Problem 1: Lulu Hyper Market of Suwaiq, Oman, is selling the following items at the recommended retail prices as shown: TV @ $ _____ each, Fridge @ $ ____each, Washing Machine @$ ______each, Microwave Oven @ $ ____each. He makes the following sales:
2007
May 1 To Faiza, Tharmad, Oman: 3 TVs, 5 Fridges, 1 Washing Machine. Less 25 per cent trade discount.
May 10 To Ali, Tatiff, Oman: 6 Fridges, 5 Microwave Ovens. Less 331/3 per cent trade discount.
May 15 To Entisar, Barka, Oman: 5 TVs. No trade discount.
May 28 To Mahmood, Bidaya, Oman: 10 Washing Machines, 6 Microwave Oven, 3 Fridges, 8 Tvs. Less 25 per cent trade discount.
You are to require to
(a) Enter them up in the Sales Day Book
(b) Post the transactions in the necessary ledger accounts.
Problem 2: Farooq, a sole trader specialising in material for Asian clothing, has the following purchases and sales for March 20X9:
Mar 1 Bought from Sara Stores: silk $____ cotton $80. All less 25 per cent trade discount.
Mar 8 Sold to Gabish: lycra goods $28, woollen items $_____. No trade discount.
Mar 15 Sold to Atif: silk $_____, lycra $144, cotton goods $____. All less 20 per cent trade discount.
Mar 23 Bought from Kathia: cotton $____, lycra $____. All less 25 per cent trade discount.
Mar 24 Sold to Dawood: lycra goods $____, cotton $_____. Less 10 per cent trade discount.
Mar 31 Bought from Jasim: lycra goods $____. Less 331/3 per cent trade discount.
Required:
(a) Prepare the purchases and sales day books of C Phillips from the above.
(b) Post the items to the personal accounts.
(c) Post the totals of the day books to the sales and purchases accounts.
Problem 3: Ashraf runs a computer supplies company. One of the items stocked is the 'Zap' data disk.
To show how the stores ledger records would appear under FIFO,and AVCO, the following data is used:
2007
January - Opening stock of 40 units at a cost of RO 3 each.
February - Bought 20 units at a cost of RO ____each.
March - Sold 36 units for RO 6 each.
April - Bought 20 units at a cost of RO____ each.
May - Sold 25 units for RO 6 each.
Required:
i. Calculate the value of closing stock using both the methods.
ii. Calculate the Gross Profit under both the methods.
Instructions: Read the topic carefully and answer. Use MS Word/Excel for typing the activity.
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