6A Ng Sau ping (19) 6A Chan Lai Fong (2) 6A Lau Tsz Ying (12) 6A Lee Chui Ying (14)

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  • 6A Ng Sau ping (19)6A Chan Lai Fong (2)6A Lau Tsz Ying (12)6A Lee Chui Ying (14)

  • Sources: Goods from Japan Selling price : $15 per each Cost:$10 per each (excluding delivery charges)Locating : Wan ChaiGoods: ClockDescription: The clocks have different shape and colour, such as robot.Chan, Lau, Lee, Ng entered into a joint venture which sell clock and agreed to share profits and losses in the ratio of 2:1:1:2. Also, Lee and Lau would be agreed to have a commission 5% on sales made by their own .

  • 2002Jan 1 Ng bought goods at a cost of $39800,she accepted a bill of exchange for one month.Jan 2 Ng paid the delivery charges of $500 by cash .Jan 5 Chan bought good at cost of $40000 by cash .Jan 16 Ng send half of her goods to Lee .Jan 21 Lau paid rent $869.Jan 27 Lau bought goods at cost $50200 on credit . a bill of $50000 was accepted for one month . $200 was trade discounts .Jan 30 Goods costing $4500 were stolen in the shop . One-third of the loss was paid by Lee , and the remaining half of loss was paid by Ng .

  • Feb 1 Lee paid the Ngs bill and bought goods which cost $14000 by cash .Feb 4 Chan returned goods costing $10000 to the supplier and full allowance on the returned goods was given .Feb 10 One-third of Lees goods are sold at selling price for cash .Feb 14 Lau also sold half of her goods on credit . A bill of $30000 was accepted by a debtor for one month .The remaining balance is received .Feb 21 Ng paid wages of $2500 .Feb 27 Laus bill was paid .Feb 28 Chan bought goods at cost $40800 by cheque and paid the delivery charges of $1000.

  • Mar 4 Some of goods sold by Lau were returned and returned $5000 to the customers.Mar 14 The bills receivable was honoured on maturity .Mar 20 All Ngs goods are sold for cash at selling price .Mar 25 Lee agreed to take over the returned goods at a value of $4200 .Mar 30 All goods are sold for $55000, the sales proceeds were kept by Chan .Mar 31 The sum required in full settlement between Chan, Lau, Lee, Ng was paid.

