You are given the following information about Company ABC as at 31/12/2023 Premises Shs25,000,000 Motor vehicles Shs 2,000,000 Electricity bills (Owings) shs500, 000 Creditors' Shs4,500,000 Cash in hand Shs 500,000 Bank overdraft Shs 3,000,000 Loan Equity Bank4,000,000 Prepayments Shs 600, 000 Accrued Salaries Shs 2, 589, 000 iiDraw up a statementof financial position

The statement of financial position for a company is often referred to as the balance sheet..It is…

Answered: 4,000,000 Prepayments Shs 600, 000…

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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Hi there can you assist on the following question below The following information was extracted from the records of Tshabalala Traders Ltd for year ended 31 December 2019 R Capital 1 January 2019 350 000 Drawings 20 000 Sales( 70% on credit) 950 000 Gross profit 250 000 Total expenses 80 000 Bank favourable 26 000 Net profit 74 000 Trade creditors 26 000 Property, plant and equipmrnt 350 000 fixed deposit 20 000 Inventory 72 000 Trade debtors 80 000 Mortgage loan 100 000 The opening balance of the inventory, debtors and creditors was , 50 000, 60 000 and 30 000 respectively. assume a 365 day year. Q.1.1 Calculate the following ratio and explain what each ratio means in relation to the industry avarage given in brackets . show your calculations 1.1.1 Net profit margin (10%) 1.1.2. Debt equity ratio (30%) 1.1.3 Average creditors settlement period (60 days) . assume purchases are equal to cost of sales and 60% of all purchases are on credit…
Your review of the ledger of Maliwanag Corporation at December 31, 2020 reveals the following account balances: Accounts due from customer P148,000 Accounts due to suppliers 124,000 Accrued interest on bonds payable 17,000 Sinking fund for bond retirement 30,000 Land for future plant site 350,000 Estimated warranty obligations 60,000 Advances to major suppliers 150,000 Inventories including office supplies of P3,500 221,000 Income taxes owed to BIR 16,000 Allowance fro doubtful accounts…
Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000…
In 2021, Bank Muscat reported the following amounts in its Balance sheet and Income Statement. Assets 1032600 OMR Liabilities 805500 OMR Interest Revenue 602300 OMR Interest Expense 404000 OMR Earning assets are 75% of Total Assets. Interest Bearing Liabilities are 80% of Total Liabilities. What is the Spread of Bank Muscat? Select one: Oa. 2.54 % Ob. 15.08 % Oc. 8.17 % Od. 27.62 %
What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?
Name of the Amount Name of the Amount Account Account Purchases Bank loan Bills payables Stock Capital 200,000 180,000 Sales 300,000 400,000 200,000 100,000 70,000 250,000 Debtors Bank With the information provided prepare trial balance of Bonze trading for the year 2021.
The data below are from the records of Almanor, Inc. on December 31, 2021: Accounts payable net of supplier’s accounts with debit balances P 680,000 Cash balance in ABC Bank 1,240,000 Cash overdraft with XYZ Bank 80,000 Customers’ accounts with credit balances 25,000 Supplier’s accounts with debit balances 65,000 Dividends in arrears on preference shares 400,000 Employees’ income tax payable 100,000 Estimated warranty payable 50,000 Estimated premium claims outstanding 90,000 Income tax payable 320,000 Notes payable issued in 2020 maturing in 20 quarterly installments beginning April 1, 2021 8,000,000 Salaries payable 140,000 Deferred tax liability 80,000 9. The amount to be shown as total current liabilities on Almanor’s statement of financial position at December 31, 2021 is:
Prepare Balance sheet of Mr. Vengo for the year 31* December 2020 in T-form: Particulars Amount Particulars Amount Capital 40,000 4,400 Drawings Creditors Cash at bank Debtors 6,400 4,200 Cash in hand 360 7,200 Furniture 3,700 Plant 10,000 Net profit Closing stock 1,660 General reserve 1,000 14,800
Below is the Statement of Financial Position for Rafah Islamic Bank: RAFAH ISLAMIC BANK STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2020 Assets RM Non current Asset 5,670,000 Long Term Investment 654,000,000 Financing (Net) 1,244,000,000 Corporate Bond Investment 919,094,000 Commercial Securities Investment 389,543,000 Deposits in other financial institutions 487,043,700 Other current assets…
WHAT IS THE TOTAL LIABILITIES AND EQUITY 2021?

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4,000,000 Prepayments Shs 600, 000 Accrued Salaries Shs 2, 589, 000 iiDraw up a statement of financial position