Net assets fir celine, sole trader on 1 jan 2xx2 amounted to 128000. During the year to 31 december 2xx2 celebe introduced a further 50,000 of capital and made drawings of 48,000. At 31 december 2xx2 celebe net assets totalled 184000 What is celine total profit/ loss at year end 31 dec 2xx2

Net assets fir celine, sole trader on 1 jan 2xx2 amounted to 128000. During the year to 31 december 2xx2 celebe introduced a further 50,000 of capital and made drawings of 48,000. At 31 december 2xx2 celebe net assets totalled 184000 What is celine total profit/ loss at year end 31 dec 2xx2

Name: Net assets fir celine, sole trader on 1 jan 2xx2 amounted to 128000.
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Description: Net assets fir celine, sole trader on 1 jan 2xx2 amounted to 128000. During the year to 31 december 2xx2celebe introduced a further 50,000 of capital and made drawings of 48,000. At 31 december 2xx2 celebenet assets totalled 184000 What is celine to

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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Particulars Amount Rs. Turnover 4,000,000 Purchases 2,750,000 Stock as at 1st April -2019 500,000 Other income 40,000 Administration Expenses 200,000 Selling and Distribution cost 160,000 Finance Cost 90,000 Other expenses 60,000 Share capital 1,500,000 Income tax 148,000 Reserves 618,000 Long term Bank Loan 800,000 Other long term loans 200,000 Creditors 300,000 Other short-term payables 1,200,000 Property, Plant and Equipments 1,750,000 Investment 250,000 Fixed Deposit 950,000 Debtors 1,000,000 Other receivables 600,000 Cash and bank balance 200,000 Additional Information Closing Stock as at 1st April 2020 - Rs. 250,000 Debt includes only long term liability (for the purpose of ratio Calculation) and Equity includes Share capital, Retained profit and Reserves. You are required to…
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QUESTION 2 Presented below are the comparative December 31 financial statements for Dubai Industries, Inc. (in S Milions). Prepare a statement of cash flores for December 31, Year 2 using the indirect method. Dubai tnduitries, Ine Balance Sheets A December 31, Vear 2 and Year 1 Year 1 $28.094 Year2 Cash $96.719 Accounts Recelvable 100.000 85,313 Inventory 206.250 181,250 Prepaid insurance Land, Buildings, and 18TS 2,500 Equipment Accumulated 1.362.500 1,406.250 Depreciation (762.500) (715.000) Investments 19375 106250 1.224 219 31.05 24 Total Assets Accounts Payable 195.425 Salartes Payable 25,000 30,625
The capital accounts and profit and loss ratio of A and B are shown below: Capital Profit and Loss ratio P 60,000 40,000 P 100,000 50% 50% 100% A в Give the journal entries under the following cases: 1. C purchases one-half interest of A for P35,000. 2. B sells one-fourth of his interest to C for P12,000. 3. C purchases one-half interest of both A and B for P55,000 (use two methods) 4. C invests P20,000 for a one-sixth interest in the new firm. The agreeed new capital is p120,000. 5. C invests P40,000 for a one-fourth interest in the new firm. 6. C invests P35,000 for a one-fourth interest in the new firm with agreed capitalization of *135,000. 7. Cinvests P35,000 for a one-fourth interest in the firm. The agreed new capital is P140,000. After the admission of C, the capital con- tributions must be made equal to the new profit and loss ratio. 8. Cinvests P40,000 for a one-third interest in the firm with a total new capital of P150,000.
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A-6
Rolstone Corp issued $200,000, 8% debenture, 5 Yr bonds on Jan. 1, Interest payment dates are Jan 1 and July 1. The bonds are sold for 217,062 on Jan 1. Market rate is 6%. Prepare journal entries for the following. a. Sale on Jan 1 b. July1 entry Jan 1 entry. Yr 2 c. Oct 1 entry Yr 1 - End of Fiscal Year July 1 entry. Yr 2. Please answer compelete
Subject: accounting
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Journalize the entries to record the following selected transactions of Oliver Co: a. purchased $100,000 of Kruse Co. 8% bonds at par value plus accrued interest of $2,000 b. Received first semiannual interest plus accrued interest of $1,500
DeSermovil8j8jhia898nvne 1h7r/k9volu7gkh91ogf771 f041cqa0sh615k/1612079475000/drive/1718964359 80% 1 / 4 1. The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown below. Statement of Financial Position as 31 December 2020 2019 RM RM RM RM Non Current Asset Land and premises (cost RM52,000) Plant and machinery: (Cost RM19,000) (Cost RM25,000) 44,000 40,000 14,250 19,600 59,600 58,250 Current Asset Inventory Trade account receivable 6,600 17,800 6,300 12,600 7,100 Bank 24.400 82,650 26.000 85,600 FINANCED BY: Capital account: Balance at 1 January Add: Net Profit for the year 42,000 18.000 47,000 22,000 60,000 (13,000) 47,000 69,000 (15,000) 54,000 Less:Drawing Current Liabilities Trade account payable Bank overdraft 22,000 13,650 11,600 35,650 11,600 Non Current Liabilities Loan(repayable December 2022) 20.000 85.600 82.650 Required: Prepare statement of cash flow for Fateh Enterprise for the year ended 31 December 2020. Prepared by:…