  • Sheet1

    In the book of Chan

    Joint Venture with Lau, Lee, Ng

    2002$2002$

    Jan. 5Cash : Purchase40000Jan. 26Cash :Sales

    Feb. 28Bank : Purchase40800$(40000/10*15)60000

    Feb. 28Cash : Delivery Charge1000Feb.4Credors :Return outward10000

    Mar. 31Bank : Share of Profit9120Mar .30Cash :Sales55000

    Mar. 31Bank : In Settlement34080

    125000125000

    In the book of Lau

    Joint Venture with Chan , Lee ,Ng

    2002$2002$

    Jan.21Bank: Rent869Feb.14Bills receivable:Sales30000

    Jan.27Bill payable: Purchase50000Feb.14Cash:Sales

    Mar.4Cash: Return funds to customers5000$[(50000*1/2)/10*15-30000]7500

    Mar.31Profit and Loss: commissionMar.31Bank: In settlement24804

    $[(3000+7500)*5%]1875

    Mar.31Bank:Share of profit4560

    6230462304

    In the book of Lee

    Joint Venture with Chan ,Lau ,Ng

    2002$2002$

    Feb.1Bills payable-Ng39800Jan.30Profit and Loss:Goods stolen

    Feb.1Cash:Purchase14000$(4500*1/3)1500

    Mar.31Profit and Loss:CommissionFeb.10Cash:Sales

    $(25425*5%)1271$[(14000+39800*1/2)*1/2]/10*1525425

    Mar.31Bank:Share of Profit4560Mar.25Cash:stock taken over4200

    Mar.31Bank: In settlement28506

    5963159631

    In the book of Ng

    2002$2002$

    Jan.1Bills payable: Purchase39800Jan.30Profit and Loss:Goods stolen

    Jan.2Cash:delivery charges500$[(4500-1500)/2]1500

    Feb.21Cash:wages2500Feb.1Bills payable-Lee39800

    Mar.31Bank:Share of Profit9120Mar.20Cash:Sales

    Mar.31Bank:In settlement19230$[(39800/2)/10*5]29850

    7115071150

    Memorandum Joint Venture Account

    $$$

    Purchase $(40000+40800+50000+14000+39800)184600Sales W.1207775

    Delivery charges $(1000+500)1500Returns outwards10000

    Rent869Stock taken Over4200

    Return funds to customers5000Goods Stolen $(1500+1500)3000

    Wages2500

    Commission $(1875+1271)3146

    Share of Profit

    Chan (2/6)9120

    Lau (1/6)4560

    Lee (1/6)4560

    Ng (2/6)912027360

    224975224975

    Working 1:$(60000+55000+30000+7500+25425+29850)

    Sheet2

    Sheet3

  • Sheet1

    In the book of Chan

    Joint Venture with Lau, Lee, Ng

    2002$2002$

    Jan. 5Cash : Purchase40000Jan. 26Cash :Sales

    Feb. 28Bank : Purchase40800$(40000/10*15)60000

    Feb. 28Cash : Delivery Charge1000Feb.4Credors :Return outward10000

    Mar. 31Bank : Share of Profit9120Mar .30Cash :Sales55000

    Mar. 31Bank : In Settlement34080

    125000125000

    In the book of Lau

    Joint Venture with Chan , Lee ,Ng

    2002$2002$

    Jan.21Bank: Rent869Feb.14Bills receivable:Sales30000

    Jan.27Bill payable: Purchase50000Feb.14Cash:Sales

    Mar.4Cash: Return funds to customers5000$[(50000*1/2)/10*15-30000]7500

    Mar.31Profit and Loss: commissionMar.31Bank: In settlement24804

    $[(3000+7500)*5%]1875

    Mar.31Bank:Share of profit4560

    6230462304

    In the book of Lee

    Joint Venture with Chan ,Lau ,Ng

    2002$2002$

    Feb.1Bills payable-Ng39800Jan.30Profit and Loss:Goods stolen

    Feb.1Cash:Purchase14000$(4500*1/3)1500

    Mar.31Profit and Loss:CommissionFeb.10Cash:Sales

    $(25425*5%)1271$[(14000+39800*1/2)*1/2]/10*1525425

    Mar.31Bank:Share of Profit4560Mar.25Cash:stock taken over4200

    Mar.31Bank: In settlement28506

    5963159631

    In the book of Ng

    2002$2002$

    Jan.1Bills payable: Purchase39800Jan.30Profit and Loss:Goods stolen

    Jan.2Cash:delivery charges500$[(4500-1500)/2]1500

    Feb.21Cash:wages2500Feb.1Bills payable-Lee39800

    Mar.31Bank:Share of Profit9120Mar.20Cash:Sales

    Mar.31Bank:In settlement19230$[(39800/2)/10*5]29850

    7115071150

    Memorandum Joint Venture Account

    $$$

    Purchase $(40000+40800+50000+14000+39800)184600Sales W.1207775

    Delivery charges $(1000+500)1500Returns outwards10000

    Rent869Stock taken Over4200

    Return funds to customers5000Goods Stolen $(1500+1500)3000

    Wages2500

    Commission $(1875+1271)3146

    Share of Profit

    Chan (2/6)9120

    Lau (1/6)4560

    Lee (1/6)4560

    Ng (2/6)912027360

    224975224975

    Working 1:$(60000+55000+30000+7500+25425+29850)

