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additionsbookkeeping


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I'm bored!!
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Is it just me or is today really dragging? It feels like next Wednesday!!



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AngelaWBS


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I wish it was Thursday................. I need another day!!!!  Easter always seems to fall at the wrong time for me.

Anyway, I'm not bored, I have two desks and they are both covered in work and I'm on my own today!!

Have just taken a quick break to eat some lunch.

Hope your day speeds up for you or gets more interesting.

Regards

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additionsbookkeeping


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I don't think its going to, I hate it when its like this. I wish I could go home and work on my own business instead of sitting here bored out of my brains!!

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Shamus


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You could always take the time to study something.

Why not do a google search on SSAP9 or FRS12 or better still FRS15.

How about revising sum of digits or time series analysis or Ratio's.

Don't see how anyone can ever have time to be bored in this business there's just so much to learn.



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additionsbookkeeping


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Thats a good idea Shamus I will do that. I hate clock watching and its not been moving very quickly since I started watching it!

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Rhianrach


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Your bored, jeez the highlight of my day so far is my 3 yr old telling me the balloons i've just blown up look like boobies smile ............hmmmm actually they do, thats me happy for the next half hour.

Steve


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RobH


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You're a bad man Steve! Out of interest how big are these balloons? No don't answer!

No time to be bored, I can't believe it's Friday already. Had to see a new client this morning and nearly didn't make it on time because I thought it was still Thursday!

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Shamus


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Coincidence! My eleven year old son just told me a joke (the sort that makes eleven year old boys go red).

What sort of Bee do you get milk from...

The answer was the same as Steve's three year old's observation!

Ok, for all of you bored people out there. I'm not going to allow your brains to turn to jelly so have a go at this one :

A business has the following items extracted from its accounting records.

Sales £150,000
Opening Stock £10,000
Closing Stock £15,000

The business applies a constant markup of 25%

What are the total purchases for the year?

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Rhianrach


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I'll hazard a guess at £117,500 smile

It's from my random number generator that I've just invented.

Steve


-- Edited by Rhianrach on Friday 9th of April 2010 02:40:48 PM

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Rhianrach


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RobH wrote:

You're a bad man Steve! Out of interest how big are these balloons? No don't answer!

No time to be bored, I can't believe it's Friday already. Had to see a new client this morning and nearly didn't make it on time because I thought it was still Thursday!



Not that big but because I haven't blown them up properly they appear to have n................. Oh just seen the dan't answer that smile

 

Steve



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Shamus


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Good call Steve but unfortunately you've actually applied the markup % to the sales.

A margin of 20% on sales equates to a gross profit of 25% (markup) on cost of sales.

So, total margin is 20% * 150,000 = 30,000

Cost of sales is 150,000 - 30,000 = 120,000

So purchases are 120,000 + 15,000 - 10,000 = £125,000

To recheck it from the margin. £125,000 * 1.2 = £150,000


Sorry, wasn't going to make them straight forwards as wanted to relieve additionsbookkeeping's boredom.



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RobH


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I would have gone with £125k but kinda wishing I could resist the urge to answer as it's bound to be wrong!

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RobH


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Oh good, I got it right!

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RobH


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I did it a slightly different way, I took the £150k and divided it by 1.25 to get £120k and then applied the opening and closing balances.

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Shamus


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Well done that man.

Lots of ways of getting to the answer. I took the longhand way taking it back to a margin as it explained it better in stages but yours is the way that you would do it normally.



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RobH


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I'm just pleased I wasn't asked to hand 'guru' status back!

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additionsbookkeeping


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That did relieve my boredom actually and I got it right!!

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Shamus


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Excellent. Right, if it's not time to escape for the day yet lets try one the other way around.

A business achieves a margin of 25% on sales.

Opening stock was £18,000
Closing Stock was £28,000
Purchases total £300,000

What are the sales for the period?

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AngelaWBS


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Are the sales £387500?

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Shamus


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No, but you're really close

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AngelaWBS


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£362,500??

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Shamus


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No, that's the answer that you would get if you apply the 25% margin to cost of sales.

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RobH


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£387K give or take a few quid

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Shamus


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Yes(ish)

But imagine that the there or thereabouts metodology didn't exist. What would the exact figure be?

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AngelaWBS


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Mmmm...........look for a new career!!!!!!!hmm

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RobH


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£386670

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RobH


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£386,666.75

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Shamus


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Give that man a gold star!

For everyone else scratching their heads over this. Doing it long hand again :

25% margin = 33.3333 (recurring) mark up

Cost of sales = 18,000+300,000-28,000=290,000

£290,000 * 33.3333 (recurring) = 96,666.66

£290,000 + 96,666.66 = 386,667. (so £386,670 was near enough for me).


