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Stock Valuation JAN 2014
During the month of February the following transactions occurred to produce 3 products.
1. Material purchase on account
Sand 500.00
Steel 790.00
Chemical 4500.00
2. Direct material issued and direct labor cost
Direct material issued direct labor cost
Job – 1. 227.50. 160.00
Job – 2. 780.00. 210.00
Job – 3. 3900.00. 175.00
3. Factor over head is 60% of direct labor cost
4. Finished goods sold Birr 7200.00
Required
1. Record journal entries?
2. Calculate cost of each job ?
3. Calculate gross profit ?
Other Financing Sources/uses = GRSPP Funds
Other Financing Sources/uses = Proprietary Funds
Is this statement correct? Can you please correct it for me if it needs to be?
There has been a greater emphasis being placed on E-Governance in India which refers to the usage of e-commerce and e-business technologies by governments & their departments to conduct their own business. Choose your own city/town municipality & write down the salient features of any Government to Citizen (G2C) initiative conducted in your area recently. Also highlight the key benefits of this G2C initiative in your area to the common man. How has it changed the life of a common citizen? Support the benefits section with some statistics or Quantitative data (For example: Number of citizen complaints fell down by 65%). (In case you are living in a rural area, please choose the nearest city of your region, in case you are living abroad, you are free to choose your local foreign city to explain)
Solar and Wheein enter into an agreement and formed ANGEL LINE partnership in which Solar is to have a 65% interest in capital and profit. Solar invested the following:
Land P 600,000 ?
Building 4,000,000 fair value of which is 65% of its cost
Equipment 1,500,000 fair value of which is 70% of its cost
There is a P650,000 mortgage on the building with the partners agree to assume. Wheein contributes cash of P2,100,000 and the partners agreed that this should be his capital credit.
Question: How much should be the total agreed equity?
The city of Leh is the joint capital & the largest town of the union territory of Ladakh in India. Leh is at an altitude of 3,524 metres (11,562 ft), and is connected via National Highway 1 to Srinagar in the southwest and to Manali in the south via the Leh-Manali Highway. You have been invited as an external IT consultant by Government of India with a mandate to convert Leh into a “Smart City”
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?
