Accounting Answers

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) 

research with the necessary formula and example of the assigned topic:

1. Horizontal Analysis of Financial Statements

STATEMENT OF CHANGES IN EQUITY  

PRACTICE SET 29 

1. The Retrieval Company has the following changes in equity items in year-end 2020.  
2. 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= ? 

What is Accounting? List any five users of financial info

-   Show the transaction will be entered in the General Journal of Koo Traders.

 - You must explain WHY this is an error.

 -Show how the transaction will be entered in the General ledger by using T-accounts.

transactions are as follows :

1) Depreciation on Vehicles is calculated at 20% on the diminishing balance method. The bookkeeper calculated the depreciation on vehicles at 25% on the Cost price method and entered the amount in the books of the business. No vehicles were sold or purchased during the financial year ended on 28 February 2021.

• vehicles ( 28 February 2021)= 880 000
• Accumulated depreciation ( 1 march 2020) = 155 200

3)An invoice received from Kamba Suppliers for the trading stock was recorded as R880 by the bookkeeper of Koo Traders. However, the statement received from Kamba

     Suppliers showed the correct amount outstanding as R8 800. Correct the error.

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)

STATEMENT OF CHANGES IN EQUITY  

PRACTICE SET 27 

1. The Faulty Company has the following changes in equity items in year-end 2020.  
2. Kindly prepare the SCE of the company which is owned by Ms. Diosdado. 

Beginning balance of OE ₱ 1,850,000 

Comprehensive Income       50% of Owner’s Withdrawals 

Ending balance of OE       150% of Comprehensive income 

Investments by the owner (Diosdado, Capital)      ? 

Diosdado, Withdrawals       40% of beginning equity