Exhibit 1: Trial balance. You are the accountant of GUGULETO Ltd. and have to make bookkeeping entries for the adjustments.
|
|
- Octavia Clark
- 5 years ago
- Views:
Transcription
1 Aufgabe 0.13: Trial Balance The pizza restaurant GUGULETO Ltd. was formed on X3 and records during the accounting period of 20X3 all bookkeeping entries. The business is a limited company and comes up with the trial balance : TRIAL BALANCE Account Debit entries Credit entries Property, Plant, Equipment 100, Accumulated Depreciation 20, Purchase 175, Cash/Bank 4, Issued Capital 50, Accounts Payables A/P 105, VAT 13, Labour 117, Depreciation 20, Rent 12, Revenue 240, Total: 428, , Exhibit 1: Trial balance You are the accountant of GUGULETO Ltd. and have to make bookkeeping entries for the adjustments. The stock count reveals that there is a closing stock of 25, EUR left. Furthermore you know that the payment of labour includes the January-20X4-salary already. Assume that GUGULETO pays all month the same amount of labour. Required: Prepare accounts with the balancing figures provided by the trial balance and record the adjustments. Prepare a Trading and a Profit and Loss account for the accounting period 20X3. Set up a statement of financial position and an income statement. Consider a VAT rate of 20%, VAT is refunded/paid in the next accounting period. GUGULETO Ltd. pays income taxes in the next accounting period to an extent of 30 % of the pretax profit. GUGULETO Ltd. also pays its owners a dividend of 20 % of the earnings after taxes. The remaining amount is carried forward to the next accounting period. Solution: (A) Credit prepaid labour of 117,000 / 13 = 9, EUR to the Prepaid Expenses account. 1
2 DR Prepaid expenses... CR Labour... 9, EUR 9, EUR (B) There is an amount of closing stock detected by applying a periodic inventory system. The closing stock is to be credited to the Trading account and the debit entry is to be made in the Inventory account. DR Inventory... 25, EUR CR Trading Account... 25, EUR (C, D) The Purchase account and the Revenue account get closed off to the Trading account. DR Revenue , EUR CR Trading Account , EUR DR Trading Account , EUR CR Purchase , EUR (E) The gross profit of 90, EUR is transferred to the Profit and Loss account. DR Trading Account... 90, EUR CR Profit and Loss... 90, EUR (F, G, H) The expense accounts will be closed off to the Profit and Loss account. DR Profit and Loss... 20, EUR CR Depreciation... 20, EUR DR Profit and Loss , EUR CR Labour , EUR DR Profit and Loss... 12, EUR CR Rent... 12, EUR Observe the accounts (the grey figures are not part of the solution): D Cash/Bank C D Issued capital C (1) 50, (2) 100, c/d 50, (1) 50, (7) 288, (4) 105, b/d 50, (5) 12, (6) 117, c/d 4, , , b/d 4, Exhibit 2: Accounts 2
3 D P, P, E C D Depr C (2) 100, c/d 100, (3) 20, c/d 20, b/d 100, b/d 20, P&L 20, D Acc depr C D Purchase C c/d 20, (3) 20, (4) 175, c/d 175, b/d 20, b/d 175, T/A 175, D VAT C D A/P C (4) 35, (7) 48, c/d 105, (4) 105, c/d 13, b/d 105, , , b/d 13, D Rent C D Labour C (5) 12, c/d 12, (6) 117, c/d 117, b/d 12, P&L 12, b/d 117, (A) 9, c/d 108, , , b/d 108, P&L 108, D Revenue C D Prepaid expenses C c/d 240, (7) 240, (A) 9, c/d 9, T/A 240, b/d 240, b/d 9, D Inventory C D Trading Account T/A C (B) 25, c/d 25, Purch 175, (B) 25, b/d 25, GPc/d 90, Rev 240, , , P&L 90, b/d 90, D Profit and Loss P&L C D Retained Earnings R/E C Depr 20, T/A 90, P&L 50, c/d 50, Labour 108, b/d 50, Rent 12, NLc/d 50, , , b/d 50, R/E 50, Exhibit 2: Accounts (continued) GUGULETO Ltd. made a loss of 50, EUR in the accounting period of 20X3. Accordingly, no income taxes and no dividend will be considered. The loss is carried forward to the next accounting period. The adjusted trial balance is prepared as displayed below: 3
