Jack Pty Ltd prepares his accounts on a monthly basis. He receives an order in March for $3000 worth of goods, the goods are delivered to the customer in May together with an invoice and the account is settled in July. Under an accrual system of accounting, in which month is the $3000 recognised as income?Group of answer choicesMarchIt doesn't matterJulyMay

Mr. A has the following revenue transactions during April of the current year: Rendered services: Cash, P5, 000 & on credit, P3, 500; received P5000 advance payment for services to be rendered in May. The amount of income to be recognized in April isSelect one:a.P10,000b.P13,500c.P5,000d.P8,500

Under the accrual basis of accounting, revenues are reported in the accounting period when the

Umvoti Pty LTD is preparing its budget for the next four (4) months. The following information has been drawn from the budgets prepared in the planning exercise so far: Sales volume November R120 500 December R130 600 January R170 000 February R160 800 Direct material purchases November R13 450 December R13 780 January R12 890 February R13 150 Direct wages amount to R13 150. Majazana sells 10% of its goods for cash. The remainder of customers receive on month’s credit. Payments to material suppliers are made in the month following purchase. Wages are paid as they are incurred. Production overheads are R13 200 per month. Majazana takes one month credit on production overheads. Included in the amount for overheads is depreciation charge of R1 300. Selling, distribution and administrative expenses amount to R10 890 per month. The company plans to purchase a delivery vehicle December for a cash purchase of R60 000. The net balance at the end of November was R5 000. Required: Complete the following cash budgets by choosing the correct answers from the options provided. December January Opening balance Blank 1 Blank 2 Cash sales Blank 3 Blank 4 Credit sales Blank 5 Blank 6 Total receipts Blank 7 Blank 8 Less: payments Blank 9 Blank 10 Material purchases Blank 11 Blank 12 Direct wages Blank 13 Blank 14 Production overheads Blank 15 Blank 16 Selling, distribution and administrative expenses 11 890 11 890 Delivery vehicle 60 000 Closing balance Blank 17 Blank 18

Fadama, a sole trader started business on 1/ 4/ 2013 and keeps accounts to 31st March each year. She presents the following results of operations for assessment:Year to 31/3/2014 - GH¢480,000; Year to 31/3/2015-GH¢560,000; Year to 31/3/2016-GH¢400,000; Year to 31/3/2017-GH¢520,000. What was her chargeable income for the 2016 year of assessment? A. GH¢100,000 B. GH¢480,000 C. GH¢430,000 D. GH¢490,000

Kayamoto received P60,000 advance payment of his fee in January.  In February, ½ of the amount is already earned, and ¼ earned in March and ¼ is to be returned to the customer because it could no longer be earned.  How much is the correct revenue?Group of answer choicesP60,000 total earnings January to March in either accrual or cash basisP60,000 in January under accrual basisP15,000 in March under accrual basisP45,000 in February under cash basis