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No. 7(a): One item of revenue and one item of capital expenditure: Revenue expenditure – The payment of rent expenses Capital expenditure – The purchase of the packaging machine. No. 7(b): Below are the 'T-accounts’ requested opened in the appropriate ledgers:  I hope that you found this proposed solution helpful! If you did please share it! Also, feel free to ask any questions or to make your comments below. Good Luck!
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No. 6(a) (i): The fixed assets of Sautec Credit Union are:
No. 6(a) (ii): The current liabilities of Sautec Credit Union are:
No. 6(a) (iii): Below is the Balance Sheet Extract of Sautec Credit Union showing the capital section as at 1st January 2013:
No. 5(a) (i): The gross pay for Mark is calculated as follows: Mark’s gross pay = 27 hours x $30 = $810. No. 5(a) (ii): The gross pay for John is calculated as follows: John’s gross pay = 40 hours x $30 = $1,200 (basic hours) = 6 hours x 1.5($30) = $270 (overtime hours) Total gross pay for John = $1,200 + $270 = $1,470. No. 5(b): Below is the completed payroll form for Mark and John using the format specified:  No. 5(c): One difference between ‘statutory deductions’ and ‘voluntary deductions’ is: Statutory deductions are mandated by law therefore an employer is obligated to deduct it from an employee’s salary. Voluntary deductions on the other hand are not mandated by law and is usually based on the request or approval of an employee. I hope that you found this proposed solution helpful! If you did please share it! Also, feel free to ask any questions or to make your comments below. Good Luck! No. 4(a): Calculation of missing figures and preparation of the Statement of Raw Materials Consumed: Calculation of missing figures:
Below is the Statement of Raw Materials Consumed:  No. 2(a): Calculation of currents assets and current liabilities using the current ratio:
Current Assets = $12,000 x 2 = $24,000. 2. The current liabilities as at 30th June 2012 can be calculated as follows: $60,000/Current Liabilities = 4 Current Liabilities = $60,000/4 = $15,000. 2(b): Calculation of:
i. Average Stock = Opening stock + Closing stock/2 = ($6,800 + $4,400)/2 = $5,600. ii. Stock Turnover = Cost of Sales/Average Stock = $118,400/$5,600 = 21.15 times. iii. Gross Profit Percentage = Gross Profit/Sales = $131,600/$250,000 = 53%. No. 2(a): Below is the completed table showing the book of original entry for each of the source information given:  No. 1(a): Preparation of the Income Statement of ConEct for the year ended 31st January, 2012:
Workings:
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AuthorThe author holds a Bsc (Hons) Degree in Applied Accounting from Oxford Brookes University, England and enjoys a successful career as an Accounting Supervisor and a private tutor. Archives
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