Sign-up today to join over 5 million learners already on ALISON:

ALISON: Diploma in Business Management & Entrepreneurship

Comments about Profit and loss statements - Case study - departmental profit and loss statement

- Module: Profit and loss statements
- Topic: Case study - departmental profit and loss statement

• Roger Banda eish i finally understand all the entries.Mainly they are for the November month only.More practice and it will be easy potatoes.
2015-04-16 22:04:18

• Robert Chikaonda how to calculated cost of goods sold on media world profit and loss statement
2015-03-25 07:03:55

• Roger Banda Since all sales were at 100% profit,so the cost of goods sold is half the sales figure.The value of goods before selling(cost Price)
2015-04-16 22:04:22
• Virgilio Chacate Samuel Antonio I also want to know that
2015-04-10 21:04:55
• Manish Koirala Information is illustrative and understandable.
2015-03-08 13:03:47

• Marvel Michael how was the total credit sales of \$45000 arrived at.
2015-02-16 14:02:45

• Roger Banda cash sales were \$20,000 and \$10,000 respectively.These were 40 % of total sales.Meaning the other sales we don't know which is credit sales should be 60%.So if \$20,000 is 40% of a total figure then the other 60% should be \$30,000 for credit sales.And for \$10,000 to be 40% then \$15,000 should be the other 60%.\$30,000 + \$15,000= \$45,000
2015-04-16 22:04:29
• Robert Chikaonda All goods sold represent 100% ,\$20000 and \$10000 are 40% of all goods sold for DVDs and TVs respectively for cash .therefore 60% represents all goods sold on credit.divide \$20000 and \$10000 by 40 and multiply by 60 respectively .then you will come to an answerAll goods sold represent 100% ,\$20000 and \$10000 are 40% of all goods sold for DVDs and TVs respectively for cash .therefore 60% represents all goods sold on credit.divide \$20000 and \$10000 by 40 and multiply by 60 respectively .then you will come to an answer.
2015-03-30 13:03:07
• Dr. David Ackah Welcome to Media World. This business sells DVD players (DVDs) and Television sets (TVs). At the beginning of November Media World have the following assets and liabilities: Assets stock \$6000 prepaid rent \$1000 workshop equipment \$36 000 land and buildings \$180 000 Liabilities bank overdraft \$10 000 accrued wages \$700 loan \$40 000 accumulated depreciation on workshop equipment is \$3000 You have to determine capital at 1 November. Information Media World sells DVDs and TVs. Workshop equipment is only involved in repairing TVs, service costs are only for the DVDs Media World employs three sales staff, who spend two-thirds of their time selling DVDs and one-third selling TVs. Two other people work at repairing TVs and another person works in servicing. There are two staff members employed in the office the business has four cost centres: sales, workshop, office and finance each person employed by Media World is paid \$100 per day and works a five day week. The prepaid and accrued expenses must be reversed for each month the calendar for November is shown below. Dates shown in bold are the days on which staff are paid. Staff do not work on Monday and Tuesday as Media World operates in a tourist area and these are quiet days. They do work on weekends workshop equipment is depreciated at 12% per annum on cost interest is paid annually in December. It is \$1200 for the year on the Bank overdraft and \$3600 for the year for the loan rent is \$3000 per month and is allocated in equal proportions to sales, workshop and office advertising is allocated according to sales cash sales are 40% of total sales. Cash sales are \$20 000 for the DVD players and \$10 000 for TVs there is a mark up of 100% on all goods sold stock loss is \$500 (all DVDs) bad debts are \$1000 at the end of November prepaid rent is \$600 you will have to calculate accrued wages at 30 November Other expenses include: advertising is \$3000 service costs are \$1000 cleaning \$2000 View the text document for solution to Study case - Departmental Profit and Loss statement.
2015-02-09 17:02:28

• E MMANUEL OWUSU Departmental profit and loss is preparedprepared to ascertain for profit by each department
2015-01-31 19:01:01

• Sadadul Islam Own departmental prepared his dept. profit and loss statement manager follow the role study -
2015-01-24 11:01:28

• Rodrick Simwanza the business has four cost centres: sales, workshop, office and finance
2015-01-21 08:01:00

• Seidu Iddrisu What is a case study?
2014-12-09 14:12:25

• Seidu Iddrisu The case study lectures was very good.
2014-12-09 14:12:03

• Tashika Brumfield What causes departmental profit and loss statement?
2014-11-24 16:11:16

• Yasmine Kone basic accounting data are used to create financial information used to better manage department basis
2014-11-03 15:11:33

• Piotr Falkowski Media World sells DVDs and TVs. Workshop equipment is only involved in repairing TVs, service costs are only for the DVDs Media World employs three sales staff, who spend two-thirds of their time selling DVDs and one-third selling TVs. Two other people work at repairing TVs and another person works in servicing. There are two staff members employed in the office the business has four cost centres: sales, workshop, office and finance each person employed by Media World is paid \$100 per day and works a five day week. The prepaid and accrued expenses must be reversed for each month the calendar for November is shown below. Dates shown in bold are the days on which staff are paid. Staff do not work on Monday and Tuesday as Media World operates in a tourist area and these are quiet days. They do work on weekends
2014-10-15 12:10:33

• Adil Nejjar In a case study - What is a departmental profit and loss statement?
2014-10-10 17:10:01

• Zachary Bashore In a case study - What is a departmental profit and loss statement?
2014-09-14 19:09:32

• Zachary Bashore What are depatmentgal profit and loss sta tements?
2014-09-14 05:09:25

• Mpanya Dikuyi Difference between Assets and Expenses
2014-09-01 12:09:41

• Isaac Bayiita Kisubi Assets is in a material form WHILE Expenses is the worth of the item in monetary form.
2015-02-24 14:02:02
• Chinenye Jennifer Ejikeme assets is in a material form while expenses is the worth of the item in monetary form
2014-09-04 05:09:20
• Mpanya Dikuyi Assets belong to Balance Sheet statement and Expenses belong to Profit and Loss statement
2014-09-01 12:09:31
• ARIHO SIMPLISIO Are fixed and non fixed assets also entered in profit and loss?
2014-08-13 16:08:16

• Isaac Bayiita Kisubi Assets belong to Balance Sheet and not Profit and Loss statement
2015-02-24 14:02:17
• Mpanya Dikuyi Assets belong to Balance Sheet and not Profit and Loss statement
2014-09-01 12:09:48
• OGENMUNGU EDWIN yes,for easy balancing of both the income and the outcome.
2014-08-19 09:08:30