    Sheet2

    Sheet3

  • Sheet1

    In the book of Chan

    Joint Venture with Lau, Lee, Ng

    2002$2002$

    Jan. 5Cash : Purchase40000Jan. 26Cash :Sales

    Feb. 28Bank : Purchase40800$(40000/10*15)60000

    Feb. 28Cash : Delivery Charge1000Feb.4Credors :Return outward10000

    Mar. 31Bank : Share of Profit9120Mar .30Cash :Sales55000

    Mar. 31Bank : In Settlement34080

    125000125000

    In the book of Lau

    Joint Venture with Chan , Lee ,Ng

    2002$2002$

    Jan.21Bank: Rent869Feb.14Bills receivable:Sales30000

    Jan.27Bill payable: Purchase50000Feb.14Cash:Sales

    Mar.4Cash: Return funds to customers5000$[(50000*1/2)/10*15-30000]7500

    Mar.31Profit and Loss: commissionMar.31Bank: In settlement24804

    $[(3000+7500)*5%]1875

    Mar.31Bank:Share of profit4560

    6230462304

    In the book of Lee

    Joint Venture with Chan ,Lau ,Ng

    2002$2002$

    Feb.1Bills payable-Ng39800Jan.30Profit and Loss:Goods stolen

    Feb.1Cash:Purchase14000$(4500*1/3)1500

    Mar.31Profit and Loss:CommissionFeb.10Cash:Sales

    $(25425*5%)1271$[(14000+39800*1/2)*1/2]/10*1525425

    Mar.31Bank:Share of Profit4560Mar.25Cash:stock taken over4200

    Mar.31Bank: In settlement28506

    5963159631

    In the book of Ng

    2002$2002$

    Jan.1Bills payable: Purchase39800Jan.30Profit and Loss:Goods stolen

    Jan.2Cash:delivery charges500$[(4500-1500)/2]1500

    Feb.21Cash:wages2500Feb.1Bills payable-Lee39800

    Mar.31Bank:Share of Profit9120Mar.20Cash:Sales

    Mar.31Bank:In settlement19230$[(39800/2)/10*5]29850

    7115071150

    Memorandum Joint Venture Account

    $$$

    Purchase $(40000+40800+50000+14000+39800)184600Sales W.1207775

    Delivery charges $(1000+500)1500Returns outwards10000

    Rent869Stock taken Over4200

    Return funds to customers5000Goods Stolen $(1500+1500)3000

    Wages2500

    Commission $(1875+1271)3146

    Share of Profit

    Chan (2/6)9120

    Lau (1/6)4560

    Lee (1/6)4560

    Ng (2/6)912027360

    224975224975

    Working 1:$(60000+55000+30000+7500+25425+29850)

    Sheet2

    Sheet3

  • Sheet1

    In the book of Chan

    Joint Venture with Lau, Lee, Ng

    2002$2002$

    Jan. 5Cash : Purchase40000Jan. 26Cash :Sales

    Feb. 28Bank : Purchase40800$(40000/10*15)60000

    Feb. 28Cash : Delivery Charge1000Feb.4Credors :Return outward10000

    Mar. 31Bank : Share of Profit9120Mar .30Cash :Sales55000

    Mar. 31Bank : In Settlement34080

    125000125000

    In the book of Lau

    Joint Venture with Chan , Lee ,Ng

    2002$2002$

    Jan.21Bank: Rent869Feb.14Bills receivable:Sales30000

    Jan.27Bill payable: Purchase50000Feb.14Cash:Sales

    Mar.4Cash: Return funds to customers5000$[(50000*1/2)/10*15-30000]7500

    Mar.31Profit and Loss: commissionMar.31Bank: In settlement24804

    $[(3000+7500)*5%]1875

    Mar.31Bank:Share of profit4560

    6230462304

    In the book of Lee

    Joint Venture with Chan ,Lau ,Ng

    2002$2002$

    Feb.1Bills payable-Ng39800Jan.30Profit and Loss:Goods stolen

    Feb.1Cash:Purchase14000$(4500*1/3)1500

    Mar.31Profit and Loss:CommissionFeb.10Cash:Sales

    $(25425*5%)1271$[(14000+39800*1/2)*1/2]/10*1525425

    Mar.31Bank:Share of Profit4560Mar.25Cash:stock taken over4200

    Mar.31Bank: In settlement28506

    5963159631

    In the book of Ng

    2002$2002$

    Jan.1Bills payable: Purchase39800Jan.30Profit and Loss:Goods stolen

    Jan.2Cash:delivery charges500$[(4500-1500)/2]1500

    Feb.21Cash:wages2500Feb.1Bills payable-Lee39800

    Mar.31Bank:Share of Profit9120Mar.20Cash:Sales

    Mar.31Bank:In settlement19230$[(39800/2)/10*5]29850

    7115071150

    Memorandum Joint Venture Account

    $$$

    Purchase $(40000+40800+50000+14000+39800)184600Sales W.1207775

    Delivery charges $(1000+500)1500Returns outwards10000

    Rent869Stock taken Over4200

    Return funds to customers5000Goods Stolen $(1500+1500)3000

    Wages2500

    Commission $(1875+1271)3146

    Share of Profit

    Chan (2/6)9120

    Lau (1/6)4560

    Lee (1/6)4560

    Ng (2/6)912027360

    224975224975

    Working 1:$(60000+55000+30000+7500+25425+29850)

