Advanced financial accounting - Lecture 9: Departmental accounts. The main topics covered in this chapter include: departmental accounts; trading account; obvious just ratio; identified expenses; given ratio;... Please refer to the lecture for details!
Advanced Financial Accounting FIN611 Mian Ahmad Farhan Lecture9 Departmental Accounts Departmental Accounts Question Accounting information relating to the “FC” store is as Follow: Jewellery Hairdressing Opening stock (1/1/2008) 2,000 1,500 3,000 Purchases 11,000 3,000 15,000 Closing stock (31/12/2008) 3,000 2,500 4,000 Sales and work done 18,000 9,000 27,000 Particulars Clothing Question Wages & salaries Rent Repair expenses Air conditioning & lighting General expenses Rs. 13,8000 3,500 4,800 2,000 1,200 Solution & Working (In PDF format) Trading Account Particulars Sales Less Cost of goods sold Gross profit A B Total xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx Less Operating expenses Salaries & Wages Rent, rates & taxes Repair & renewal Lighting & heating Profit from operations Add Other incomes Profit before tax Less Income tax Net profit/Profit after tax Less General expenses Net profit of the business Obvious Just Ratio Obvious Just Ratio Area occupied Sales # of employees Division of Expenses Identified expenses Obvious just ratio Given Ratio .. .Departmental? ?Accounts? ? Question Accounting? ?information relating to the “FC” store is as Follow: Jewellery Hairdressing