Accounting Answers

The following information is given with respect to the ratio’s of two companies:

Aman Ltd Roger Ltd

Current ratio 2:01 1.60:1

Quick Ratio 1.35:1 1:01 Return on invest 15% 13%

Debt Equity Ratio 2.5:1 1:01

1. Define the concepts of Current and Quick ratio’s and also, reflect on your understanding towards the financial performance of the companies by looking to the above information.

2.Define the terms- Return on Investment and Debt equity ratio and also, reflect on your understanding towards the financial performance of the companies.

Discuss and analyze the following transactions for X Ltd, using the concept of accounting equation (Assets, Liabilities and Equities). 1. Purchased Furniture for Rs675000 2. Capital Introduced by the business Owner by depositing 12 Lakhs in the bank account 3. Goods purchased on credit from Aman Enterprises for Rs105000 4. Goods sold on credit for Rs 400000. The cost of the goods sold was Rs 300000 5. Purchased goods from Sneha Enterprises for Rs 600000 and made the payment from the business’s bank account   

Love Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer’s loved ones. The inflows arises from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income (10 Marks)

What is the account called "Expenditure-Capital Outlay"?

What is Budgetary Control?

What is Unassigned Fund Balance?

What is Revenues and Other Financing Sources?

What is Expenditures and Other Financing Uses?

Debit Cash

Credit Other Financing Sources - Bonds Issued

• What does this journal entry mean?

identify and name the parts of the general journal below. journalize the following selected march 2021 transactions using the general journal below.

March 1 The owner, J Simon, invests P100,000 cash in his barber shop

Analysis: Increase in Asset (Dr) Cash P100,000

Increase in Equity (Cr) J Simon, Capital P100,000

March 3 The business buys a lot for P2M paying cash of P800,000 and the balance covered by promissory note.

Analysis: Increase in Asset (Dr) Land P2,000,000

Decrease in Asset (Cr) Cash P800,000

March 6 The owner, J Simon pays P7,500 accounts payable of the business from his personal savings.

Analysis: Decrease in liability (Dr) Accounts Payable P7,500

Increase in Equity (Cr) J Simon, Capital P7,500

Love Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer’s loved ones. The inflows arises from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income

What is commercial accounting?

On January 2 of the current year, Lem Corp. bought machinery under a contract that required a down payment of $10,000, plus 24 monthly payments of $5,000 each, for total cash payments of $130,000. The cash equivalent price of the machinery was $110,000. The machinery has an estimated useful life of ten years and estimated salvage value of $5,000. Lem uses straight-line depreciation. In its year-end income statement, what amount should Lem report as depreciation for this machinery?

The answer is $10,500. I get that. If your total cash payments are 130,000, what happens to the extra 20,000 of payments you have to make?

The analysis of total cost in to it's behavioral element is essential for effective cost accounting and management accounting.

Require:

Comment on this statement above

Illustrate your answer with example of cost behavioral patter.

Best Regards

Illustration

John and Mary started business as partners on 1st April 2007 and we're to share profit in ratio 2:1. The following balances were extracted from their book on 31st March 2008;

Salary and wages = $2250

Bank balance = 15186

Sundry payable = 9649

Miscellaneous = 538

Capital: John = 40000

Mary = 20000

Sundry receivable = 7903

Turnover 39565

Rent and rate = 726

Office Equipment = 39192

Bank loan = 35000

Furniture = 58217

Delivery fan = 25201

Purchases = 16901

Mary's loan = 20000

Provision for bad debt = 175

Drawing:

John = 500

Mary = 320

Stationary = 274

Bad debt = 186

Continuoue......