4 ADJUSTED TRIAL BALANCE Account Debit entries Credit entries Property, Plant, Equipment 100, Accumulated Depreciation 20, Purchase Cash/Bank 4, Issued Capital 50, Accounts Payables A/P 105, VAT 13, Labour Depreciation Rent Revenue Inventory 25, Retained Earnings R/E 50, Prepaid Expenses 9, Total: 188, , Exhibit 3: Adjusted trial balance The financial statements are prepared and depicted below. Note that the item Accounts Payables A/P results from liabilities for supplies and output VAT: 105, ,000 = 118, EUR. STATEMENT of FINANCIAL POSITION A C, L Non-current assets [EUR] Owners' capital [EUR] P, P, E 80, Share capital 50, Intangibles Reserves Financial assets R/E (50,000.00) Current assets Liabilities Inventory 25, Interest bear liab 0.00 A/R 0.00 A/P 118, Prepaid expenses 9, Provisions Cash/Bank 4, Tax liabilities , , Exhibit 4: Statement of financial position The next exhibit shows the income statement for GUGULETO Ltd. 4
5 STATEMENT of COMPREHENSIVE INCOME for the year ended X3 [EUR] Revenue 240, Other income 240, Materials 150, Labour 108, Depreciation 20, Other expenses 12, Earnings before int and taxes (EBIT) (50,000.00) Interest 0.00 Earnings before taxes (EBT) (50,000.00) Income tax expenses 0.00 Deferred taxes Earnings after taxes (EAT) (50,000.00) Exhibit 5: Statement of comprehensive income The amount of material expenses results from the purchase less the closing stock: 175,000 25,000 = 150, EUR. 5
KUHLHOF Ltd. is a service provider. The company offers accounting service to companies.
Aufgabe 0.1: Exercise on Preparing Financial Statements KUHLHOF Ltd. is a service provider. The company offers accounting service to companies. Activity 1: KUHLHOF Ltd. is established on 1.01.20X5 by a
More informationSolution: (1) Establishment of the business on X5 DR Cash/Bank... 20, EUR CR Owner s Equity... 20, EUR
Aufgabe 0.2: Exercise on Subsidiary Ledgers SITTEN (Pty) Ltd. is a production firm and service provider. The company is birthday cake-on-demand bakery. The company is established as sole trader. The owner
More informationCarsten Berkau: Bilanzen Solution to Chapter 9
Aufgabe 9.23: Inventory valuation and cost rates KRONSBERG Ltd. is a production firm. The company produces paper cups for cafeterias. The cups consist of paper and glue. On top there is a plastic lid.
More informationCarsten Berkau: Bilanzen Aufgaben zu Kapitel 4
Aufgabe QR-4.14: Jahresabschlussarbeiten (Adjustments) WERSEN (Pty) Ltd is a car rental service company. The proprietors put in 50,000.00 EUR into the bank account. For financing the business WERSEN took
More informationCarsten Berkau: Bilanzen Aufgaben zu Kapitel 4
Aufgabe QR-4.8: Trial Balance (Trial Balance): WYNBERG Ltd. renders office services and was established on 1.01.20X8. The company is based on shares. On the first day it issued 50,000 shares 1.00 EUR each.
