Accounting Answers

Ray company importer of cell phones , sold goods to Nokia mart on august 1, 2014 at an invoice price of 13,440 . Company sells on account with terms of 2/10 , n/30 . Nokia gave a 30% down payment on august 1 , got an allowance approved for two defective cell phones for 168 on august 4 and paid promptly its outstanding account on august 10. Make all the entries in the books of Nokia company . Seller and buyer are non-VAT registered . Use periodic method

On 30 September 2019, office desk purchased on 30 April 2017 at a cost price of R5 200 was sold for R4 800 cash. A replacement equipment was purchased at a cost of R43 000 on 1 November 2019. The total depreciation (correctly calculated) for the year on office equipment amounted to R15 200. 2. Land and buildings were acquired on 1 April 2019. 3. On 28 February 2019, the business purchased a new tipper truck at a cost of R101 000. 4. It is the accounting policy of Tera Trader to provide depreciation as follows: Vehicles: According to the straight-line method, at 20% per annum, Office equipment: According to the diminishing-balance method, at 18% per annum, Buildings: According to the straight-line method, at 2% per annum. QUESTION 1 Which one of the following alternatives represents the correct amount of accumulated depreciation on office equipment which was sold on 30 September 2019? 1. R507 2. R1 448 3. R874 4. R1 955

Yissachar and Zevulun decided to form a partnership. Yissachar, a former sole proprietorship had the following accounts: Cash $50,000;
Accounts Receivable $80,000; Allowance for Doubtful Accounts $3,000; Equipment $60,000; Accumulated depreciation – Equipment
$20,000. The partnership agreed that the Allowance for Doubtful Accounts should be valued at $4,000, and the equipment had a fair
market value of $45,000. Zevulun, invested $75,000 cash and a truck that cost him $9,000 when he bought it ten years ago but has a fair
market value of $5,000. Prepare the journal entries necessary to record the formation of the partnership.

Which one of the following alternatives represents the correct amount of accumulated depreciation on office equipment which was sold on 30 september 2019?

December 31 Roberts Company has earned interest revenue of $3,500 on outstanding notes, even though the company will not actually receive the interest until the following year?

What is the principle of double entry accounting? Provide an example that would illustrate this principle

Calculate the probability ratio and the solvency ratio for the time period if financial year(2016-2019), based on the below mentioned list and interpret the trends. Comment on the possible reasons of the trend
Prn1-10 topic apollo hospital
Prn11-20 topic fortis hospital
Prn21-30 topic dr aggrwals eye clinic
Prn31-40 topic sterling hospital
Prn41-50 topic kovai medicinal center
Prn51-60 topic aurobindo pharma ltd
Prn 61-71 topic yes bank

- Sept. 10 Mr. John transferred cash from his personal account to be used in the business,
- Birr 10,000.
- “ 10 Paid rent for the month, Birr 500
- “ 11 Purchased a truck for Birr 12,000 by paying Birr 3,000 Cash and giving a notes payable for the difference.
- “ 12 Purchased equipment on account Birr 1,460.
- “ 13 Purchased supplies on account Birr 240.
- “ 14 Paid insurance premiums of Birr 170 (Dr. prepaid insurance)
- “ 15 Received cash for services completed Birr 360.
- “ 16 Purchased Supplies on account Birr 240.
- “ 18 Paid salaries of Birr 900.
based on the data above Record the transactions in General Journal?

Hi! How to do the bank loan , 1st JAN 2011 the business borrowed 100000 on a 5 year loan.
interest rate of 6% per annum was payable monthly. It was on an interest only basis with interest paid monthly at the end of each month.
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Assets, Beginning of Period 12,000

Liabilities, Beginning of Period 5,000

Assets, End of Period 23,000

Liabilities, End of Period 9,000

Investment by Owner 10,000

Revenues 99,000

Withdrawals by Owner 0

Solve for the expenses incurred during the period.