1. Four types of transactions recorded in the general journal could be:
- Purchase of inventory on credit
- Sale of goods for cash
- Payment of expenses like rent, salaries, etc.
- Receipt of income like interest, rent, etc.

2. Two items which are not adjusted in cash control account when the balance as per bank statement is not agree with the balance as per cash control A/C could be:
- Bank errors
- Outstanding checks

3. For Pathum's business:
- Gross profit for the year can be calculated as follows:
Sales = Rs. 800,000
Profit margin on cost = 25%
Therefore, cost price = Sales / (1 + Profit margin on cost) = Rs. 800,000 / (1 + 0.25) = Rs. 640,000
Hence, Gross profit = Sales - Cost price = Rs. 800,000 - Rs. 640,000 = Rs. 160,000

- Purchases within the year can be calculated as follows:
Cost of goods sold (COGS) = Opening stock + Purchases - Closing stock
Here, Opening stock = 0 (as the business was started on 1/4/2017)
Closing stock = Rs. 40,000
COGS (from above) = Rs. 640,000
Therefore, Purchases = COGS + Closing stock - Opening stock = Rs. 640,000 + Rs. 40,000 - 0 = Rs. 680,000

Question

1. Four types of transactions recorded in the general journal could be:
   - Purchase of inventory on credit
   - Sale of goods for cash
   - Payment of expenses like rent, salaries, etc.
   - Receipt of income like interest, rent, etc.

2. Two items which are not adjusted in cash control account when the balance as per bank statement is not agree with the balance as per cash control A/C could be:
   - Bank errors
   - Outstanding checks

3. For Pathum's business:
   - Gross profit for the year can be calculated as follows:
     Sales = Rs. 800,000
     Profit margin on cost = 25%
     Therefore, cost price = Sales / (1 + Profit margin on cost) = Rs. 800,000 / (1 + 0.25) = Rs. 640,000
     Hence, Gross profit = Sales - Cost price = Rs. 800,000 - Rs. 640,000 = Rs. 160,000

- Purchases within the year can be calculated as follows:
     Cost of goods sold (COGS) = Opening stock + Purchases - Closing stock
     Here, Opening stock = 0 (as the business was started on 1/4/2017)
     Closing stock = Rs. 40,000
     COGS (from above) = Rs. 640,000
     Therefore, Purchases = COGS + Closing stock - Opening stock = Rs. 640,000 + Rs. 40,000 - 0 = Rs. 680,000

Knowee AI · Accepted Answer

1. Four types of transactions recorded in the general journal could be:
   - Purchase of inventory on credit
   - Sale of goods for cash
   - Payment of expenses like rent, salaries, etc.
   - Receipt of income like interest, rent, etc.

2. Two items which are not adjusted in cash control account when the balance as per bank statement is not agree with the balance as per cash control A/C could be:
   - Bank errors
   - Outstanding checks

3. For Pathum's business:
   - Gross profit for the year can be calculated as follows:
     Sales = Rs. 800,000
     Profit margin on cost = 25%
     Therefore, cost price = Sales / (1 + Profit margin on cost) = Rs. 800,000 / (1 + 0.25) = Rs. 640,000
     Hence, Gross profit = Sales - Cost price = Rs. 800,000 - Rs. 640,000 = Rs. 160,000

- Purchases within the year can be calculated as follows:
     Cost of goods sold (COGS) = Opening stock + Purchases - Closing stock
     Here, Opening stock = 0 (as the business was started on 1/4/2017)
     Closing stock = Rs. 40,000
     COGS (from above) = Rs. 640,000
     Therefore, Purchases = COGS + Closing stock - Opening stock = Rs. 640,000 + Rs. 40,000 - 0 = Rs. 680,000

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