No call for a change of career Angela. These one's aren't meant to be completely straight forwards. They're just Friday afternoon brain teasers.

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AngelaWBS


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Probably going to wish I hadn't asked this............................but.............how do you get 25% equalling 33.3333 recurring mark up? confuse

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Rhianrach


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Shamus wrote:

Give that man a gold star!

For everyone else scratching their heads over this. Doing it long hand again :

25% margin = 33.3333 (recurring) mark up

Cost of sales = 18,000+300,000-28,000=290,000

£290,000 * 33.3333 (recurring) = 96,666.66

£290,000 + 96,666.66 = 386,667. (so £386,670 was near enough for me).


No call for a change of career Angela. These one's aren't meant to be completely straight forwards. They're just Friday afternoon brain teasers.


Keep posting Shaun I want to see what happens at 1000 posts. evileye

Steve

 



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Shamus


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And I'm probably going to regret my response as I'm sure that other do it differently but the way that I do it is :

Convert the margin to a fraction so 25% = 1/4

To convert a margin to a markup is 1 over the margins denominator less the numerator. So, the calculation would be :

1 over 4-1 = 1 over 3 or 1/3 which is 33.33333 (recurring) %



Whilst we're here. To convert a Markup to a Margin. Taking the previous example of 25% markup

Convert to a fraction (25% = 1/4)

To convert a markup to a margin is then 1 over the margins denominator plus the numerator. So, the calculation would be :

1 over 4+1 = 1 over 5 or 1/5 which is 20%


I'm betting that printers all over the land just sprang into action on this thread!

Rob, go on, now tell us the proper way of doing this!


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Shamus


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Ooh, cheers Steve, hadn't noticed that I was so close now!

Whats the betting that I'm still a Guru at 1001

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RobH


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Actually Shaun, I struggled with that last one, I couldn't figure out the method (it has been a very long time!), so I worked out the £290k and banged in a few numbers until I got the answer!

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Rhianrach


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Shamus wrote:

Ooh, cheers Steve, hadn't noticed that I was so close now!

Whats the betting that I'm still a Guru at 1001


Not a gambling man but if nothing happens it's time to have a word with the admins. smile

Steve

 



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Rhianrach


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RobH wrote:

Actually Shaun, I struggled with that last one, I couldn't figure out the method (it has been a very long time!), so I worked out the £290k and banged in a few numbers until I got the answer!


Like a random number generator, I like it biggrin

Steve

 



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AngelaWBS


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Thank you Shaun, that is excellent, and to add to your fan club................my printer sprang into action.......................here you are................before I had finished reading your post biggrin





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Amanda


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Hi,

I'm not bored today, I've had the day off and was sat on the beach with my Children, lovely and sunny, roll on the summer!!!!!

I'll be catching up with work this evening though, probably with a glass of wine!

Cheers
A

-- Edited by Amanda on Friday 9th of April 2010 04:58:45 PM

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Shamus


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No probs Angela,

glad to be of service and hope we stopped additionsbookkeeping from being too bored.

Maybe we should make this a regular Friday afternoon thing? (so gives me an entire week to think up cunning questions).

Think that we've done the basics on Margins and Markups now. Any preferences on the next subject?

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AngelaWBS


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How about some cunning questions of 'breakeven point'?

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Shamus


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Mmm, Internal Rate of Return. Like your thinking but probably not the territory for most of our regulars.

Also thought about Ratio and Variance analysis questions but they're not really applicable either.

Might go for some VAT questions. Always topical and something that people could always do with knowing that little bit more about.

Of course, this means that Bills going to be sitting there all week now waiting for the Friday afternoon quiz!



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Shaun

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AngelaWBS


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Mmmm. sounds good, I shall look foward to next Friday.  I'm usually in my office, but who knows.  In fact I am still in my office now!!!!

It's been a good day.

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Wella


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Shamus wrote:

Might go for some VAT questions. Always topical and something that people could always do with knowing that little bit more about.

Of course, this means that Bills going to be sitting there all week now waiting for the Friday afternoon quiz!
To be honest Shaun, I'd say Sheila's the resident VAT person. I get all my answers from VAT700 guide, which Sheila put me onto in the first place.

Doesn't mean I wont be waiting with baited breath for next Friday, though.

Bill

PS Shaun are we going to see what happens when you hit the 1000 post barrier before the weekend?

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Shamus


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Hi Bill,

very probably as this means that there's only four more to go... I know that I should do a few posts just to see what happens but that seems like cheating to me.

No matter what the question on VAT it does seem that we can end up having a debate about it so I'm going to have to be careful not to ask anything that has mutliple possible answers. Thinking here about the deminimus thread from some time back where business items were purchased on a private credit card.

Well, four more to go!

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