20 - Why did a joint stock company make this journal entry? …/…/201. Will borrow 780 Financial Expenses xxx 191 VAT to be deducted xxxx 100 Cash xxx A) None B) For VAT settlement C) To pay the expenses of the partners D) to cover general administrative expenses E) To account for expenses in issuing bonds

20 - Why did a joint stock company make this journal entry? …/…/201. Will borrow 780 Financial Expenses xxx 191 VAT to be deducted xxxx 100 Cash xxx A) None B) For VAT settlement C) To pay the expenses of the partners D) to cover general administrative expenses E) To account for expenses in issuing bonds

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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nkt.3
QUESTION 3 Sehat (Pty) Ltd, a resident company that was formed in 2005, has a 31 March financial year-end. The company distributed the following amounts/assets to its sole shareholder, Mr Ahmed, on 1 July 2021: • a cash distribution of R1 000 000; • an in specie distribution of trading stock with a market value of R500 000 (the trading stock was acquired on 10 April 2021 at a cost price of R300 000); and • an in specie distribution of a building with a market value of R1 500 000 (the building was acquired on 12 July 2008 for R1 200 000; the building did not qualify for any capital allowances). YOU ARE REQUIRED TO: 3.1. Calculate the normal tax consequences arising from the above distributions for Sehari (Pty) Ltd's 2022 year of assessment. 3.2. Calculate the amount of dividends tax that Sehari (Pty) Ltd is obliged to pay over to SARS.
Help with 4 and 5 please
LOC-6, LOC-7 PROBLEM C.7 Stockholders' Equity Section The two cases described as follows are independent of each other. Each case provides the informa- tion necessary to prepare the stockholders' equity section of a corporate balance sheet. a. Early in 2019, Wesson Corporation was formed with the issuance of 50,000 shares of capital stock at $5 per share. The corporation reported a net loss of $32,000 for 2019, and a net loss of $12,000 in 2020. In 2021 the corporation reported net income of $90,000 and declared a dividend of 50 cents per share. b. Amber Industries was organized early in 2017 with the issuance of 100,000 shares of capital stock at $10 per share. During the first five years of its existence, the corporation earned a total of $900,000 and paid dividends of 25 cents per share each year on the common stock. Instructions Prepare the stockholders' equity section of the corporate balance sheet for each company for the year ending December 31, 2021.
Question 16 Superb Manufactutring inc attached in ss below thanks for help aprpeciated irwgwrgw
60 Analyze the following: I – Cumulative preference dividends in arrears should be reported as a note disclosure. II – Depreciable assets which are part of the component held for sale shall be depreciated. III – According to PAS 10, date of authorization for FS issuance is when the board of directors approves the release of financial statements regardless of the approval of the stockholders. Given these, we can conclude that: Group of answer choices Only statement I is true. Only statement II is false. Only statements II and III are false. Only statement III is false.
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Gd 25.
QUESTION 18. A,B,C were three partners sharing profit and losses in the ratio of 3:2:1 Statement of financial position as at 31st December 2011 TZS “000" TZS "000" Bank balance 2,700 | Creditors 17,300 Stock 8,400 Bills payable 3,400 Debtors 7,000 Reserve fund 6,300 Provision for bad debt (350) 6,650 | Capitals Bills receivable 2,400 | A 8,000 Motor vehicle 6250 B 5,000 Land and buildings 17,300 | C 3.000 16,000 Patents 4,300 A'S Loan 5,000 Total 48,000 Total 48,000 It was decided to admit “ D" as partner for one sixth share in the future profit on the condition that he brings TZS 6,000,000 by way of capital and TZS 10,000,000 by the way of loan at 5 percent interest for a period of 5 years. Before admission the following adjustments are to be made;- 1. Goodwill to be credited to the old partners on the basic of their share of profits by raising goodwill account equal to twice the average of the profits of the three years which were TZS 10,200,000 TZS 12,300,0000 TZS 14,400,000…
340 PAS 32 Treasury shares, Interest, Dividends, Losses and Gains 4. Which of the following statement is correct? a. Entity A reacquires its own shares for P10,000. The shares were originally issued for P4,000. Entity A recognizes a loss of P6,000. b. Gains and losses arising from a financial liability are recognized in directly in equity. c. Entity A declares dividends. Entity A will recognize the amount of the dividends as expense in profit or loss. d. Entity A settles a liability with carrying amount of P100,000 for P85,000. This transaction results to a P15,000 gain that is recognized in profit or loss.
Rr.19.a
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