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  • WORKINGS

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    Duong Thai
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    1. The document contains calculations for purchases, sales revenue, fixed assets and depreciation, cash received from sales revenue, and drawings for a business. Purchases totaled £83,500 with an opening balance of £12,100 and closing balance of £14,200. Sales revenue was calculated as £101,200 in cost of sales doubled to £202,400. Fixed assets totaled £15,800 with depreciation of £7,790. Cash received from sales was £201,100 with an opening balance of £14,400 and closing balance of £15,700. Drawings for the period were £69,400.

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    1. The document contains calculations for purchases, sales revenue, fixed assets and depreciation, cash received from sales revenue, and drawings for a business. Purchases totaled £83,500 with an opening balance of £12,100 and closing balance of £14,200. Sales revenue was calculated as £101,200 in cost of sales doubled to £202,400. Fixed assets totaled £15,800 with depreciation of £7,790. Cash received from sales was £201,100 with an opening balance of £14,400 and closing balance of £15,700. Drawings for the period were £69,400.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    12 views2 pages

    WORKINGS

    Uploaded by

    Duong Thai
    1. The document contains calculations for purchases, sales revenue, fixed assets and depreciation, cash received from sales revenue, and drawings for a business. Purchases totaled £83,500 with an opening balance of £12,100 and closing balance of £14,200. Sales revenue was calculated as £101,200 in cost of sales doubled to £202,400. Fixed assets totaled £15,800 with depreciation of £7,790. Cash received from sales was £201,100 with an opening balance of £14,400 and closing balance of £15,700. Drawings for the period were £69,400.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    1.

    WORKINGS
    a. Calculation of purchases

    PURCHASES TOTAL ACCOUNT

    £ £

    Cash paid for purchases 81,400 Opening balance 12,100

    Closing balance 14,200 Purchases 83,500

    95,600 95,600

    b. Calculation of sales revenue

    Sales prices are fixed by doubling cost – Sales revenue is therefore cost
    of sales £ 101,200 × 2 = £202,400

    c. Fixed assets and depreciation

    Cost Accumulated

    Depreciation

    £ £

    As at 1 February 20X0 14,800 6,900

    Less: items sold (800) (600)

    14,000 6,300

    Addition 1,800

    15,800

    Depreciation for year

    £ 14,000 at 10% 1,400


    £ 1, 8000 at 10% for 6 months 90

    As at 31 January 2001 15,800 7,790

    d. Calculation of cash received from sales revenue

    SALES TOTAL ACCOUNT

    £ £

    Opening balance 14,400 cash for sales 201,100

    Sales 202,400 closing balance 15,700

    216,800 216,800

    e. Calculation of drawing

    CASH SUMMARY

    £ £

    Opening balance 800 cash banked 131,600

    Cash from customers 201,100 drawings 69,400

    Closing balance 900

    201,900 201,900

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