Tabular...Help!

Nerd007

1999 Tabular Statement

April: Goods previously sold for 720 were returned. The selling price of these goods was cost plus 20%. Owing to the delay in returning these goods a credit note was issued showing a deduction of 10% of selling price as a restocking charge.

I got up early this morning to tackle Tabular and I understand all the transactions apart from this one. I don't even know where to start!

Any help is very much appreciated!

BOF666

they were sold at cost plus 20% which means they cost 600. restocking charge is 72. i tink....

Nerd007

do you know where they go??

Increase stock by 600
Decrease P+L by 48
Decrease Debtors by 648

Nerd007

why 48?? I can't get that figure! Sorry!

take it in steps

step one. Enter all the sales returns

do this by
A) crediting debtors by 720
Debiting stock with 600

this leaves a balance of 120 credit. so
C) credit P+L with 120

Step two. Add the restocking Charge
i.e
A )Debit Debtors with 72
and debit P+L with 72

when you nett these figures you will get my original values

Nerd007

thank you sooo much! that makes sense!! Thanks!

Rob30888

Just on the subject of Tabs, can anyone help me? It's only something simple, but when you see "A dividend was paid to ordinary shareholders" are the adjustments just bank and profit & loss to give an overall net effect of nothing? Hope that made sense! Thanks

happydance

Thats it exactly! Just be careful to check if any new shares have been bought during the year.

Yes. Thats it

Rob30888

Thanks I think Tabs is such a lovely question, the only tricky bit is getting the right amount of Rent/Insurance to be written off at the end of the year. I genuinely reckon it's too easy for a 100marker, but I do hope it's there! Plus, if it's not then Suspense will be as only one of the two can come up

fatal

Rob30888 wrote:

I genuinely reckon it's too easy for a 100marker, but I do hope it's there!

co-sign....it will be so sweet it it appears as a one hundred marker tomorrow

DonaldDuck

fatal wrote:

co-sign....it will be so sweet it it appears as a one hundred marker tomorrow

I think there would be a lot of cheering,my guess is incomplete/clubs and tabular as 100markers since suspense was a 100marker last time it came up

Nerd007

Tabular Statement 1997

Dec: A delivery van, which cost 12000, was traded-in against a new van costing 20000. An allowance of 5500 was made for the old van. Depreciation to date on the old van was 7200 and the depreciation charge for the year was 17000.

How do you do that? I've tried it a million different ways and i just can't get the figures to balance!

DonaldDuck

Nerd007 wrote:

Tabular Statement 1997

Dec: A delivery van, which cost 12000, was traded-in against a new van costing 20000. An allowance of 5500 was made for the old van. Depreciation to date on the old van was 7200 and the depreciation charge for the year was 17000.

How do you do that? I've tried it a million different ways and i just can't get the figures to balance!

Vans +8000
Deprectiation vans + 7200
Bank(in assets) (14500)
P/L 700

I think thats right.I hadnt got paper to write it down as i was doing it though


You ignore the depreciation charge for year until december.

Nerd007

thanks

Good Luck tomorrow everyone. Let's all hope for a nice paper!

fatal

Nerd007 wrote:

thanks

Good Luck tomorrow everyone. Let's all hope for a nice paper!

u and everyone on the forum doing accountingg tomorrow..i really hope its a good paper especially since i have physics before accounting