business accounting project
DESCRIPTION
Business Accounting Project. 6A Ng Sau ping (19) 6A Chan Lai Fong (2) 6A Lau Tsz Ying (12) 6A Lee Chui Ying (14). Sources: Goods from Japan Selling price : $15 per each Cost:$10 per each (excluding delivery charges) Locating : Wan Chai Goods: Clock - PowerPoint PPT PresentationTRANSCRIPT
6A Ng Sau ping (19)
6A Chan Lai Fong (2)
6A Lau Tsz Ying (12)
6A Lee Chui Ying (14)
Sources: Goods from Japan Selling price : $15 per each Cost:$10 per each (excluding delivery charges) Locating : Wan Chai Goods: Clock Description: The clocks have different shape
and colour, such as robot. Chan, Lau, Lee, Ng entered into a joint venture
which sell clock and agreed to share profits and losses in the ratio of 2:1:1:2. Also, Lee and Lau would be agreed to have a commission 5% on sales made by their own .
2002
Jan 1 Ng bought goods at a cost of $39800,she accepted a bill of exchange for one month.
Jan 2 Ng paid the delivery charges of $500 by cash .
Jan 5 Chan bought good at cost of $40000 by cash .
Jan 16 Ng send half of her goods to Lee .
Jan 21 Lau paid rent $869.
Jan 27 Lau bought goods at cost $50200 on credit . a bill of $50000 was accepted for one month . $200 was trade discounts .
Jan 30 Goods costing $4500 were stolen in the shop . One-third of the loss was paid by Lee , and the remaining half of loss was paid by Ng .
Feb 1 Lee paid the Ng’s bill and bought goods which cost $14000 by cash .
Feb 4 Chan returned goods costing $10000 to the supplier and full allowance on the returned goods was given .
Feb 10 One-third of Lee’s goods are sold at selling price for cash .
Feb 14 Lau also sold half of her goods on credit . A bill of $30000 was accepted by a debtor for one month .The remaining balance is received .
Feb 21 Ng paid wages of $2500 .
Feb 27 Lau’s bill was paid .
Feb 28 Chan bought goods at cost $40800 by cheque and paid the delivery charges of $1000.
Mar 4 Some of goods sold by Lau were returned and returned $5000 to the customers.
Mar 14 The bills receivable was honoured on maturity .
Mar 20 All Ng’s goods are sold for cash at selling price .
Mar 25 Lee agreed to take over the returned goods at a value of $4200 .
Mar 30 All goods are sold for $55000, the sales proceeds were kept by Chan .
Mar 31 The sum required in full settlement between Chan, Lau, Lee, Ng was paid.
In the book of Lau
2002 $ 2002 $Jan.21 Bank: Rent 869 Feb.14 Bills receivable:Sales 30000Jan.27 Bill payable: Purchase 50000 Feb.14 Cash:SalesMar.4 Cash: Return funds to customers 5000 $[(50000*1/2)/10*15-30000] 7500Mar.31 Profit and Loss: commission Mar.31 Bank: In settlement 24804
$[(3000+7500)*5%] 1875Mar.31 Bank:Share of profit 4560
62304 62304
Joint Venture with Chan , Lee ,Ng
In the book of Chan
2002 $ 2002 $Jan. 5 Cash : Purchase 40000 Jan. 26 Cash :SalesFeb. 28 Bank : Purchase 40800 $(40000/10*15) 60000Feb. 28 Cash : Delivery Charge 1000 Feb.4 Credors :Return outward 10000Mar. 31 Bank : Share of Profit 9120 Mar .30 Cash :Sales 55000Mar. 31 Bank : In Settlement 34080
125000 125000
Joint Venture with Lau, Lee, Ng
In the book of Lee
2002 $ 2002 $Feb.1 Bills payable-Ng 39800 Jan.30 Profit and Loss:Goods stolenFeb.1 Cash:Purchase 14000 $(4500*1/3) 1500Mar.31 Profit and Loss:Commission Feb.10 Cash:Sales
$(25425*5%) 1271 $[(14000+39800*1/2)*1/2]/10*15 25425Mar.31 Bank:Share of Profit 4560 Mar.25 Cash:stock taken over 4200
Mar.31 Bank: In settlement 2850659631 59631
Joint Venture with Chan ,Lau ,Ng
In the book of Ng
2002 $ 2002 $Jan.1 Bills payable: Purchase 39800 Jan.30 Profit and Loss:Goods stolenJan.2 Cash:delivery charges 500 $[(4500-1500)/2] 1500Feb.21 Cash:wages 2500 Feb.1 Bills payable-Lee 39800Mar.31 Bank:Share of Profit 9120 Mar.20 Cash:SalesMar.31 Bank:In settlement 19230 $[(39800/2)/10*5] 29850
71150 71150
Joint Venture with Chan , Lau , Lee
$ $ $Purchase $(40000+40800+50000+14000+39800) 184600 Sales W.1 207775Delivery charges $(1000+500) 1500 Returns outwards 10000Rent 869 Stock taken Over 4200Return funds to customers 5000 Goods Stolen $(1500+1500) 3000Wages 2500Commission $(1875+1271) 3146Share of ProfitChan (2/6) 9120Lau (1/6) 4560Lee (1/6) 4560Ng (2/6) 9120 27360
224975 224975
Memorandum Joint Venture Account
Working 1:$(60000+55000+30000+7500+25425+29850)
Here are some questions!
Can you do them?
Question 1
What is the mark-up?
1/2
1/3
1/4
1/5
Are you sure ???
It is the final answer???
Press me Yes
Press me No
Yeah~~~
BINGO
Press me
Oh~~~Oh~~~
you are wrong !!!~~~you are wrong !!!~~~
The answer is (a) 1/2
Press me
Question 2
What is the profit margin???~~~
1/2
1/3
1/4
1/5
Yeah~~~
BINGO
Press me
Oh~~~
You are wrong!!!~~~
The answer is (b) 1/3
Press me
Question 3
How much profit did the joint venture earned???
27340
27350
27360
27370
Are you sure???
Yes
No
O..Yeah!!~~
You are right
Press me
O…Sorry~~
You are wrong!!!~~
★The answer is 27360★
Press me
Question 4
Who get the great profit?
Chan & Lau
Ng & Lee
Chan & Ng
Lau & Lee
RIGHT~~~Viva
Press me
Sorry…
Your are WRONG
* The answer is Chan & Ng*
Press me
Yeah~~~
Give me five~~~
Bingo
Press me
Question 5
Who made the greatest amount of sales???
Chan
Lau
Lee
Ng
Sorry
Let’s try again!!!~~~ §The answer is Chan§
Press me