- Black, Whiteand Grey were carrymng on a business and sharımg profits and losses in the ratio of 2:2:11.They dissolved their firm as on 31 December, 2014. Om that date their Balance Sheet wasas follows:BALANCE SHEETas at 3|1.12.2014Liabilities$AssetsTrade CreditorsReserve Fund40,600Cash9,00032,00022,00020,00060,600Spare PartsInvestments20,000Imvestment Fluctuation Reserve16,000Capital Accoumits -BlackDebtors30,00030,000LeaseholdWhiteGreyProvision ffor Doubtful Debts66,0001,0006,0001,43,6001,43,600Alll Assets (except Cash and Imwestments) were taken over by a company for $1,30,000.The Investments were sold at $ 22,600, Trade Creditors at $ 39,000. Realisation Expensesamounted to $ 6,000.Note : A bill was received firom Mr. K worth $2,000, which was under discount, noWas Mr. K has become insolvent, a dividend of 50% waS received from his estate.%3DPrepare Realisation Account, Partmers" Capital Account and Cash Accounit.%24

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- Black, White and Grey were carrymng on a business and sharımg profits and losses in the ratio of 2:2:11. They dissolved their firm as on 31 December, 2014. Om that date their Balance Sheet was as follows: BALANCE SHEET as at 31.12.2014 Liabilities $ Assets Trade Creditors Reserve Fund 40,600 Cash 9,000 32,000 22,000 20,000 60,600 Spare Parts Investments 20,000 Imvestment Fluctuation Reserve 16,000 Capital Accoumits - Black Debtors 30,000 30,000 6,000 Provision ffor Doubtful Debts Leasehold White 66,000 1,000 Grey 1,43,600 1,43,600 All Assets (except Cash and Imwestments) were taken over by a company for $1,30,000. The Investments were sold at $22,600, Trade Creditors at $ 39,000. Realisation Expenses amounted to $ 6,000. Note : A bill was received from Mr. K worth $ 2,000, which was under discounit, mow as Mr. K has become insolvent, a dividend of 50% waS received from his estate. %3D Prepare Realisation Account, Partmers" Capital Account and Cash Accounit. %24

- Black, White and Grey were carrymng on a business and sharımg profits and losses in the ratio of 2:2:11. They dissolved their firm as on 31 December, 2014. Om that date their Balance Sheet was as follows: BALANCE SHEET as at 31.12.2014 Liabilities $ Assets Trade Creditors Reserve Fund 40,600 Cash 9,000 32,000 22,000 20,000 60,600 Spare Parts Investments 20,000 Imvestment Fluctuation Reserve 16,000 Capital Accoumits - Black Debtors 30,000 30,000 6,000 Provision ffor Doubtful Debts Leasehold White 66,000 1,000 Grey 1,43,600 1,43,600 All Assets (except Cash and Imwestments) were taken over by a company for $1,30,000. The Investments were sold at $22,600, Trade Creditors at $ 39,000. Realisation Expenses amounted to $ 6,000. Note : A bill was received from Mr. K worth $ 2,000, which was under discounit, mow as Mr. K has become insolvent, a dividend of 50% waS received from his estate. %3D Prepare Realisation Account, Partmers" Capital Account and Cash Accounit. %24

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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47 ABC Corporation has become insolvent and a statement of affairs is being prepared. The following data are given. Market value of assets pledged with fully secured creditors 150,000 Fully secured creditors 50,000 Market value of assets pledged with partly secured creditors 90,000 Partly secured creditors 150,000 Creditors with priority 46,000 Unsecured creditors 80,000 Free assets 76,000 How much is the estimated amount available?
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Balance Sheet of A, B and C, who are sharing profits and losses in the ratio of 2:2:1, was as follows on 31st March, 2015, the date of dissolution : BALANCE SHEET OF A, B AND C as on March 31,2015 Liabilities 2$ Assets $ 1,20,000 Cash 1,000 Sundry Creditors Bank Loan (with a charge on Stock) 50,000 Stock 60,000 Capitals : Other Assets 1,09,000 30,000 30,000 Goodwill 20,000 Capital : A B C 20,000 2,20,000 2,20,000 Stock realised $ 52,000 and other assets were sold for $ 90,000. Expenses on realisation amounted to $ 3,000. Assuming that all the partners are insolvent, prepare necessary ledger accounts to close the books of the firm.
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Complete the missing balance sheet entries for Travers & Co.'s balance sheets for the years ending 2004 and 2005 based on the following statements: < BUDE I В H I • Travers issued $30 million of new common stock. • Travers had net income available to common shareholders of $77 million during 2005. At the end of 2005, Travers paid out $61 million in common dividends. • Travers neither issued nor retired long-term debt during 2005. • In 2005, Travers had cash flows from operating activities of $147 million, cash flow from investing activities of -$80 million, and cash flow from financing activities of -$16 million. BALANCE SHEET (Millions of dollars) Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Yr 2 A 170 190 B $ 280 H Yr 1 $ 10 140 210 $360 $ 250 $ 610 Accounts payable Notes payable Accrued liabilities Total current liabilities Long-term debt Total liabilities Preferred stock Common stock Retained earnings Total common equity Total liabilities…
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S Man runs a small business, MANDLAS, from home. S Man does not keep proper accounting records. He needs to calculate the entity’s profit/loss and requests your assistance. You established the following: BALANCES AS AT 30 APRIL 2013 2012 R R Furniture at carrying value 22 950 25 500 Tools and equipment at carrying value 46 350 51 500 Inventory: Trading 10 500 15 200 Investment in shares - Solution Pty (Ltd) 25 000 - Bank (favourable) - 12 480 Bank (overdraft) 8 500 - Long-term loan 15 500 19 000 Creditors 9 520 9 520 Credit card 5 380 - 32 Days Notice Deposit 21 000 - Prepaid expenses 1 850 - Accrued income 2 430 - Income received in advance 3 800 5 000 Accrued expenses 1 600 - 1300 Additional information a) S Man withdrew R20 000 during the 2013 year for own use. b) During the 2013 financial year S Man deposited R30 000 from his personal bank account into the business bank account. c) The interest on the long-term loan for the 2013 financial…