More informationBODORP (Pty) Ltd's STATEMENT of FINANCIAL POSITION as at eoy 20X5
Aufgabe QR-10.10: Direkte Methode mit Vergleich von Ein- und Auszahlungen (Direct Method with Comparison of Cash Inflow and Cash Outflow) BODORP (Pty) Ltd is a marketing consultancy. The company has 10
More informationCarsten Berkau: Bilanzen Aufgaben zu Kapitel 4
Aufgabe QR-4.5: Jahresabschlusserstellung (Financial Statement Preparation) (This task refers to chapter 4.3 and is similar to task 9.6 (internet task). In comparison to the task in chapter 9 this task
More informationCarsten Berkau: Bilanzen Aufgaben zu Kapitel 10
Aufgabe QR-10.2: Direkte Methode mit Überleitungsrechnung (Direct Method via Reconciliation of Cash Flows) (To do this task you should read pages 254ff.) HEYWHA TAILOR Ltd. produces high priced T-shirts
More information(1) Issue of 120,000 ordinary shares DR Cash/Bank , EUR CR Issued Capital , EUR
Bookkeeping Entries for SUNNY AG in 20X1 (1) Issue of 120,000 ordinary shares R ash/bank... 600,000.00 EUR R Issued apital... 600,000.00 EUR (2) Taking a bank loan R ash/bank... 300,000.00 EUR R Interest
More informationCarsten Berkau: Bilanzen Aufgaben zu Kapitel 7
Aufgabe QR-7.19: Wertaufholung und Realization Account (Reversal Impairment Loss and Realization Account) SUNNINGDALE Ltd. is in the food retail business. For the delivery of the goods SUNNINGDALE uses
More informationCarsten Berkau: Bilanzen Aufgaben zu Kapitel 6
Aufgabe QR-6.4: Set up Financial Statements along IAS 1 (Erstellen eines Jahresabschlusses gemäß IAS 1) You got hold of BELLVILLE Ltd s trial balance. BELLVILLE is a DVD rental shop and buys DVDs from
More informationTask IM-8.10: Consolidated Financial Statements (based on CPUT materials, W. Lotter)
Task IM-8.10: Consolidated Financial Statements (based on CPUT materials, W. Lotter) DEVON Ltd. holds 150 shares of ELISBURG Ltd. and 330 shares of FRANSHOOK Ltd. See the case as depicted in below. The
More informationINVENTORY MOVEMENTS FOR KHAYELITSHA RETAIL Ltd. for 2/20X9
Aufgabe 9.4: Perpetual System und FIFO-Methode (Perpetual System and FIFO Method for Inventory Valuation) (For this task you should be familiar with perpetual system covered on page 220 and cost formulas
More informationChapter 6 Statement of Cash Flows
Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions
More informationFinal accounts for sole traders and partnerships
Osborne Books Tutor Zone Final accounts for sole traders and partnerships Practice assessment 2 Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s
More informationSolution to Problem 31 Adjusting entries. Solution to Problem 32 Closing entries.
Solution to Problem 31 Adjusting entries. 1. Utilities expense 27,000 Accounts payable 27,000 2. Rent revenue 4,000 Unearned revenue 4,000 3. Supplies 2,000 Supplies expense 2,000 4. Interest receivable
More informationFORENSIC ACCOUNTING VERSION
FORENSIC ACCOUNTING VERSION Fraudulent or incorrect transactions are presented below. Your job as a forensic accountant is to correct the financial statements and determine how income and total assets
More informationCash. Laundry Equipment. Hilda Dinero, Capital Oct. 31 Clos. 1,000 Oct. 31 Bal. 18, Clos. 12, Bal. 30,200
1, 3, 6. Oct. 31 Bal. 1,450 Cash Laundry Supplies Oct. 31 Bal. 3,750 Oct. 31 Adj. 2,800 31 Adj. Bal. 950 Prepaid Insurance Oct. 31 Bal. 2,400 Oct. 31 Adj. 2,000 31 Adj. Bal. 400 Oct. 31 Bal. 54,500 Laundry
More informationChapter 5. Solution 5.1. Donncha O Donoghue 1
Chapter 5 Solution 5.1 Distinguish between books of original entry and ledger accounts The books of original entry ( day books or journals ) are the books in which transactions are first recorded and are
More informationCHAPTER 4 EXERCISES: SET B. E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows.
CHAPTER 4 EXERCISES: SET B E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows. Complete the worksheet. LAMAR COMPANY Worksheet for the Month Ended June
More informationExamination for the Bachelor s Degree
Examination for the Bachelor s Degree name: exam in module: Accounting I nationality: 1st examiner: grade: 1st examiner: Berkau / Rosenberg sign.: matriculation number: 2nd examiner: grade: date: January
More informationMARK SCHEME for the October/November 2011 question paper for the guidance of teachers 9706 ACCOUNTING
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level MARK SCHEME for the October/November 2011 question paper for the guidance of teachers 9706 ACCOUNTING
More informationOsborne Books Update. Final Accounts Preparation Tutorial. Amended pages 67 to 71 Case Study: ELECTROPARTS
Osborne Books Update Final Accounts Preparation Tutorial Amended pages 67 to 71 Case Study: ELECTROPARTS October 2018 a m e n d e d pa g e s 6 7 t o 7 1 C a s e s t u d y: e l e C t r o pa r t s The following
More informationACC100 Introduction to Accounting
ACC100 Introduction to Accounting Week 4 Recording Transactions Chapter 3 - Recording Transactions Study Group Australia Pty Limited, SGA1286-F2/10/12 2 Learning Outcomes On completion of this week s study,
More information- A resource - Controlled by the entity - As a result of a past event - From economic benefits are expected to flow to the entity.
