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Credit Accounts Payable
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Credit Interest Revenue
- What does this journal entry mean?
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Credit Discount on Notes Receivable
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If in the question didn't mention about the mode of purchase transaction is furniture purchase worth rs. 300000 what is the accounting equation ?
Assets 300000= liability0+capital 300000 y capital 300000 but it increases assets by purchasing furniture
Complete the table for the two companies using the information given below.
Company P
Earnings
€ 6000000
Retained earnings
€ 3500000
Distributed earnings
€ 2500000
Number of shares
10000000
Current price of share
€ 5.00
Dividend per share ?
Yield ?
Earnings per share (EPS) ?
Price/ Earnings (P/E) ratio ?
Company Q
Earnings
€ 6000000
Retained earnings
€ 5000000
Distributed earnings
€ 1000000
Number of shares
5000000
Current price of share
€ 6.00
Dividend per share
Yield ?
Earnings per share (EPS) ?
Price/ Earnings (P/E) ratio ?
A note below is discounted on August 14. 2021 to PNB. If the bank charged 6 1/2%. compute the following :
a). Interest b). maturity value c). date of maturity d) bank discount e). Proceeds ( express your final answer in two decimals only )
Given :
Face of the note = P30,000 , Date of the note = July 8, 2015, Term = 120 days ,
Name of lender ( payee) = Mr Castillo, rate of interest = 5%, Maker ( borrower) = Mr Abaya
liquid asset $6,80,000, Inventories $1,90,000 , prepaid expenses $10,000, working assets $2,00,000. calculate the current ratio and quick ratio
What is the difference between Interest Accrued and Interest Expense?
Can you give me a simple definition and example to understand this concept? Thank you.
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
Unpaid utilities for July 2020 in GHJ Manpower Services are ₱2,300. what is the adjusting entry?
MTN Ghana Ltd. acquired a brand new property (land and buildings)on 1st January, 2016
for GH¢ 40 million (including GH¢15 million in respect of the land).The asset was
revalued on the 31st of December, 2017 to GH¢ 43 million (including GH¢16.6 million in respect of the land).The buildings element was depreciated over a 50-year useful life to a
zero residual value. The usefulll life and residual value did not subsequently need revision.
On the 31st of December, 2018 the property was revalued downwards to GH¢ 35 million as
A result of the recession (including GH¢14 million in respect of the land).The company
makes a transfer from revaluation surplus to retained earnings in respect of realised profit.
Required:
i. Determine the amounts that should be recognised in profit or loss and other
comprehensive income for the years ended 31 December 2017 and 31 December
2018.
MTNGhanaLtd.acquiredabrandnewproperty(landandbuildings)on1stJanuary,2016
forGH¢40million(includingGH¢15millioninrespectoftheland).Theassetwas
revaluedonthe31stofDecember,2017toGH¢43million(includingGH¢16.6millionin
respectoftheland).Thebuildingselementwasdepreciatedovera50-yearusefullifetoa
zeroresidualvalue.Theusefullifeandresidualvaluedidnotsubsequentlyneedrevision.
Onthe31stofDecember,2018thepropertywasrevalueddownwardstoGH¢35millionas
aresultoftherecession(includingGH¢14millioninrespectoftheland).Thecompany
makesatransferfromrevaluationsurplustoretainedearningsinrespectofrealisedprofit.
Required:
i.Determinetheamountsthatshouldberecognisedinprofitorlossandother
comprehensiveincomefortheyearsended31December2017and31December
2018.
ii.Explainthereasonsforyourtreatmentofthetworevaluationsthatoccurredin
2017and2018inthefinancialstatements
