STATEMENT OF CHANGES IN EQUITY (SCE)A. The capitaf, withdrawaf and income summary accounts for NUA Travel Agency are shown in T-account from below. The closing entries have been recorded for the year ended December 31,2015.NUA, CapitalDecember 31,P420,000.00Jan. 1P360,000.00Mar 9280,000.00Dec. 31430,000.00NUA, DrawingsMar 31P 90,000.00Dec 31P 420,000.00June 3070,000.00Sept3090,000.00Dec 31170,000.00Income SummaryDec 31P 850,000.00Dec. 31P 1,280,000.00Dec 31430,000.00Requirement: Prepare a statement of changes in equityB. Compute the owner's equity for Norman Gonzales on December 31, 2014 based on the followingdata:Norman Gonzales, Capital January 1, 2014Norman Gonzales, Drawings for 2014Norman Gonzales, Additional Investment 2014P 450,000.00120,000.0080,000.00Net Income 201490,000.00C. Prepare a statement of equity for Darwin Enterprises.Darwin EnterprisesDecember 31, 2016Dr.Cr.P 3,000,000.00Darwin, Capital500,000.00Darwin Additional InvestmentP 600,000.00Darwin, Drawing200,000.00Net IncomePage 17

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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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Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentioned
The following trial balance relates to Queenie as at 30 September 2019: RM'000RM'000 Revenue (note (i)) 312,890 Cost of sales 148,900 Distribution costs 42,125 Administrative expenses (note (ii))34,680 Loan note interest and dividend paid (notes (ii) and (iii)) 19,500 Investment income3200 Equity shares of 25 cents each 50,000 5% loan note (note (ii)) 30,000 Retained earnings at 1 October 20187,300 Plant and equipment at cost (note (iv)) 90,000 Accumulated depreciation at 1 October 2018: plant and equipment 32,400 Equity financial asset investments (note (v))40,000 Inventory at 30 September 201930,040 Trade receivables 42,900 Bank10,845 Current tax (note (vi)) 1,100 Deferred tax (note (vi)) 900 Trade payables23,400 460090460090 The following notes are relevant: (i) On 1 October 2018, Queenie sold one of its products for RM12 million (included in revenue in the trial balance). As part of the sale agreement, Queenie is committed to the ongoing servicing of this product until 30…
Comment on the following ratios that have been calculated for Mersat Limited. Provide two significant comments for each. Ratio 2019 2018 4.2.1 Return on assets 23.15% 20.25% 4.2.2 Creditors payment period 68.32 days 59.56 days 4.2.3 Acid test ratio 2.36:1 0.87:1
Refer to the statements for Google. For the year ended December 31, 2017, what was its debt-to-equity ratio? What does this ratio tell us?
4. PG Merchandising, a general partnership earned a net profit of P98,000 for the calendar year 2020. The capital account of the partners for the year ended December 31, 2020 is shown below: Pinto Capital (Mar 1) P25,000 (Jan 1) P150,000 (Nov 1) P37,000 (Jul 1) 50,000 (Oct 1) 50,000
Im the context of Imfilation Accountimg System adjust the ffollowing Statement of Pudfit und LOES and Balance Sheet under the "Current Purchasing Power' (or CPP) method tto ascertain fhe changes in Net Profit and Reserve. STATEMENT OF PROFIT AND LOSS ffor the year ended 31st December, 2015 $ ('000) 500 Sales 80 Opening Stock Purchases 420 500 70 430 Less : Closing Stock 70 Gross Profit Depreciation (buildings) Admünüstration 25 30 40 Net Profit BALANCE SHEET as at 31st December, 2015 $ ('O00) Share Capital 200 Reserve 200 400 Land 140 200 Building Less : Depreciation 45 155 Stock Debtors 70 40 Cash 30 140 Less : Creditors 35 105 400 Following data are given : (1) Closing stock was acquired during last quarter of 2015 and opening stock during the last quarter of 2014. (2) The land and buildings were acquired and the capital issued during 1992. The buildings are depreciated straight lime over 40 years. ((3) The relevant retail price indices are (@) 2007 average (b) 2014 last quarter…
Particulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15 Calculate the debt-equity ratio & comment
Please fill-In this Statement of changes in Equity chart with the a. through u. information as given below. Note that the Common Stock should equal 5,000 the Retained Earnings must Equal 1,617 and total equity should be 6,617 please answer complete and correct with steps and with full working answer in text

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