ISVNU MT-S ACC101 (Batch 6_ Year 1_ Semester 1)

ISVNU MT-S ACC101 (Batch 6_ Year 1_ Semester 1) - ACC101,...

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[MID-SEMESTER EXAMINATION SOLUTION] 1 1. Ao Nang: Income Statement for the year ended 30 June 2009. (a) $’000 $’000 Sales 773 Less : Sales Return (10) Net sales 763 Less: cost of goods sold Beginning Inventory 71 Add: Purchases 400 Transport inwards 20 8 marks Less: Purchases return (28) 463 Less: Ending Inventory (61) 402 Gross profit Add: Interest Income 361 29 Discount received 32 422 Less: Expenses Advisory expense Discount Allowed 6 30 Electricity & Telephone expense Freight outwards expense 35 13 Insurance expense ((12/24) x 24) Interest expense 24 11 Miscellaneous operating expense Office supplies expense Rental of motor vehicle expense Salary & Wages expense (99 + 8) 8 28 12 107 7 marks Depreciation expense - building 6 -office equipment 7 287 Net Income 135 (b) Owner’s equity for the year ended 30 June 2009. $’000
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This note was uploaded on 07/29/2011 for the course BUS 444 taught by Professor Lynn during the Spring '11 term at Keuka.

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ISVNU MT-S ACC101 (Batch 6_ Year 1_ Semester 1) - ACC101,...

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