Elements and recognition criteria 1. Identify the definition for each of these elements: a. Assets b. Liabilities c. Equity d. Income e. Expenses - A resource - Controlled by the entity - As a result of
More informationA Simple Model. Introduction to Financial Statements
Introduction to Financial Statements NOTES TO ACCOMPANY VIDEOS These notes are intended to supplement the videos on ASimpleModel.com. They are not to be used as stand alone study aids, and are not written
More informationBUS210. Chapter 4 Sessions 4, 5, 6, & 7 Mechanics of Financial Information
BUS210 Chapter 4 Sessions 4, 5, 6, & 7 Mechanics of Financial Information Connecting the Accounting Equation with Transactions: Journal Entries, T Accounts E4-9 Prepare journal entries for each cash transaction
More informationSOLUTIONS TO EXERCISES SET B
SOLUTIONS TO EXERCISES SET B EXERCISE 5-1B 1 False. Measuring net income for a merchandiser is conceptually the same as measuring net income for a service company. 2. True. 3. False. For a merchandiser,
More informationAdjustments, Financial Statements and the Quality of Earnings
Adjustments, Financial Statements and the Quality of Earnings Chapter 4 Accounting Cycle 4-2 1 Unadjusted Trial Balance Listing of all the balance sheet and income statement accounts, usually in financial
More informationProfit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital
Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit
More informationChapter 5. Control Accounts. Notes to teachers
Chapter 5 Control Accounts Notes to teachers 1 Start with Chapters 3 and 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the books and
More informationLearning Outcomes. The Basic Accounting Cycle
Chapter 2: Review of the Accounting Process Part 3: Accounting Cycle with Emphasis on Year End Activities Intermediate Accounting 1 Dr. Chula King Learning Outcomes After completing this part, you should
More informationHeintz & Parry. 20 th Edition. College Accounting
Heintz & Parry 20 th Edition College Accounting Chapter 3 The Double-Entry Framework 1 Define the parts of a T account. SHAPED LIKE a T Debit Credit Debit means Left Debit Credit Credit means Right Abbreviation
More informationAccounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May a.m. to p.m.
Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate
More informationFAC1502 Revision material
FAC1502 Revision material PROGRAM Examination issues General problem areas Q & A IMPORTANCE of module This module - foundation of all your studies in accounting Ensure that you understand and know everything
More informationAfter studying this chapter, you should be able to: adjusted account balances.
4 Completing the Accounting Cycle 1 After studying this chapter, you should be able to: 1. Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance
More information4-1 COMPLETING THE ACCOUNTING CYCLE
4-1 COMPLETING THE ACCOUNTING CYCLE Atanas Atanasov Assist.prof. University of Economics - Varna Steps in Accounting Cycle 4-2 134 Analyze source documents. Journalize transactions in the journal. Post
More informationCHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS
CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS Suppose, the firm closes its books on 31st March and rent for the month of March has not been paid, this expense "rent" has been incurred and yet to be paid. Therefore,
More informationA GUIDE TO DOUBLE ENTRY BOOKKEEPING
A GUIDE TO DOUBLE ENTRY BOOKKEEPING BY MATT DAVIES, ASTON BUSINESS SCHOOL PROJECT LEAD FOR THE FINANCIAL EDUCATION FOR FUTURE ENTREPRENEURS (FEFE) PROJECT A Guide to Double Entry Bookkeeping: Objectives
More informationChapter 2 Question Review 1
Chapter 2 Question Review 1 Chapter 2 Questions Multiple Choice 1. A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service.
More informationPROBLEM 3-2B. (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance...
PROBLEM 3-2B (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense... 722 190 Prepaid Insurance... ($2,280 X 1/12) 130 190 31 Supplies Expense... Supplies ($2,200 $)... 631 126 1,450 1,450
More informationPartnership deed : It is a written agreement among partners of partnership firm containing terms and condition of partnership
Chapter - 1 ACCOUNTING FOR PARTNERSHIP FIRM FUNDAMENTAL Meaning When two or more person join together to carry on a business under Indian partnership Act 1932 & agree to share profit & loses is partnership.
More informationOsborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1
Osborne Books Tutor Zone Advanced Bookkeeping Practice assessment 1 Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e Task 1 This task is about non-current assets. You
More informationQUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Rs. in 000
QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Credit Plant 2,500 Acc. depreciation at 1 July 2014 Equipment 700 Plant 1,000 Stock
More informationFinal a/c s of Sole Trader Solutions
Topic 1 Final a/c s of Sole Trader Solutions 2 Arnold 3 Brennan 4 Cullen 5 Darcy 6 Egan 7 Farrell 8 Grennan 2 Graded Accounting Questions Solutions 2 Arnold Solution (a) Trading Profit and loss a/c for
More informationXI ACCOUNTING REGULAR / PRIVATE
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationActivity 1: Transactions
Activity 1: Transactions Prepare the general journal entries to record the following transactions for the business for the month of May 2016 (ignore GST): May 1 Owner deposited $50,000 of his own money
More informationB Swift Dr Trading and Profit and Loss Account for the year ended the X6 Cr Opening Stock 300 Sales 6,700 4,260 Closing Stock 550 4,560 Gross Pr
Recording depreciation Depreciation within the double-entry system Fixed assets accounts are always kept for showing assets at cost price. This adheres to the Historic Cost accounting concept. As a result,
More informationCorrection of Errors Principles of Accounting B.Com Part I Sameer Hussain
Correction of Errors Principles of Accounting B.Com Part I www.facebook.com/a4accounting.net WHAT THE EXAMINER USUALLY ASK? Types of errors: o Error of omission. o Error of commission. o Error of principle.
More information2. Which of the following is an external user of accounting information? A) Labor unions. B) Finance directors. C) Company officers. D) Managers.
Name: Date: 1. The study of accounting is not useful for a business career unless your career objective is to become an accountant. A) True B) False 2. Which of the following is an external user of accounting
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 2
Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 2 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Variable monthly bill for broadband
More informationCHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS
CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS When a person starts a business he wishes to know the financial performance of his business. A convenient and universally accepted method of knowing this is to
More information(Accrual and Prepayment)
Accrual and Prepayment Longman Question 13 The following balances were extracted from the ledgers of Mr Ko at 31 March 2014: $ Telephone 12,355 Dr Rent and rates 55,000 Dr Loan to Bob 450,000 Dr Rental
More informationXI - ACCOUNTING REGULAR / PRIVATE
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationXI ACCOUNTING REGULAR / PRIVATE
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More information13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS
13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 (A) Debtors Method: Delhi Branch Account 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock 7,000 Cash Sales
More informationWeek four. Debit (Dr) side. Lectures Page 1. Monday, 22 August 2016
Week four Monday, 22 August 1:22 PM What is a general ledger? General ledger- summary of each account A general ledger contains all the assets, liabilities and equity accounts, Collection of all the individual
More informationNet Profit Add: interest on drawings: Jane x Allen x 5
ACCOUNTING ORDINARY LEVEL GRADE 12 1 1. Jane and Allen are in partnership. Their partnership agreement provides that 1. Interest on capital is allowed at 10% per annum. 2. Interest on drawings is charged
More informationPRINT Name: Brief Answer Key.
