QUESTION 4 (a) Osi & Co is a firm selling children books in the neighborhood. On January 1, 2014, the
provision for discount allowed account had a balance of N500.00. During the year, the total
discount allowed amounted to N390.00. On December 31, the balance of the debtors account
stood at 15,000.00 and on the date, a provision for discount allowed was decided to be created at
2%.
As the accountant recently employed in Osi & Co., write up from the above:
i) Provision for discount allowed account
ii) Discount allowed account
iii) Profit and Loss Account (extract)
iv) Balance sheet (extract)
(15 marks)
(b) Distinguish between discount allowed and discount received.
(5 marks)

Interest is credited to a fixed annuity no lower than the variable contract rate contract guaranteed rate current rate of inflation prime rate

Atrough in the business cycle occurs when

Bandar industries berhad of malaysia manufactures sporting equipment. one of the company’s products, a football helmet for the north american market, requires a special plastic. during the quarter ending june 30, the company manufactured 35,000 helmets, using 22,500 kilograms of plastic. the plastic cost the company $171,000. according to the standard cost card, each helmet should require 0.6 kilograms of plastic, at a cost of $8 per kilogram. 1. what is the standard quantity of kilograms of plastic (sq) that is allowed to make 35,000 helmets? 2. what is the standard materials cost allowed (sq x sp) to make 35,000 helmets? 3. what is the materials spending variance? 4. what is the materials price variance and the materials quantity variance?