ParagraphThe following is the trial balance of M/s Ngugi as on 31 March 2018,РarticnlarsDr.Cr.СаpitalCash in handCash at bankPurchaseReturm inwards71,0005402,63040,675680Returm outwardsSales50098,780WagesFuel and poweerOpening stockCreditorsDebtorsPremises10,4804,7305,7606,30014,50030,00010,00020,0007,50015,0002,0403,2003,0006005.245178.580LandMachineryPatentsSalariesCarriage inwardsCarriage outwardsSundry expensesInsuranceDrawingsAdditional information cvailable at 31" March 2018:178.580i)Closing stock Sh.5,800ii)Depreciate machinery and patents by 10% and 20% respectivelyiii)Salaries due for the month of March amounted to Sh.1,500iv)The insurance policy expired on 50 September 2018v)Provide 5% for doubtful debtsvi)Sh.2,000 spent on installation of a shed were included in wages accountRequired:a) Trading, Profit and Loss Account for the vear ended 31 March 2018b) The Balance Sheet as at 31 March 2018

Adjusting entries of 31.03.2018 : 1. Closing stock of Sh.5800 Closing stock of Sh.5800 is credited…

Paragraph The following is the trial balance of M/s Ngugi as on 31 March 2018; Particulars Dr. Cr. Саpital Cash in hand Cash at bank Purchase Retum inwards 71,000 540 2,630 40,675 680 Retum outwards 500 98,780 Sales Wages Fuel and 10,480 4,730 5,760 power Opening stock Creditors Debtors 6,300 14,500 30,000 10,000 20,000 7,500 15,000 2,040 3,200 3,000 600 5.245 178.580 Additional information available at 31 March 2018: Premises Land Machinery Patents Salaries Carriage inwards Carriage outwards Sundry expenses Insurance Drawings 178.580 i) Closing stock Sh.5,800 ii) Depreciate machinery and patents by 10% and 20% respectively iii) Salaries due for the month of March amounted to Sh.1,500 iv) The insurance policy expired on 30 September 2018 v) Provide 5% for doubtful debts vi) Sh.2,000 spent on installation of a shed were included in wages account Required: a) Trading, Profit and Loss Account for the year ended 31 March 2018 b) The Balance Sheet as at 31 March 2018

Paragraph The following is the trial balance of M/s Ngugi as on 31 March 2018; Particulars Dr. Cr. Саpital Cash in hand Cash at bank Purchase Retum inwards 71,000 540 2,630 40,675 680 Retum outwards 500 98,780 Sales Wages Fuel and 10,480 4,730 5,760 power Opening stock Creditors Debtors 6,300 14,500 30,000 10,000 20,000 7,500 15,000 2,040 3,200 3,000 600 5.245 178.580 Additional information available at 31 March 2018: Premises Land Machinery Patents Salaries Carriage inwards Carriage outwards Sundry expenses Insurance Drawings 178.580 i) Closing stock Sh.5,800 ii) Depreciate machinery and patents by 10% and 20% respectively iii) Salaries due for the month of March amounted to Sh.1,500 iv) The insurance policy expired on 30 September 2018 v) Provide 5% for doubtful debts vi) Sh.2,000 spent on installation of a shed were included in wages account Required: a) Trading, Profit and Loss Account for the year ended 31 March 2018 b) The Balance Sheet as at 31 March 2018

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections to the accounts receivable subsidiary ledger. 15. Received cash from Pinecrest Co. for the balance owed on April 1. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. 22. Issued Invoice No. 797 to Mendez Co., $7,470. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account. (Continued)
From the following list of balances extract from Vivian Trading's book as at 31 Маy RM RM Cash in hand Cash at bank Сapital Drawings 400 Trade payables 6,800 | Sales 18,000 Purchases 300 Returns Outwards 8,500 Wages 2,100 Rent & rates 5.425 12,400 9.400 275 Motor vehicles Trade receivables 5,000 3,600 1)Prepare Trial balance
The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…
The following bank reconciliation is presented for HRCA Company for the month of November 2020: Balance per bank statement, Nov 30 P 3,600,000 Add: Deposit in transit 800,000 4,400,000 Less: Outstanding checks P 1,200,000 Bank credit recorded in error 200,000 1,400.000 Balance per book statement, Nov 30 P 3,000,000 Data per bank statement for the month of December follow: December deposits (includes note collected of P1,000,000 for Char) 5,500,000 December disbursements (including NSF, P350,000 and service charge, P50,000) 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the amount of cash disbursements per book in December?
Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. January 20 Pay cash for salaries, $33,100. January 22 Receive cash on accounts receivable,…
An entity provided the following data on December 31, 2020: Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00 What amount should be reported as cash and cash equivalents on December 31, 2020?
Restricted foreign bank account (equivalent to pesos_ IOU from eldest brother of Jonathan Fabian, the company controller Listed stocks held as temporary investments Payroll account Petty Cash fund (net of expense receipts pf P 6,000) 1,000,000 10,000 15,000 500,000 4,000 Additional information: 1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailed to suppliers on January 5, 2021. 2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailed on December 31, 2020. 3. Check of P 50,000 dated January 15, 2020 in payment of accounts payable was recorded and mailed on January 15, 2020. As of the reporting period, the same has not been encashed by the payee and still outstanding. 16. How much cash and cash equivalents should Amsterdam Corporation report on the December 31, 2020 statement of financial position?
Create T accounts for the following data Date Account name debit credit Jan 1 Cash 180000 Building 630000 Land 220000 Common stock 700000 Premium on issue of common stock 280000 Jan 1 Pre paid insurance 72000 cash 72000 Feb 1 cash 150000 3yr 4% note payable 150000 Mar 1 Cash 280000 Service revenue 280000 Jul 1 cash 485000 Discount on bond issued 15000 6% 5yr 500000 Dec 31 Interest on Bond expense 15000 cash 15000 Dec 31 Interest on note payable expense 29052 5yr 6% note payable 25000 cash 54052 Dec 31 Dividend 40000 Dividend payable 40000 Dec 31 Depreciation expense 21000 Accumulated Depreciation 21000 Dec 31 Insurance Expense 36000 prepaid insurance 36000
Please help with the following question Q3: Shafer Company has the following accounts in its general ledger atJuly 31: Accounts Receivable $49,000 and Allowance for Doubtful Accounts $3,400. During August, the following transactions occurred. Aug.15Sold $30,000 of accounts receivable to More Factors, Inc. who assesses a 2% finance charge. 25Made sales of $2,500 on Visa credit cards. The credit card service charge is 3%. 28Made sales of $4,000 on Shafer credit cards. Instructions (a)Journalize the transactions. (b)Indicate the statement presentation of service charges. BR,
Which account are cash receipts are recorded into as a debit entry by default? A Undeposited Funds B Bank Chequing C Funds for Deposit D Cash in Bank Which form should be used to record credit card purchases? A Enter Purchase Orders B Enter Bills C Enter Credit Card Charges D Credit Card Purchases What is the default aging interval for customer accounts? A 60 days B 180 days C 90 days D 30 days
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…