Trial Balance of Zero Point Company as on 31st December 2004 is given belo Credit Debit 30,000 Particulars Particulars Opening Stock Sales 8,00,000 Purchase 5,50,000 Capital 4,50,000 Fuel, power Building 5000 Creditors 10000 2,00,000 Reserve Fund 20000 Salaries 10,000 Overdraft 20000 Machinery 2,00,000 1,00,000 Bank Loan 1,00,000 Debtors Commission Received 15000 Cash at Bank 25,000 20,000 Wages Carriage Outward 5000 Investment 2,00,000 Rent 15000 Stationery 20000 Goodwill 35000 Total 14,15,000 Total 14,15,000 Additional Information: a. Stock on 31st December 2004 was Rs 2 00 000 b. Depreciate machinery by 15% & building at 10% c. Wages outstanding Rs 3000 d. Prepaid salary Rs 5000. e. Additional bad debt Rs 5000. Required: a. Trading account b. Profit and loss account c. Balance sheet

Trial Balance of Zero Point Company as on 31st December 2004 is given belo Credit Debit 30,000 Particulars Particulars Opening Stock Sales 8,00,000 Purchase 5,50,000 Capital 4,50,000 Fuel, power Building 5000 Creditors 10000 2,00,000 Reserve Fund 20000 Salaries 10,000 Overdraft 20000 Machinery 2,00,000 1,00,000 Bank Loan 1,00,000 Debtors Commission Received 15000 Cash at Bank 25,000 20,000 Wages Carriage Outward 5000 Investment 2,00,000 Rent 15000 Stationery 20000 Goodwill 35000 Total 14,15,000 Total 14,15,000 Additional Information: a. Stock on 31st December 2004 was Rs 2 00 000 b. Depreciate machinery by 15% & building at 10% c. Wages outstanding Rs 3000 d. Prepaid salary Rs 5000. e. Additional bad debt Rs 5000. Required: a. Trading account b. Profit and loss account c. Balance sheet

Name: 15. Trial Balance of Zero Point Company as on 31st December 2004 is g
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: 15. Trial Balance of Zero Point Company as on 31st December 2004 is given below:ParticularsDebitParticularsSalesCreditOpening Stock30,0008,00,000Purchase5,50,000Capital4,50,000Fuel, powerBuilding5000Creditors100002,00,000Reserve Fund20000Salaries10,

