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Salaries and wages per general ledger is 288,000 of which 56,500 is paid
in advance.
Req: Prepare adjusting journal entries from the books of audrey company
as of dec 31 09. (pls help me with this, I'm a bit slow but willing to learn,
thanks!)
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Answer Posted / rajan ram
Salary & Wages A/c..Dr RS.288000
To Employee A/c. RS.231500
To Advance to EmployeeA/c..Rs. 56500
| Is This Answer Correct ? | 3 Yes | 0 No |
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What is account in accounting?
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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