Financial & Managerial Accounting Fall 2009 Exam 2 General Instructions. Make sure you write answers clearly. Make sure to show your work when appropriate partial credit can be given for work shown. Finally,
More informationStatement of Cash Flows
May 5, 2014 Statement of Cash Flows Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved. Today s Agenda n Cash Flow Statements n What Cash Flow Statements show us n Building a Cash Flow
More informationUnderstanding Reversal Entries
Understanding Reversal Entries Kalaithasan Kuppusamy Reversal entries, which are done on the first day of a new accounting period, are the complete opposite of adjustments entries done at the end of a
More informationSree Lalitha Academy s Key for CA IPC Costing & FM- Nov 2013
1. a. Question No.1 is compulsory Answer any 5 questions from the remaining 6 questions (Key Covers only Problems does not include theory) i. Annual Demand 60,000 Units Cost Rs. 10 Per unit Cost of Placing
More informationLEAVING CERTIFICATE 2009 MARKING SCHEME ACCOUNTING ORDINARY LEVEL
Coimisiún na Scrúduithe Stáit State Examinations Commission LEAVING CERTIFICATE 2009 MARKING SCHEME ACCOUNTING ORDINARY LEVEL LEAVING CERTIFICATE ACCOUNTING - 2009 Ordinary Level Marking Scheme INTRODUCTION
More informationXI ACCOUNTING PRIVATE. Sameer Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit 2014 XI ACCOUNTING
More informationFEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S]
FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S] 1 Question 1 28 marks Most students found some difficulties in determining the payment of the lease. They just
More informationExam ID 322. Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
More informationConsolidated Statement of Financial Position
Consolidated Statement of Financial Position as at 31 December 2013 Assets Non-current assets 31.12.2013 31.12.2012 Intangible assets (1) 461,311 455,812 Property, plant and equipment (2) 60,968 60,196
More informationLesson 4. Lesson 4. Cash. Beg. Balance End. Balance. 30 Liability. Accounting Cycle Part Stephen's Sweet Shop Trial Balance
Lesson 4 Financial Accounting (Information useful to investors and creditors.) The primary tool for investors and creditors are the financial statements to be prepared in accordance with generally accepted
More informationSOLUTIONS TO ASSIGNMENT PROBLEMS. PROBLEM No. 1. Dec.31 By Bank Stock. 17,500 Debtors. Cash from Petty cash 26,000 8,200 9,400 63,400 16,400
SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 12. BRANCH ACCOUNTS (A) Debtors Method: Dr. Delhi Branch Account Cr. 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock Cash Sales
More informationVisual Cash Focus - User Tip 16
Visual Cash Focus - User Tip 16 What are Cash Flow profiles and how do I modify them? Background Cash Focus uses a double entry accounting engine to simultaneously build the profit & loss, balance sheet
More informationAccounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m.
Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates
More informationACC 211/212: Double Entry Logs
ACC 211/212: Double Entry Logs Journal Entries: o Credits are always indented (account name and value). o The sum of debits will always equal the sum of credits. o The month name is required only for the
More informationChapter 4. Funds-Flow Analysis and Forecasting. Overview of the Lecture. September The Statement of Cash Flows. Pro Forma Financial Statements
Chapter 4 Funds-Flow Analysis and Forecasting September 2004 Overview of the Lecture The Statement of Cash Flows Pro Forma Financial Statements 2 The Statement of Cash Flows The statement of cash flows
More informationCHAPTER 3. Topics in Chapter. Analysis of Financial Statements
CHAPTER 3 Analysis of Financial Statements 1 Topics in Chapter Ratio analysis DuPont equation Effects of improving ratios Limitations of ratio analysis Qualitative factors 2 Determinants of Intrinsic Value:
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 1
Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 1 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Payment Payment of expenses by
More informationIllustrative Example Xander Barkley s XYX Company manufactures a single product. The standard cost card for one unit is as follows:
Appendix 11A General Ledger Entries to Record Variances 11A-1 General Ledger Entries to Record Variances Although standard costs and variances can be computed and used by management without being formally
More informationLevel 3 Certificate in Manual Bookkeeping QCF. Level 3 Certificate in Applied Bookkeeping QCF
Exam ID 322 Qualifications: Level 3 Certificate in Book-keeping QCF Accreditation number: 500/8479/3 Level 3 Certificate in Manual Bookkeeping QCF Accreditation number 500/9260/1 Level 3 Certificate in
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate Marking Scheme. Accounting. Higher Level
Coimisiún na Scrúduithe Stáit State Examinations Commission Leaving Certificate 2018 Marking Scheme Accounting Higher Level Note to teachers and students on the use of published marking schemes Marking
More informationManufacturing Accounts
All questions copyright of Cambridge International Examinations 1 Manufacturing Accounts All questions copyright of Cambridge International Examinations 2 2 1 The following balances were extracted from
More informationFINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - APRIL 2013 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all
More informationAdjusting the Accounts
HOSP 1860 (Financial Acct) Learning Centre Adjusting the Accounts Anytime we prepare financial statements or reach the end of an accounting period, there are account adjustments that need to be made to
More informationTeacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1
Name: Class: Option: 1 Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1 INSTRUCTIONS TO CANDIDATES REVIEW NOTES AND ANSWER QUESTIONS PROVIDED ALL YOUR ANSWERS MUST BE WRITTEN
More informationMARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING
More informationIndex. Assets (continued) scrapping or disposal trading-in Auditing Profession Act 26 of
Index A Accounts balancing... 61 incomplete records... 369 Accounting balancing an account... 61 basic accounting equation... 27 cycle... 130 definition... 4, 13 developments... 5 domains... 14 function...
