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Answer Posted / sam
Excise duty is calculated on
assessable value of goods
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explain the relevance of closing stock account in trading a/c when preparing the gross profit?
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Why are accounting standards necessary?
Scope and nature of Accounting
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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Other accounting interview questions to expect when you interview for an accountancy job include:
Why company issue shares at discount as its a loss ?