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

40.The accounts below appear in the December 31, 2020 trial balance of Spartans Corporation: Authorized Share Capital P 5,000,000Unissued Share Capital 2,000,000Subscribed Share Capital 1,000,000Subscription Receivable-due 2018 400,000Property Dividends Payable 800,000Share Premium 500,000Retained Earnings-unappropriated 600,000Retained Earnings-appropriated 300,000Treasury Shares-at cost 100,000 In its December 31, 2020 Statement of Financial Position, what is the amount of Spartans total Shareholders’ Equity.
Particulars Amount Rs. Turnover 4,000,000 Purchases 2,750,000 Stock as at 1st April -2019 500,000 Other income 40,000 Administration Expenses 200,000 Selling and Distribution cost 160,000 Finance Cost 90,000 Other expenses 60,000 Share capital 1,500,000 Income tax 148,000 Reserves 618,000 Long term Bank Loan 800,000 Other long term loans 200,000 Creditors 300,000 Other short-term payables 1,200,000 Property, Plant and Equipments 1,750,000 Investment 250,000 Fixed Deposit 950,000 Debtors 1,000,000 Other receivables 600,000 Cash and bank balance 200,000 Additional Information Closing Stock as at 1st April 2020 - Rs. 250,000 Debt includes only long term liability (for the purpose of ratio Calculation) and Equity includes Share capital, Retained profit and Reserves. You are required to…
Give me answer the question
What would be the journal entry for the following statement when converting from modified accrual to accrual accounting? The City finished a new Admin building with a final cost of $8,500,000 on June 30, 2022. Construction in progress at the beginning of the fiscal year was $6,000,000.
Create T accounts for the following data Date Account name debit credit Jan 1 Cash 180000 Building 630000 Land 220000 Common stock 700000 Premium on issue of common stock 280000 Jan 1 Pre paid insurance 72000 cash 72000 Feb 1 cash 150000 3yr 4% note payable 150000 Mar 1 Cash 280000 Service revenue 280000 Jul 1 cash 485000 Discount on bond issued 15000 6% 5yr 500000 Dec 31 Interest on Bond expense 15000 cash 15000 Dec 31 Interest on note payable expense 29052 5yr 6% note payable 25000 cash 54052 Dec 31 Dividend 40000 Dividend payable 40000 Dec 31 Depreciation expense 21000 Accumulated Depreciation 21000 Dec 31 Insurance Expense 36000 prepaid insurance 36000
30.ABC Corp had the following information: Cash on hand and in bank, P2,500,000 Cash restricted for bonds payable due in 2 years, P1,000,000 Time certificate of deposit, P3,000,000 Savings deposit set aside for dividend payment in 2 years, P500,000 The total amount to be reported as cash and cash equivalent is; 3,000,000 5,500,000 6,500,000 7,000,000
Hoffman Paper Company, a profitable distributor of stationery and office supplies, has an agreement with its banks that allows Hoffman to borrow money on a short-term basis to finance its inventories and accounts receivable. The agreement states that Hoffman must maintain a current ratio of 1.5 or higher and a debt ratio of 50 percent or lower. Cash 2$ 55,000 Current liabilities $ 210,000 Accounts receivable 150,000 Long-term debt 300,000 Inventory 255,000 Stockholders' equity 630,000 Fixed assets (net) 680,000 Total liabilities and stockholders' equity $1,140,000 Total assets $1,140,000 Given the balance sheet provided above, determine how much additional money Hoffman could borrow at this time to invest in inventory and accounts receivable without violating the terms of its borrowing agreement. Round your answer to the nearest dollar. $
Consider the following balance sheet for Northern Highland Credit Union (NHCU) before answering parts (i) through (v). Assets ($ million) $ Liabilities ($ million) $ Cash 30 Overnight interbank borrowing (7.00%) 160 T-notes 2 month (7.05%) 60 2-year CD (5%) 20 T-notes 3 months (7.25%) 80 7 year fixed rate Subordinated debt (8.55%) 150 T-notes two-year (7.50%) 60 Equity 25 T-notes 10-year (8.96%) 100 Corporate bonds (>5 years to maturity) 25 Total assets 355 Total liabilities and Equity 355 What is the repricing (funding) gap over the 0-to-6 months maturity bucket?
The table below is the balance sheet for the Oilers Bank, which has a target reserve ratio of 5%. Liabilities/Equity Demand Deposits Shareholders' equity Assets $4,000 62,000 17,000 9,000 Reserves $72,000 20,000 Loans Securities Fixed assets Total 92,000 Total 92,000 a. The Oilers Bank is over-reserved v by $ b. The bank makes a loan equal to the excess reserves and the borrower writes a cheque (for the full amount of the loan) to another customer of the bank, who then deposits it. The new amount of excess reserves is $ c. Instead, the cheque written by the borrower is cleared against the Oilers Bank (the cheque was written to a customer of another bank). The amount of excess reserves held by the Oilers Bank is $ 14 of 40 Next > < Prev
Accounts payable $509,000Notes payable $244,000Current liabilities $753,000Long-term debt $1,246,000Common equity $4,751,000Total liabilities and equity $6,750,000 What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $1.4 million and finance it entirely with long-term debt, what would be the firm's new debt ratio?
Problem 1 LAKELAND Company has Sales of $2,250,000. The cost of goods sold for the year were 65% of Sales and Company's year-end balance sheets is shown below : Assets LAKELAND Company Balance Sheet 2021 Cash Accounts receivable Marketable securities Inventories Plant and Equipment Total Assets (100%)... $1,000,000 For the year ended December 31, 2021, assume all sales are on credit, and 360 days per year. Required to Compute the following Ratio: 5% 27% 8% 25% 35% Required: 1. Current ratio. 2. Quick ratio. 3. Debt-to-total assets ratio. 4. Assets turnover. 5. Inventory turnover. Liabilities and Stockholders' Equity Accounts payable Accrued taxes = 23% 8% 12% 12% 20% 25% Bond payable (long term) Common Stock Paid- in- Capital Retained Earning Total Liabilities and SOE (100%)... $1,000,000 Problem 2 Assume that you need to borrow $180,000 from local bank to invested on the department store and consider a 2 years loan with Semiannual payment with the interest rate 8% per year. a. What is…
Goods sent on consignment R760 000. Opening consignment stock R48 000. Cash sales R700 000. Consignor’s expenses R20 000. Consignee’s expenses R12 000. Commission R20 000. Closing consignment stock R300 000. The profit on consignment is________. Select one: a. R150 000 b. R140 000 c. R92 000 d. R456 000