Share Answer Pay-in-slip:this is in form of a slip designed with the name of the bank on top that has dates amounts in figure and word, column for the denomination of money paid in signature bank teller, stamp to prove the money is deposited into the bank

Share Answer The receipts and payment account is one of the account of a non-profit oriented organization that performs the same functions as cash account in a profit oriented organization
all forms of payment since cash is involved will be recorded and also performs the same functions as the cashbook does for profit oriented organization

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Explanation not provided, please join discuss, your contributions are welcomed

Share Answer The activities and resources of branches is strictly monitored by the head office and each branch is supplied according to its need so it will be difficult to commit fraud or waste any resources

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Explanation not provided, please join discuss, your contributions are welcomed

Share Answer Income and expenditure : This is the type of account that operate same features as the profit and loss account it takes in consideration all arrears and prepayments

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Before calculating the discount received in Dep. B

We need to calculate the percentage of purchases for Dep B

Out of the total purchases

Dep. A purchases 150,000

Dep. B purchases 250,000

400,000 - Total purchases

therefore; \(\frac{250,000 \times 24,000}{\text{(Total discount received)}}\) x 400,000

= 15,000

Share Answer The first in first out(FIFO) method of stock valuation, major advantage 1 it is very easy to apply 2 no manipulation of income is possible 3 the balance sheet amount for inventory is likely to approximate the current market value

its flow of cost is in sequence with the flow of stock: since the first stock will be considered for sale before other stock. the cost is always in sequence with the flow of stock because it correspondence with the normal physical flow of goods

Share Answer Customer: customers are the one that enjoys discount allowed. It is allowed to them by the suppliers. it can be in cash or trade

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To determine the discount allowed by Department A, the percentage of sales by Department A need to be calculated

Dep A 250,000

Dep B \(\frac{150,000}{400,000}\)

% of Dep A = \(\frac{250,000}{400000}\) X 100

= 62.5%

Discount allowed in Dep A = \(\frac{62.5}{100}\) x 250,000

= 9,375

= 9,375