Caroline is a manager in a medium-sized logistics company, Wings, Inc. She always makes it a point to have long conversations wi
2 answers:
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- Hey there , ronisha!
Answer:
- Full settlement generally means DISCOUNT ALLOWED.
- Firstly , Read out the question and try to understand. It says we purchased some stuffs of Rs 30000 from the sansee stores and we payed Rs 28000 in full settlement which implies that we received the discount of Rs 30000-28000 i.e Rs 2000.
- You must have known the rules for debit and credit. As we know In case of personal account , Debit : The receiver , We have sansee stores as the receiver so we placed it in debit side.
- Remember: When the question says that the cash is payed through cheque , you should always consider cheque as a bank. Now , In the case of personal account , Credit : The giver. Who's the giver? Of course , bank! So , we placed it in credit side.
- Now , In case of nominal account , Credit : the incomes or gains . The question says we received the discount so obviously it's not expenses. So, We placed discount received in credit side. You must have studied that Every debit should have equal credit. And we're done!
- Hope this helps! Please let me know if you have any questions regarding my answer and also don't hesitate to reach out to me if you need any other help! :)
Answer: Budgeted Raw Material to be consumed in July.
Quantity Price per pound Total
10,200 $6 $61,200
Explanation:
As for the information provided, the material at month end in hand shall be:
20% of upcoming month's sale.
If in June at month end, the inventory in hand = 2,040 pounds of raw material.
Then, this represents 20% of total requirement of July.
Therefore, total requirement in July =
This basically means:
Total inventory required =
Quantity Price per pound Total
10,200 $6 $61,200