J Almeida is a trader who sells all of her goods at 40 above cost Her books give the following information at 31 December 2017 You are required to (a) Ascertain cost of goods sold (b) Show the value of purchases during the year (c) Calculate the profit made by Almeida Show your answer in the form o...

J Almeida Trading Account for the year ended 31 December 2017 Particulars Amount KES Particulars Amo ...

J. Almeida is a trader who sells all of her goods at 40% above cost. Her books

Question:

J. Almeida is a trader who sells all of her goods at 40% above cost. Her books give the following information at 31 December 2017:

image text in transcribed

You are required to:

(a) Ascertain cost of goods sold.

(b) Show the value of purchases during the year.

(c) Calculate the profit made by Almeida.
Show your answer in the form of the trading account section of a statement of profit or loss.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

See More Books

Question Posted: Mar 28, 2024 04:05 AM

See More Questions

V. Fraga is a trader who sells all of his goods at 30% above cost. His books give the following information at 31 December 2013 You are required to: (a) Ascertain cost of goods sold. (b) Show the...
Abby Lee is a trader who sells all of her goods at 35% above cost. Her books give the following information at 31 December 2024: Prepare the trading account section of the Income Statement for Abby...
G Flynn is a trader who sells all of his goods at 20% above cost. His books give the following information at 31 December 20X7: You are required to: (a) Ascertain cost of goods sold. (b) Show the...
TABLE 6A-1 General Depreciation System: 200% or 150% Declining Balance Switching to Straight-Line* Half-Year Convention Recovery Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year 1 33.33 20.00 14.29...
Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business...
In attempting to fly from city P to city Q, an aircraft followed a course that was 10 in error, as indicated in the figure.After flying a distance of 50 miles, the pilot corrected the course by...
In a four-stroke engine, number of revolutions of the crankshaft for completion of working cycle is: (a) One (b) Two (c) Three (d) Four
Weber Valley Regional Hospital has collected data on all of its activities for the past 16 months. Data for cardiac nursing care follow: Required: 1. Using the high-low method, calculate the variable...
What can you do to increase the performance of an embedded system?
R. Jack gives you the following information as at 31 March 2018: Jack's mark-up is 40% on 'cost of goods sold'. His average inventory during the year was 17,000. Draw up a statement of profit or loss...
Study the following and answer the questions below. The trial balance of Mary Harris (Gowns) as at 31 December 2015 showed a difference which was posted to a suspense account. Draft final accounts...
How far above the surface of Earth do you have to go before the acceleration due to gravity drops by $0.10 \%$, $1.0 \%$ and $10 \%$ ?
Great news! GeekTech, the start-up company where you work, has become enormously successful. Now the owner wants to support a philanthropic program. He appoints you to research philanthropic...
JetBlue has a mixed history within social media. It had major difficulties one Valentines Day, when passengers were stranded on a plane for nine hours whilst de-icing equipment was sought. This was...
Discuss the relationship between the shape of the yield curve and the monetary and fiscal policy mix projected by Hadpret. Currently, Eastlands currency is fixed relative to the currency of the...
Imagine that you work for your favorite company and have been asked to write a few entries on their blog. Write three short posts (about 50 words each). Write one post about an upcoming national...
Summarize in no more than five slides the purpose and provisions of the S Corporation Modernization Act of 2009.
In Youngs double-slit experiment, why do we use monochromatic light? If white light is used, how would the pattern change?
Consider the function f and its graph. a. Estimate the zeros of the area function b. Estimate the points (if any) at which A has a local maximum or minimum. c. Sketch a graph of A, for 0 x 10,...
How would you plan to learn more about the health care system and the role of nurses in another country? What are critical elements in the sustainability of global health efforts? You are considering...
What are the potential challenges or barriers that organizations may face when implementing human resource planning, and how can they overcome them?
Why are quantitative skills so valuable in business disciplines? How important do you think quantitative skills will be in your career? Explain.

J. Almeida is a trader who sells all of her goods at 40% above cost. Her books

Question:

Inventory 1 January 2017 Inventory 31 December 2017 Sales for year 36,000 42,000 210,000

Step by Step Answer:

J Almeida Trading Account for the year ended 31 December 2017 Particulars Amount KES Particulars Amo...View the full answer

Frank Woods Business Accounting Volume 1

Students also viewed these Business questions