he ist machinefor Rs.38,500 and on the same date purchased a newmachinery for Rs.50,000. Depreciation is provided @ 20% p.a. on cost each year. Accounts are closedeach year on 31" March.Show the Machinery account for three years.0.5P Ltd. made a profit of Rs.5,00,000 after considering the following items:I. Preliminary expenses written offII. Depreciation on fixed assetsIII. Loss on sale of MachineryIV. Provision for doubtful debtsRs5,00050,00020,00010,0007,500V. Gain on Sale of LandThe following is the position of current assets & current liabilities:Particulars2017 (Rs.)52,00015,0002,00040,00019,00034,0002018 (Rs.)78,00012,0003,00051,00012,00020,000DebtorsBills ReceivablePrepaid ExpensesCreditorsBills PayableExpenses PayableCalculate Cash flow from Operating activities.Q.6 Calculate the current ratio and quick ratio from the following particulars and also give yourcomments about the sanme:Rs.4,000Cash

Q.5 P Ltd.'s Profit = Rs.500000 These profit is made after considering the following items : I.…

Q.5 P Ltd. made a profit of Rs.5,00,000 after considering the following items: Rs I. Preliminary expenses written off II. Depreciation on fixed assets III. Loss on sale of Machinery IV. Provision for doubtful debts V. Gain on Sale of Land 5,000 50,000 20,000 10,000 7,500 The following is the position of current assets & current liabilities: Particulars 2017 (Rs.) 52,000 15,000 2,000 40,000 2018 (Rs.) 78,000 12,000 3,000 51,000 12,000 20,000 Debtors Bills Receivable Prepaid Expenses Creditors Bills Payable Expenses Payable 19,000 34,000 Caleulate Cash flow from Operating activities.

Q.5 P Ltd. made a profit of Rs.5,00,000 after considering the following items: Rs I. Preliminary expenses written off II. Depreciation on fixed assets III. Loss on sale of Machinery IV. Provision for doubtful debts V. Gain on Sale of Land 5,000 50,000 20,000 10,000 7,500 The following is the position of current assets & current liabilities: Particulars 2017 (Rs.) 52,000 15,000 2,000 40,000 2018 (Rs.) 78,000 12,000 3,000 51,000 12,000 20,000 Debtors Bills Receivable Prepaid Expenses Creditors Bills Payable Expenses Payable 19,000 34,000 Caleulate Cash flow from Operating activities.

