VCE Stuff > VCE Accounting
VCE Accounting Question Thread!
_avO:
Cash purchase = Chq. XX (Cheque butt)
Cash sale = Rec. XX (Receipt)
Credit purchase/sale = Inv. XXX (Invoices)
Tan:
ohh! I completely forgot that LOL x.x
nacho:
hey, for ex 8.7, question e)
I'm having difficulty in getting the correct answer..
Sales:
Oct. 10 : 5 x 900 = 1400
Oct. 14 : 2 x 900 = 1800
+ stock gain = 650
total = 6950
Cost of sales:
Oct. 10 : 2400 + 650
Oct. 14 : 1300
Total = 4350
Sales+stockgain less cost of sales = 2600
The answers have :
Sales revenue $6 930 (7 units $990 per unit)
less Cost of sales 4 350 (3 050 + 1 300)
Gross profit 2 580
add Stock gain 650
_______
Adjusted Gross profit $3 230
I think i'd have the same answer, except, in the answers they've multiplied the 7 units by 990, even though it was only sold for 900 plus 90 for each unit, is this correct? I thought GST did not count towards our sales since it is only collected on behalf of the ATO.
_avO:
Your answers are correct, GST is not a revenue nor an expense so it is definitely not reported in the P&L statement
nacho:
I found chapter 7 fairly hard, (Dislike the general journal, and correcting entries), aside from depreciation, is there anything harder? Im up to ch.9 now
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version