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- On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in…Lenvil Miller owed $2,501.61 to the Star Bank of Cincinnati. Star Bank referred collection of Miller’s account to Payco-General American Credits, Inc. (Payco), a debt collection agency. Payco sent Miller a collection form. Across the top of the form was the caption “DEMAND FOR PAYMENT” in large, red, boldface type. The middle of the page stated “THIS IS A DEMAND FOR IMMEDIATE FULL PAYMENT OF YOUR DEBT,” also in large, red, boldface type. That statement was followed in bold by “YOUR SERIOUSLY PAST DUE ACCOUNT HAS BEEN GIVEN TO US FOR IMMEDIATE ACTION. YOU HAVE HAD AMPLE TIME TO PAY YOUR DEBT, BUT YOU HAVE NOT. IF THERE IS A VALID REASON, PHONE US AT [ ... ] TODAY. IF NOT, PAY US—NOW.” The word “NOW” covered the bottom third of the form. At the very bottom in the smallest type to appear on the form was the statement, “NOTICE: SEE REVERSE SIDE FOR IMPORTANT INFORMATION.” The notice was printed in white against a red background. On the reverse side were four paragraphs in gray ink. The…Kristian purchased a new home for $200,000. He put down $50,000 in cash and took out a mortgage for the rest. At the time of closing, he also paid $1,000 for title insurance, $500 in recording fees, and the bank required that he place $2,500 in an escrow account for property taxes. What is the basis of the home?
- 22 )rented out a house at a monthly rent of Rs. 20,000. During the year incurred following expenses in respect of the house: Repair of house Rs. 15,000 Insurance premium 10,000 Property tax Rs. 6,000 Interest on loan from HBFC Rs. 12,000 Legal expenses Rs. 2,000 Required: Compute the amount that is chargeable to tax under the head "Income from PropertyOn January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.
- Debbie Dean issued a check to Betty Brown payable to the order of Cathy Cain and Betty Brown. Betty indorsed the check, “Payable to Elizabeth East, (signed) Betty Brown.” What rights, if any, does Elizabeth acquire in the check?Muriel Evan write the following note on the back of an envelope: "I, Murierl Evans, promis to pay Karen Marvins or bearer $100 on demand. " Is this a negottiable instrument? Discuss why or why not.am. 120.
- A. Amina Importers Sdn. Bhd. is involved with importation of canned products and general trading. The Statement of Financial Position prepared by the accounts clerk is as follows: Amina Importers Sdn. Bhd. Statement of Financial Position as at 31 December 2020 RM RM RM Cost Accumulated Net Book Depreciation Value Non-current assets Premises 500,000 (100,000) 400,000 Fixtures and fittings 300,000 (50,000) (50,000) 250,000 Motor vehicles 192,000 142,000 792,000 Current Assets Inventory 200,000 160,000 Accounts receivables Bank 130,000 490,000 1,282,000 Owner's Equity Сapital 800,000 Add: Net profit 123,000 Less: Drawings |(21,000) 902,000 Non-current Liabilities Loan from Progressive Bank Berhad 278,000 Current Liabilities Accounts payable Accrued expenses 82,000 20,000 102,000 1,282,00058 )
