Profit an Loss Account on 1.4.2016 (e)AIssued Capital (Equity shares of? 100 each)SUWing Trial balance of Citizen Bank Ltd. as on 31st March, 2017:515 Interest paid on Deposits and borrowingsS Loss on sale of Investment(Dr.(Cr.)1,50,000SIG Provident fund ContributionSIG Director's FeesSIL Stationery, Printing and Advertisements16 Auditor's feesGeneral ExpensesCommission, Exchange and brokerage14 Profit on sale of Gold48,50012,6009.2005,5005,6001,2002,70049,40035,900Loan from other Banks S2,20,00020,000Term Loan $980,000Statutory Reserve )Rebate on Bls Discounted (1.4.2016))20,0003,80,000Demand, loans and cash credits 960,000Bank Premises SID (NON)Kerala Govt, Bonds 5880,0004,20,0005,85.00015,000Government of India Securities $8Current Accounts $525,000Income from Investments70,000Money at call and short notice 5t Bills discounted $1Shares of other companies S873,0001,17,000Cash in hand and with Reserve Bank of India S61,10,000Cash at Banks $73,00,000Advance Income tax $1 other Assels Gepdid)916 Salaries and allowances9,00073,5002Interest and Discount1,70,000SI6interim Dividend paid7,500Deposits and Savings Bank Accounts $34,55,000Bills for collection s2,00,0002,00,000Acceptances and Endorsements o/ -$121,50,0001,50,00021 55 300 21 55 300Additional information:(i)The bills discounted mature at an average date May 20th, (including days of grace).All bills are discounted at 10% p.a.(ii) Claims against the Bank not acknowledged as Debts 2,00,000.(iii)Provide 5% depreciation on cost of premises.Balance on Provision forDepreciation is 30,000.(iv)Provision for taxation for current year is 13,000.(v)Interest accrued on Investments 750.(vi)Details of Advances are as under:Amount () Security(Value as on 31.3.2017)73,000 Secured by Gold.1,70,000 Government Securities 1,80,50070,000 Guaranteed by Directors.10,000 Shares in Textiles 6,000 - Unsecured 4001,75,000 Bank Guarantee.50,000 Gold value of 85,00040,000 Debenture of a Company value of security 46,000.5 88 000(vii)Assume that all Advances are Standard Assets.(viii) The Balance in Current Account is after adjusting overdrafts 1,15,000:You are required to prepare Profit and Loss account for the year ended 31st March,2011 and Balance Sheet of the Bank as at that date.: 356 :

Banking companies Profit and loss account of banking companies should be prepared as per the…

