39.3X Prepare the final accounts of the Printers'Cooperative Credit Union Ltd for the year ended31 December 2015 from the following trial balanceas at 31 December 2015.Accounting expensesAuditor's remunerationAdvertising and publicityRepairs and maintenanceGeneral expensesAffiliation feesMortgage with building society(repayable over period 5-15 years)Loans to membersBuildings at costMotor vehicles at costProvision for depreciation: buildingsProvision for depreciation: motorvehiclesCash and bank balancesInterest income:Interest on members' loansInterest on investmentsInterest on members' depositsMembers' deposits [repayable atshort notice)Undistributed surplus from last yearStatutory reserveShare capitalInvestmentsDr$8,4001,9503,0602,1004,6302,000271,600220,00030,00052,7706,220Cr167,600770,330$115,50060,00010,00034,60011,18061,4007,65040,000430,000770,330The following must be taken into consideration ason 31 December 2015:(a) accrued affiliation fees of $500: honorarium toretiring secretary of $1,500[b] advertising prepaid, $480(c) provide for depreciation: buildings at 2% of cost;motor vehicle at 10% of cost(d) transfer to statutory reserve 10% of year'ssurplus(e) proposed dividends: 2% of share capital.

Final accounts are the financial statement of the company which includes income statement and the…

Answered: 39.3X Prepare the final accounts of the…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 54BE

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The Delivery Equipment account of Freedom Company showed the following details for 2022:Delivery Equipment01.01.22 Balance 1,500,00001.15 5,000 08.30 225,00009.30 535,000 10.31 180,000 Your examination disclosed the following:a. The P5,000 charged to the Delivery Equipment account on January 15, 2022 represents paymentof LTO registration fees for the company’s delivery equipment for the year 2022.b. The company bought a second-hand delivery truck on September 30 for P535,000, whichincludes P35,000 worth of comprehensive insurance for one year effective October 1, 2022.c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30;further verification disclosed that this truck is still being used by the company.d. The credit of P180,000 on October 31 represents proceeds from sale of one truck costingP350,000, which is 50% depreciated as of December 31, 2021.e. There is only one entry made to the Accumulated Depreciation account during 2022, a debit…
The trial balance of Mabilis Repair Shop appears below the end of its calendar year: MABILIS REPAIR SHOP Trial Balance December 31, 2020 Debit Credit Cash on Hand Accounts Receivable Estimated Uncollectible Accounts 10,000 25,000 750 Notes Receivable Shop Equipment Accumulated Depreciation – Shop Equipment Furniture and Fixture Accumulated Depreciation - Furniture and Fixture Accounts Payable Notes Payable Leynes, Capital Leynes, Drawing Service Income Salaries Expense Rent Expense Supplies Expense Taxes and Licenses 7,000 30,000 2,000 8,000 5,000 11,000 12,000 44,750 1,000 30,000 8,000 8,000 4,000 1,500 3,000 P 105,500 Light and Water Expense Total P 105,500 Additional Information: 1. Unpaid taxes, P600. 2. Accrued salaries, P3,000 3. Accrued interest on notes payable, P200. 4. Unpaid light and water, P500. 5. Supplies on hand, P1,000. 6. Bad debts expense is estimated to be 5% of Accounts Receivable. Required: 1. Prepare the adjusting entries. 2. Prepare a 10-column worksheet.…
Please show work 1 to 7 and please sir care of plagiarism please
from Construction operations and maintenance, trading and fabrication. The company wishes to prepare Extended trial balance from the following a ledger balances at the year ended 31*December 2020. Ledger Balance Amount Ledger Balance Amount (OMR) (OMR) 800,000 Prepaid Wages and Salary Expense Сapital Stock – 1* January 2019 Leasehold premises Furniture & Fittings Plant & Machinery Purchases 175,000 23,700 25,000 25,300 18,400 ? Rates and Taxes 460,000 Office Expenses 135,000 Unearned Rent revenue 350,000 Sundry expenses 711,000 Trade creditors 1,406,200 Insurance expenses 4,700 Sundry debtors 17,500 Drawings 15,400 Bills payable 10,200 Cash in hand 12,300 Repair Expenses 15,000 | Bank loan 3,800 Accumulated depreciation - Plant & 227,600 30,000 Sales Discount received Advertisement Discount allowed Carriage on Purchase Carriage outwards Return inwards 340,000 30,000 11,400 22,000 25,000 58,000 Return outwards Trade Expenses Machinery 22,500 Telephone charges 49,000 Adjustments: a)…
Worksheet Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2019: The following additional information is available: (a) salaries accrued but unpaid total 250; (b) the 80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals 810 on the buildings and equipment; (d) interest accrued on the note payable totals 380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to KT Daniel Specialty Company for 50 per month, and KT Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals 80; (g) bad debts expense is 70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2017. Required: 1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepare the companys financial statements. 3. Prepare (a) adjusting and (b) closing entries in the general journal.
A. You are provided with the following information form the accounts of BBS Ltd for the yearending 30 June 2019Cash Sales 950 000Cost of Goods Sold 35 000Amount received in advance for services to be performed in August 2019 9 500Rent expenses for year ended 30 June 2019 9 000Rent Prepaid for two months to 31 August 2019 1 200Doubtful debts expenses 1 200Amount provided in 2019 for employees’ long-service leave entitlements 5 000Goodwill impairment expenses 7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per c
25 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 - Accounts Receivable - BD2000 Equipment BD6000 Prepaid Rent BD4000 - Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700 - Furniture BD10000 - Use the previous information to question 25 to question 28: Required: Compute the amount and show solution steps of: 1- Total Revenues 2- Total Expenses *
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Required: • Journal Entry
Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content
Question 1: Super Decorators Co had the following transactions with a customer during the year ended on 31 December 2019; November 1:Sold decoration material on account OMR 7,500, terms 1.5/10, n/30. November 4:Customer retuned some faulty materials of OMR 1,000 November 8:Customer paid OMR 2,500. December 1:Accepted a 90 days, 12% note from the customer for the balance amount. Required: a. Determine the date of maturity of the note. b. Determine the interest payable on maturity of the note. c. Journalize all the above transactions in the books of Super Decorators when the note is i)honoured on maturity and ii)dishonoured on maturity

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39.3X Prepare the final accounts of the Printers' Cooperative Credit Union Ltd for the year ended 31 December 2015 from the following trial balance as at 31 December 2015. Accounting expenses Auditor's remuneration Dr $ 8,400 1,950 2010