Business Accounting Project

1. Business Accounting Project 6A Ng Sau ping (19) 6A Chan Lai Fong (2) 6A Lau Tsz Ying (12) 6A Lee Chui Ying (14)

2. Sources: Goods from Japan Selling price : $15 per each • Cost:$10 per each (excluding delivery charges) • Locating : Wan Chai • Goods: Clock • Description: The clocks have different shape and colour, such as robot. • Chan, Lau, Lee, Ng entered into a joint venture which sell clock and agreed to share profits and losses in the ratio of 2:1:1:2. Also, Lee and Lau would be agreed to have a commission 5% on sales made by their own .

4. 2002 • Jan 1 Ng bought goods at a cost of $39800,she accepted a bill of exchange for one month. • Jan 2 Ng paid the delivery charges of $500 by cash . • Jan 5 Chan bought good at cost of $40000 by cash . • Jan 16 Ng send half of her goods to Lee . • Jan 21 Lau paid rent $869. • Jan 27 Lau bought goods at cost $50200 on credit . a bill of $50000 was accepted for one month . $200 was trade discounts . • Jan 30 Goods costing $4500 were stolen in the shop . One-third of the loss was paid by Lee , and the remaining half of loss was paid by Ng .

5. Feb 1 Lee paid the Ng’s bill and bought goods which cost $14000 by cash . • Feb 4 Chan returned goods costing $10000 to the supplier and full allowance on the returned goods was given . • Feb 10 One-third of Lee’s goods are sold at selling price for cash . • Feb 14 Lau also sold half of her goods on credit . A bill of $30000 was accepted by a debtor for one month .The remaining balance is received . • Feb 21 Ng paid wages of $2500 . • Feb 27 Lau’s bill was paid . • Feb 28 Chan bought goods at cost $40800 by cheque and paid the delivery charges of $1000.

6. Mar 4 Some of goods sold by Lau were returned and returned $5000 to the customers. • Mar 14 The bills receivable was honoured on maturity . • Mar 20 All Ng’s goods are sold for cash at selling price . • Mar 25 Lee agreed to take over the returned goods at a value of $4200 . • Mar 30 All goods are sold for $55000, the sales proceeds were kept by Chan . • Mar 31 The sum required in full settlement between Chan, Lau, Lee, Ng was paid.

11. Chan, Lau, Ng and Lee

12. Here are some questions! Can you do them?

13. Question 1 What is the mark-up? 1/2 1/3 1/4 1/5

14. Are you sure ??? It is the final answer??? Yes Press me No Press me

15. Yeah~~~ BINGO Press me

16. Oh~~~ you are wrong !!!~~~ The answer is (a) 1/2 Press me

17. Question 2 What is the profit margin???~~~ 1/2 1/3 1/4 1/5

18. Yeah~~~ BINGO Press me

19. Oh~~~ You are wrong!!!~~~ The answer is (b) 1/3 Press me

20. Question 3 How much profit did the joint venture earned??? 27340 27350 27360 27370

21. Are you sure??? Yes No

22. O..Yeah!!~~ You are right Press me

23. O…Sorry~~ You are wrong!!!~~ ★The answer is 27360★ Press me

24. Question 4 Who get the great profit? Chan & Lau Ng & Lee Chan & Ng Lau & Lee

25. RIGHT~~~Viva Press me

26. Sorry… Your are WRONG ＊The answer is Chan & Ng＊ Press me

27. Yeah~~~ Give me five~~~ Bingo Press me

28. Question 5 Who made the greatest amount of sales??? Chan Lau Lee Ng

29. Sorry Let’s try again!!!~~~ §The answer is Chan§ Press me

30. The End