Answered: Profit an Loss Account on 1.4.2016 () S…

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

और अधिशेष : अधिशेष (लाभ और हानि के विवरण में संतुलन) Liabilities Share capital Profite and Loss Alc General Reserves 12% Debentures Sundry creditors Bills Payable 6. The following is the Balance sheet of a company as on 31st March: 3101-06/8060 40,000 4,20,000 1,00,000 2015 (Rs.) Assets 2,00,000 Land and Building 30,000 Plant Machinary 50,000 8,40,000 1,32,000 ( 15 ) Stocks Sundry Debtors (5.) 2014 Bills Receivable Cash at Bank 24,000 (Rs.) 140,000 3,50,000 200,000 1,00,000 10,000 40,000 8,40,000 [P.T.O.]
why are these wrong
Category Prior Year Current Year Accounts payable ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,516.41 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,946.66 Interest expense 40,500 41,874.31 Inventories 279,000 288,000 Long-term debt 336,467.85 401,942.46 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,499.58 Retained earnings 306,000 342,000 Sales 639,000 854,554.01 Taxes 24,750 48,384.56 ??? What is the current year's return on equity (ROE)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign re rounded to 4 decimal places (ex: 0.0924))
#1 O Category. Prior Year Current Year Accounts payable 3,134.00 5,904.00 Accounts receivable 6,978.00 8,907.00 Accruals 5,624.00 6,194.00 Additional paid in capital 20,362.00 13,212.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,484.00 18,100.00 Current portion long-term debt 500 500 Depreciation expense 1,003.00 1,011.00 Interest expense 1,257.00 1,156.00 Inventories 3,097.00 6,657.00 Long-term debt 16,532.00 22,027.00 Net fixed assets 75,252.00 74,022.00 Notes payable 4,045.00 6,536.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,789.00 34,684.00 Sales 46,360 45,408.00 Тахes 350 920 What is the firm's cash flow from financing? Submit Answer format: Number: Round to: 0 decimal places.
US Kiumel, finamclal Accounting, Se Hele I Syotem Aenouncements CALLAT Briel Exercise 8-11 he 20117 financial staternents of 3M Company report net sales of $25.3 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.24 billion at the cde Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usec
Solar Electric Inc. Balance Sheet 32 Marks ACB As at December 31, 2023 Account Title Debit Credit Assets Current Assets Cash 100,649 Accounts Receivable 35,860 Interest Rceivable 9,113 Prepaid Insurance 7,370 Short-Term Investment- Citi Inc 237,000 Short-Term Investment- Bonds 135,000 Inventory 90,640 Valuation Allowance for Fair Value Adjustment 50,700 Total Current Assets 666,332 Non-current Assets Investment in HSBC Inc. Common Shares 503,840 Long-Term Investment- Bond 145,000 Property, Plant & Equipment 280,000 Accumulated Depreciation 86,000 Total Non-Current Assets 842,840 Total Assets 1,509,172 Liabilities Current Liabilities Accounts Payable 212,400 Interest Payable 31,167 Unearned Revenue 21,000 Total Current Liabilities 264,567 Long-Term Liabilities Bonds Payable 340,000 Discount on Bonds Payable 15,741 Bank Loan 225,000 Total-Long Term Liabilities 549,259 Total Liabilities 813,826 Shareholders Equity Common Shares 362,000 Preferred Shares 80,000 Retained Earnings 348,385…
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,139.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,349.00 Interest expense 40,500 41,741.00 Inventories 279,000 288,000 Long-term debt 337,728.00 398,725.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,280.00 Retained earnings 306,000 342,000 Sales 639,000 847,106.00 Taxes 24,750 48,618.00 What is the current year's return on assets (ROA)? (Round to 4 decimal places.)
Based on the following information,. Purchase of investments $ 434 Dividends paid 278 Interest paid 69 Additional borrowing from bank 565 The cash flows from financing activities under GAAP would $______
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,571.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,035.00 Interest expense 40,500 42,155.00 Inventories 279,000 288,000 Long-term debt 339,577.00 401,377.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,171.00 Retained earnings 306,000 342,000 Sales 639,000 849,094.00 Taxes 24,750 47,192.00 What is the current year's entry for long-term debt on a common-sized balance sheet? (ROUND TO 4 DECIMAL PLACES.)
n.com AliExpress Lazada a Agoda.com Open with Google Docs - Intermediate Accounting 1.docx C PI8,000 d. P24,800 For Nos. 28-30 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these accounts. On December 15, 2020, the entity assigned the remalnder of the accounts receivable, P5,000,000 as of that date, as collateral on a P2,500,000, 12% annual interest rate loan. The entity received P2,500,000 less a 2% finance charge. None of the assigned accounts has been collected by the end of the year. Allowance for bad debts before adjustment, 12/31/2020 Estimated uncollectible, 12/31/2020 Accounts receivable not indluding factored and assigned accounts Accounts recelvable - assigned Accounts receivable- factored 100,000 10% of accounts receivable 1,000,000 5,000,000 1,500,000 28. What Is the total amount of cash recelved from the financing of accounts recelvable during the year? a. P1,390,000 b. P3,890,000 P3,540,000 d.…
Current assest current liab with SOLUTIONS PLEASE. THANK YOU!
Ordinary share dividends (interim) 32 000 Repairs 58 320 4 996 000 4 996 000 Additional information 1. The provision for bad debts must be increased by R3 680. 2. Trading inventory according to stocktaking on 30 June 2020 amounted to R192 000. 3. Capital repayments totalling R48 000 are payable on the unsecured loan from Box Bank in the next financial уear. 4. Depreciation must be provided for as follows: a. On vehicles at 20% on cost b. On equipment at 28% on cost 5. A dividend of 20% of the investment value has been declared by Vac (Pty) Ltd. The dividend has not yet been received. 6. The authorised share capital consists of 500 000 ordinary shares. 7. Note: On 01 July 2019, the company increased the ordinary share capital by issuing 100 000 shares at R2 each. 8. A non-distributable asset replacement reserve of R200 000 must be created. 9. Debentures consist of 20 000 13% debentures of R20 each, issued on 01 July 2019 and redeemable on 30 June 2024. The debentures are secured by a…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS