 Cr. Cost of goods sold…………..…....……………….$9,750 (wkg.d) 2012-12-07 09:44:34 補充： Answer (a) --------> Pls ref to 意見欄 Wkg. a - f ----------> Pls ref to Workings 2012-12-07 09:45:37 補充： Wkg.a - f ----------> Pls ref to Workings (回答欄)

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