a)From the following Trial Balance of M/s Sameer & Co.,Bhopal, prepare a Trading and Profit & Loss Account forthe year ending 31st March 2019 and also a BalanceSheet as on the date:ParticularsCapital AmountDrawingLand and BuildingPlant and MachineryFurniture and FixturesCarriageWagesSalariesBad Debts ReserveSalesReturns InwardsBank ChargesTaxesDiscountPurchasesBills ReceivableDebtorsDr. (Rs.)3,25012,7507,2507502,12510,7502,35090075042520,00075018,900Cr. (Rs.)45,0001111111,25047,500--60! Adjustments:1)2)3)ParticularsCreditorsOpening StockCash in HandBank Loan4)5)Dr. (Rs.)12,5007,000Cr. (Rs.)6,125515Rs. 1,00,450 Rs. 1,00,450Closing Stock (31.3.2019) Rs. 3,625.Provide 10% depreciation per annum on all types of fixedassets.Allow interest on capital @ 5% per annum. No interest isto be charged on drawings.Increase Bad Debt Reserve to Rs. 1,750.Make a provision for Commission to General Manageron Gross Profit @ 2%.

Final accounts, also known as financial statements, are a collection of accounting records generated…

Answered: a) From the following Trial Balance of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RMCash in hand 100Cash at bank 9,000Account receivable 12,840Inventory as at 1 June 2019 26,500Motor vehicles 14,000Plant and machinery 50,000Long term investment 10,000Freehold premises 147,500Account payable 16,50010% Mortgage on freehold premises 34,000Capital 219,840Purchases 128,900Wages and salaries 70,300Rates and taxes 1,000Interest on mortgage 1,700General expenses 2,000Carriage outwards 21,000Insurance premium 3,000Drawings 7,400Carriage inwards 600Advertising expenses 14,000Sales 250,000Sales returns 1,000Purchases returns 500Discount received 600Discount allowed 800Allowance for doubtful debt 200Inventory at 31 July 2020 was RM30,000.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 31 July 2020.ii. Statement of Financial Position as 31 July 2020
Prepare the Statement of Financial Position as of 31 December 2019, for TT Resources Berhad. Account Payable Other Reserved Preferred Stock Mortgage Loan. RM 51,000 RM50,000 RM 46,200 RM 44,000 Common Stock Tax Payable Long-Term Financing Bank RM 41,000 RM 25,500 RM 66,000 RM 42,000 Additional Information: Investment Securities Equipment Retained Earnings Bond RM 5,000 RM 32,000 RM 90,000 RM 188,000 1. Land: RM 300,000 2. Inventories: RM40,000 3. Current Ratio: 1.5 Times 4. Cash & Banks = 35% of Currents Assets 5. Retained Earnings = 12% of Fixed Assets Accumulated Depreciation Cash RM30,000 Notes Payable Accrued Expenses RM 10,000 Prepayment RM 23,500 Account Receivable RM 18,800 RM 62,000 RM 35,000
In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000
block A/2019/2 The listed App AG has issued shares with a nominal value of €1 . In t5, a capital increase will be carried out at a price of €21 per share. App AG receives 10.5 million euros. € by bank transfer. How to book in t5 ? Specific standards are not to be indicated.
U. PunUS IOW SIalement Ans: (a) Decrease in WC Rs. 7,000 (b) FFS Rs. 1,08,000; FFO Rs 19. 2073 Set D QNo. 16 Following information are given: Particulars Inventories Debtors General reserve Creditors Cash Year 1 (Rs.) 80,000 2,50,000 20,000 70,000 1,00,000 20,000 Year 2 (Rs. 1,00,000 2,00,000 40,000 1,00,000 1,40,000 25,000 Expenses payable Additional Information: Profit of the year: Rs. 80,000 i. Provision for tax: Rs. 10,000 Required: a. ii. Depreciation on fixed assets: Rs. 20,000 iv. Profit on sales of fixed assets: Rs. 5,000 Schedule of changes in working capital b. Funds from operation Ans: (a) Decrease in WC Rs. 25,000 (b) FFO Rs. 1,05, 20. 2072 Supp Q.No. 16 The following figures are extracted from the two years balance sheet of a company: Year 1 Year 2 Rs. 6,00,000 Rs. 1,50,000 Rs. 5,000 Particulars Share capital Fixed assets Rs. 5,00,000 Rs. 1,00,000 Goodwill Rs. 10,000 Additional Informátion: Net profit: Rs. 75,000 ii. Purchases of fixed assets: Rs. 70,000 Loss on fixed…
What are the forms and characteristics of hedge accounting Bank B granted on 1.10.20X1 to company D a loan of €200,000 for 10 years with a fixed interest rate of 3%. The loan will be serviced with equal semi-annual installments plus interest that will be paid every 31/3 and 30/09 of each year, while bank B prepares interim financial statements. Wanted:Make the journal entries for the years 20X1-20X2 for company B(for calculations use a period of 90 days for each quarter and 360 days for the year)
The entity has an unsecured overdraft of R20000 at prospect Bank that carries an interest rate of 22% per annum. In which one of the following statement will this item be shown? A.Statement of financial position as a current liability B.Statement of financial position as a non current liability C.Statement of income and expenditure as finance costs C.Statement of financial position as current asset
The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securitiesthat is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be helduntil their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costingP29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, andtreasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bondretirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds payable…
The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securitiesthat is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be helduntil their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costingP29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, andtreasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bondretirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds payable…
An amortization of a debt is in a form of a gradient series of ₱5,000 on the first year, ₱4,500 on the second year, ₱4,000 on the third year, ₱3,500 on the fourth year. Determine future amount of the amortization if interest is 5%. Ans. ₱18,449.37
The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1, 2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securities that is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be held until their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costing P29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, and treasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bond retirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds…
The amount of P100,000.00 was deposit in the bank earning an interest of 7.5% per annum. Determine the total amount at the end of 5 years, if the principal and interest were not withdrawn during the period? O a. P145,362.93 O b. P134,562.93 0 с. P143,562.93 O d. P143,256.93

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