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his employer provides the following perquisites:
A rent free furnished house in cochin: 41000
Lease rent of unfurnished house
Cot of steel furniture provided( written down value Rs.12,000, steel furniture is provided through the previous year) : 14000
Rent of furniture provided (rent in yet to be paid by employer): 17000 Motorcar expenditure of the employee (reimbursed by employer):6000
Determine the value of the perquisites in respect of rent-free furnished house if: (a)X is an officer of the Government of West Bengal and Rs. 18 000 is licence fee of the unfurnished house as per the State Government Rules, (b) X of the Indian Airlines, and (c) X is managing director of a private sector company .
STATEMENT OF CHANGES IN EQUITY
PRACTICE SET 29
- The Retrieval Company has the following changes in equity items in year-end 2020.
- Kindly prepare the SCE of the company which is owned by Ms. Charlott
Balance on January 1, 2020= ₱ 550,000
March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations
June 30: The owner withdraws money worth ₱ 300,000
July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.
September 22: The entity earned a total of ₱ 450,000
December 31: Total expenses paid at year-end amounts to ₱ 380,000
The owner withdraws 500,000 from the business
Balance on December 31, 2020= ?
REQUIRED Study the information given below and answer the following questions: 5.1 Calculate the profit or loss on the disposal of the equipment. (5) 5.2 Prepare the following note to the financial statements as at 28 February 2020: * Property, plant and equipment (15) INFORMATION The following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year:
Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019. 2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019. 3) Depreciation is calculated on equipment at 10% per annum on cost. 4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance
Mr. Akbar provides you with the following information-(all the transactions are separate and independent of each other)
Started business with cash Rs150000
Purchased goods for cash Rs 25000
Sold goods to C on credit Rs 20000
Paid salary for cash Rs15000
Deposited cash into the bank account Rs100000
a. Identify the accounts being affected in the monetary transaction and Identify the type of accounts identified - real, personal or nominal
b. Discuss the rule of passing the journal entry applicable here and pass the journal entry (Golden rule or transaction analysis, any of these rule/s can be taken as a base to justify the answer)
What is Accounting? List any five users of financial info
1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020.
2. Always apply the income tax expense as 25% of operating profit.
Gross Sales = ₱ 3,822,300
Sales Returns= ₱ 219,700
Gross Purchases = ₱ 1,000,000
Purchase Discounts = ₱ 180,000
Beginning Inventories = ₱ 920,500
Ending Inventories = ₱ 450,800
Distribution Expenses = ₱ 760,200
Administrative Expenses = ₱ 440,900
Other Comprehensive Income = ₱ 210,000
16.9 Budgeted and Actual Debt Service Transactions. The City of Amarillo is authorized to issue $8,000,000, 3 percent regular serial bonds in 2020 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2021, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county’s fiscal year-end is December 31.
A. Prepare the budgetary entries for 2020 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2021, principal and interest payments will be included in the 2021 budget.
The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year. REQUIRED Use the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020
The following information was taken from the accounting records of Fantasia Traders. REQUIRED 3.1 Complete the Cash Receipts Journal and Cash Payments Journal of Fantasia Traders for February 2020. All entries must indicate the correct contra ledger account in the Details column. Cast the Journals. Use the following format: (10) 3.2 Post to the Bank account in the General ledger. Balance the account. (4) 3.3 Prepare the Bank Reconciliation Statement as at 28 February 2020. (6)
#340153 on Dec 2023