More informationFINAL CA May 2018 Financial Reporting
FINAL CA May 2018 Financial Reporting Test Code F5 Branch: Andheri Date: 10.12.2017 (50 Marks) Note: All questions are compulsory. Question 1 (9 marks) Value Added Statement of Pradeep Ltd. for the period
More informationSpreadsheet versus T-Account
Chapter 21 The Statement of Cash Flows Part 2 The Mechanics of the T-Account Approach Intermediate Accounting II Dr. Chula King Spreadsheet versus T-Account Spreadsheet Approach Columns Balance Sheet:
More informationAdvantage Multiple Currency Support Current Procedures
Advantage Multiple Currency Support Current Procedures Overview: This document explains how to process multiple currencies in a single database; how to convert to a HOME currency and how to consolidate
More information*Define and differentiate the accrual method and cash method of recording transactions.
Accounting 1 *Define and differentiate the terms accounting, auditing, and bookkeeping: --Accounting the process of recording, reporting and analyzing financial transactions. --Bookkeeping the process
More informationFinancial Accounting and Reporting-I Suggested Answers Certificate in Accounting and Finance Autumn 2014
Ans.1 (a) ABC Limited Statement of comprehensive income for the year ended 30 June 2014 Rs. in million Sales (737-12) 725 Cost of sales (W-1) (563) Gross profit 162 Selling and marketing expense (28) Administrative
More informationRequired: Calculate the current tax payable (for SFP) and relevant current tax expense (for SPL) for the year 2011.
IAS 12 Income Taxes CURRENT TAX DEFINITIONS Accounting profit Taxable profit (tax loss) Tax expense (tax income) Current tax is profit or loss for a period before deducting tax expense. is the profit (loss)
More informationDE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT. (Manual Case, and Working Papers) Scott Osborne, CPA
DE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT (Manual Case, and Working Papers) by Scott Osborne, CPA 1 EXPLANATION OF EXTRA CREDIT ASSIGNMENT The extra credit assignment consists of a manual accounting
More informationXI ACCOUNTING REGULAR / PRIVATE. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationREINFORCEMENT ACTIVITY 3, Part B, p. 715
REINFORCEMENT ACTIVITY 3, Part B, p. 715 10. Unadjusted Trial Balance December 31, 20X4 ACCOUNT TITLE DEBIT CREDIT Cash 25 0 0 1 40 Petty Cash 4 0 0 00 Accounts Receivable 15 7 8 9 20 Allowance for Uncollectible
More informationXI ACCOUNTING REGULAR / PRIVATE. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationCHAPTER 12. Statement of Cash Flows. Study Objectives
CHAPTER 12 Statement of Cash Flows Study Objectives Indicate the primary purpose of the statement of cash flows. Distinguish among operating, investing, and financing activities. Explain the impact of
More informationLevel 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
More informationPRACTICE TEST PAPER - 2 INTERMEDIATE (IPC): GROUP I PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT
PRACTICE TEST PAPER - 2 INTERMEDIATE (IPC): GROUP I PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT Question No. 1 is compulsory. Attempt any five questions from the remaining six questions. Working
More informationAccounting I. StraighterLine does not apply letter grades. Students earn a score as a percentage of 100%. A passing percentage is 70% or higher.
Accounting I Course Text Wild, John J., Kermit D. Larson, and Barbara Chiapetta. Fundamental Accounting Principles, Volume 1, 18th edition. McGraw-Hill/Irwin, 2007. ISBN 0-07-328661-3 Course Description
More informationFINAL ACCOUNTS vis-à-vis Financial Statements. Samir K Mahajan
FINAL ACCOUNTS vis-à-vis Financial Statements Samir K Mahajan CLASSIFICATION OF FINAL ACCOUNT Trial balance proves the arithmetical accuracy of the business transactions, but it is not the end. The businessman
More informationACCOUNTING FOR FINANCIAL MANAGEMENT. Financial Statements
ACCOUNTING FOR FINANCIAL MANAGEMENT Financial Statements Balance Sheet Income Statement Statement of Cash Flows Statement of Stockholders Equity www.sec.gov Financial Statements Keep in mind: Backward
More information