    Sheet2

    Sheet3

    Sheet1

    In the book of Chan

    Joint Venture with Lau, Lee, Ng

    2002$2002$

    Jan. 5Cash : Purchase40000Jan. 26Cash :Sales

    Feb. 28Bank : Purchase40800$(40000/10*15)60000

    Feb. 28Cash : Delivery Charge1000Feb.4Credors :Return outward10000

    Mar. 31Bank : Share of Profit9120Mar .30Cash :Sales55000

    Mar. 31Bank : In Settlement34080

    125000125000

    In the book of Lau

    Joint Venture with Chan , Lee ,Ng

    2002$2002$

    Jan.21Bank: Rent869Feb.14Bills receivable:Sales30000

    Jan.27Bill payable: Purchase50000Feb.14Cash:Sales

    Mar.4Cash: Return funds to customers5000$[(50000*1/2)/10*15-30000]7500

    Mar.31Profit and Loss: commissionMar.31Bank: In settlement24804

    $[(3000+7500)*5%]1875

    Mar.31Bank:Share of profit4560

    6230462304

    In the book of Lee

    Joint Venture with Chan ,Lau ,Ng

    2002$2002$

    Feb.1Bills payable-Ng39800Jan.30Profit and Loss:Goods stolen

    Feb.1Cash:Purchase14000$(4500*1/3)1500

    Mar.31Profit and Loss:CommissionFeb.10Cash:Sales

    $(25425*5%)1271$[(14000+39800*1/2)*1/2]/10*1525425

    Mar.31Bank:Share of Profit4560Mar.25Cash:stock taken over4200

    Mar.31Bank: In settlement28506

    5963159631

    In the book of Ng

    2002$2002$

    Jan.1Bills payable: Purchase39800Jan.30Profit and Loss:Goods stolen

    Jan.2Cash:delivery charges500$[(4500-1500)/2]1500

    Feb.21Cash:wages2500Feb.1Bills payable-Lee39800

    Mar.31Bank:Share of Profit9120Mar.20Cash:Sales

    Mar.31Bank:In settlement19230$[(39800/2)/10*5]29850

    7115071150

    Memorandum Joint Venture Account

    $$$

    Purchase $(40000+40800+50000+14000+39800)184600Sales W.1207775

    Delivery charges $(1000+500)1500Returns outwards10000

    Rent869Stock taken Over4200

    Return funds to customers5000Goods Stolen $(1500+1500)3000

    Wages2500

    Commission $(1875+1271)3146

    Share of Profit

    Chan (2/6)9120

    Lau (1/6)4560

    Lee (1/6)4560

    Ng (2/6)912027360

    224975224975

    Working 1:$(60000+55000+30000+7500+25425+29850)

    Sheet2

    Sheet3

  • Here are some questions!Can you do them?

  • Question 1What is the mark-up?1/21/31/41/5

  • Are you sure ??? It is the final answer???Press meYesPress meNo

  • Yeah~~~ BINGOPress me

  • Oh~~~you are wrong !!!~~~ The answer is (a) 1/2

    Press me

  • Question 2What is the profit margin???~~~1/21/31/41/5

  • Yeah~~~ BINGOPress me

  • Oh~~~You are wrong!!!~~~The answer is (b) 1/3Press me

  • Question 3How much profit did the joint venture earned???27340273502736027370

  • Are you sure???YesNo

  • O..Yeah!!~~ You are rightPress me

  • OSorry~~ You are wrong!!!~~ The answer is 27360Press me

  • Question 4Who get the great profit?Chan & LauNg & LeeChan & NgLau & Lee

  • RIGHT~~~VivaPress me

  • Sorry Your are WRONGThe answer is Chan & NgPress me

  • Yeah~~~Give me five~~~BingoPress me

  • Question 5Who made the greatest amount of sales???ChanLauLeeNg

  • SorryLets try again!!!~~~ The answer is ChanPress me

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