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

David’s business makes an operating profit of £29 975 in the year ended 31 December 2019, after deducting £7668 for depreciation. On 31 December 2019, her statement of financial position showed inventory of £33 250, receivables and prepayments of £26 772 and payables of £35 556. On 31 December 2018, the corresponding figures were inventory £34 490, receivables and prepayments £22 894 and payables £29 493. What is the net cash inflow from operating activities to be included in David's statement of cashflow for the year ended 31 December 2019. a. £34,218 b. £33,400 c. £41,068 d. £38,588
Pax Limited showed the following assets and liabilities in its financial statements at 31 December 2018. DETAILS CARRYING AMOUNT FAIR VALUE PPE 10,000,000 14,000,000 Inventory 4,200,000 4,400,000 Long Term Loans (3,500,000) (3,500,000) Account Payable (2,500,000) (2,500,000) 8,200,000 12,400,000 The current market rate for similar transactions is 8.5% per annum. Chelsea Limited planned to acquire all the assets and liabilities of Pax Limited on 1 July 2018 and agreed to pay R13,400,000 in cash on 1 July 2019 in full settlement of the acquisition. Required: Calculate the purchase consideration. Calculate the goodwill or bargain purchase for this transaction. Prepare the journal entries required in the books of Chelsea Limited relating to this transaction.
Based on the depositors rate of return as the following tableDeposit TypesRate of return6 months & less6%9 months & less3%12 months & less5%More than 12 months4%determine the profit attributable to the ( A ) depositor who invested OR 44500 from 1st. January 2018 to 15 August 2019
ACE Limited has the following results for the 15 months to 31 December 2021: £ Adjusted trading profit, before deduction of capital allowances 1,500,000 Capital allowances claimed: Year to 30 September 2021 312,650 3 months to 31 Dec 2021 40,210 Capital gains/loss Disposal 12 May 2021 (Gain) 15,586 Disposal 6 October 2021 (loss) (12,692) Building society interest: Received 31 December 2020 3,500 Received 31 December 2021 4,000 UK dividend received on 25 November 2021 10,000 Accrued building society interest was £2,000 on 30 September 2020, £4,000 on 30 September 2021 and £2,000 on 31 December 2021. Required: Compute the company’s total corporation tax liability for the 15-month period.
P. P. Bank loan payable-current portion P. 26,000 21,000 P. P. P. Bank loan payable-non-current portion 382,000 217,000 P. Common shares P. 196,000 89,000 Retained earnings 41,000 26,000 P. P. P. Total liabilities and shareholders' equity $695,000 $396.000 P. P. P. P. Additional information regarding 2021: P. P. 1. Net income was $52,000. P. P. P. 2. A gain of $9,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. A gain on the disposal of $39,000 was recorded when an old building was sold for $57,000 cash. A new building was purchased for $367.000 and depreciation expense on buildings for the year was $60,000. 3. P. P. P. P. Equipment costing $68.000 was purchased while a loss of $9,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $11,000. 4. 5. The company took out $205,000 of new bank loans during the year. 6. Dividends were declared and paid and no…
Max, Inc. reported net income of $80,000 for the year ended December 31, 2021. Included in net income were depreciation expense of $10,800 and a gain on sale of equipment of $2,400. The equipment had an historical cost of $70,000 and accumulated depreciation of $55,000. Each of the following accounts increased during 2021: Land $15,000 Prepaid rent $18,600 Bonds payable $20,000 Accounts Receivable $10,000 What is the amount of cash provided by or used by investing activities for Max, Inc. for the year ended December 31, 2021?
Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
Statement of Profit and Loss and Other Comprehensive Income for the years ended 31 December 2024 2023 R'000 R'000 Turnover 1287052 934052 Operating Profit 137342 81768 Net Finance Cost 39264 20862 Operating Profit before taxation 98078 60906 Income tax expense 7027 3048 Profit for the Year 91051 57858 3502 2237 Operating profit includes Depreciation and loss on sale of fixed asset 5/12 Required: a) Prepare the cash flows from operating activities for the company for 2024 using the available information (10 Marks) b) Perform a financial review of the company based on calculating the following financial ratios and explain how it may be interpreted. Debt equity ratio Times interest earned Current ratio Debtors average collection period Inventory turnover Your answer should include an overall assessment of the company (25 Marks) c) List the audit steps to verify the existence of inventory (10 Marks)
Summer Inc has machine with a carrying value of 450,000 on December 31, 2021. The following information was available on December 31, 2021: · Expected net cash flows (undiscounted)- P420,000 · Expected net cash flows discounted at 7%- P400,000 · Fair value, using the assets with other assets- P415,000 · Fair value, assuming the assets are sold stand-alone- P428,000 What is the impairment loss that SUmmer Inc must report in its 2021 income statement for this machine?
($n millions) Net soles Cost of goods sold Depreciation Earnings before interest and taxes Interest paidl Taxable incone 7,010 470 $1,320 165 $1,214 425 Taxes Net. incone $789 windswept, Inc. 2016 and 2017 Balance sheets, ($ in nillions) 2016 2017 2016 2017 Cash Accounts re. Inventory Total Net fixed 33sets Accounts payable Long-tera debt, Conmon stock Retained earnings $240 S 270 $1,410 $1,410 1,110 1,318 1,820 920 1,848 1,710 3,368 3,280 658 3,430 4,008 Total assets $6,530 S6,9 Total 11ab. & equity $6,530$6.988
aa.4
Baldwin, Inc. had net sales of $52,200,000 for the year ended May 31, 2024. Its beginning and ending total assets were $55,200,000 and $88,800,000, respectively. Determine Baldwin's asset turnover ratio for year ended May 31, 2024. (Round the asset turnover ratio to two decimal places, X.XX.) Asset turnover ratio C