In the draft accounts for the year ended 31 October 2019 of Thomas P Lee, garage proprietor, the balancEat bank according to the cash book was TZS 894.68 in hand.Subsequently the following discoveries were made:1) Chegue number 176276 dated 3 September 2019 for TZS 310.84 in favour of GLowe Limited hasbeen correctly recorded in the bank statement, but included in the cash book payments as TZS301.84.2) Bank commission charged of TZS 169.56 and bank interest charged of T2S 109.10 have beenentered in the bank statement on 23 October 2019, but not included in the cash book.3) The recently received bank statement shows that a cheque for TZS 29.31 received from TAndrewsand credited in the bank statements on 9 October 20X9 has now been dishonored and debited inthe bank statement on 26 October 2019. The only entry in the cash book for this chegue recordsits receipt on 8 October 20X9.4) Cheque number 177145 for TZS 15.10 has been recorded twice as a credit in the cash book5) Amounts received in the last few days of October 2019 totaling TZS 1,895.60 and recorded in thecash book have not been included in the bank statements until 2 November 2019.6) Cheques paid according to the cash book during October 2019 and totaling TZs 395.80 were notpresented for payment to the bank until November 2019.7) Traders' credits totaling TZS 210.10 have been credited in the bank statement on 26 October20X9, but not yet recorded in the cash book.8) A standing order payment of TZS 15.00 on 17 October 2019 to Countryside Publications has beenrecorded in the bank statement but is not mentioned in the cash book.Required:a) Prepare a computation of the balance at bank to be includedThomas P Lee's balancesheet as at 31 October 2019.b) Prepare a bank reconciliation statement as at 31 October 20X9 for Thomas P Lee.

Balance at bank refers to the amount which a firm or person has in the bank. A firm deposits cash in…

TZS 169.56 and bank interest charged of T25 109.10 have on 23 October 2019, but not included in the cash book rement shows that a cheque for TZS 29.31 received from TAn nents on 9 October 20X9 has now been dishonored and deb ober 2019. The only entry in the cash book for this cheque re 5 15.10 has been recorded twire as

TZS 169.56 and bank interest charged of T25 109.10 have on 23 October 2019, but not included in the cash book rement shows that a cheque for TZS 29.31 received from TAn nents on 9 October 20X9 has now been dishonored and deb ober 2019. The only entry in the cash book for this cheque re 5 15.10 has been recorded twire as

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

Analysis of accounts receivable reveals that with two exceptions, all appeared collectible as at December 31, 2021. These are: a.) The Bravo Company had fallen into receivership and were expected to realize only seventy centavos on a peso. The December 31, 2021 receivable balance was P227,000. On January 29, 2022, you verified that P200,000 was already collected from Bravo Company. Required: adjusting entries
Upham Company’s June 30, 2019, balance sheet included the following information: Upham Company Partial Balance Sheet June 30, 2019 1 Accounts Receivable $241,000.00 2 Less: Allowance for Doubtful Accounts (14,200.00) $226,800.00 3 Notes Receivable 20,600.00 4 Total Receivables $247,400.00 5 *The company has a recourse liability of $2,300 for notes receivable sold with recourse. During the company’s fiscal year ending June 30, 2020, the following transactions occurred: 1. Sales on credit $870,800 2. Collections of accounts receivable 844,200 3. Accounts receivable written off as uncollectible 13,500 4. Customer notes received in payment of accounts receivable 72,500 5. Notes receivable collected 26,000 6. Notes receivable, previously sold with recourse, were paid at maturity. The associated recourse liability for this note is $700. 34,000 7. Notes receivable were defaulted…
Please help me
Answer only numbers 4 and 5 (a,b,c)
I'm not sure how to journal the principal plus interest for the last transaction. I think that I do 4500-180 for Cash but I'm not sure if I put 180 for the interest revenue as well.
On December 31, 2019, Cha Corporation had accounts receivable of P6,000,000, net of the related allowance for doubtful accounts. During 2019, Cha Corporation recorded charges to bad debt expense of P900,000 and wrote off P200,000 of uncollectible accounts receivable. On December 31, 2019, how much should be reported as accounts receivable before the allowance for doubtful accounts?
1. Purple Company showed the following balances on December 31, 2020: Accounts receivable-unassigned Accounts receivable-assigned Allowance for doubtful accounts-January 1 Receivable from factor P1,000,000 300,000 30,000 40,000 240,000 Note payable-bank During the year 2020 Purple Company found itself in financial distress and decided to resort to receivable financing. On June 30, Purple Company factored P200,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On December 31, Purple Company assigned P300,000 of its accounts receivable to a bank under a nonnotification basis. The bank advanced 80% less a service fee of 5% of the account assigned. Purple Company signed a promissory note for the loan. On December 31, it is estimated that 5% of the outstanding accounts receivable may prove uncollectible. REQUIRED: a. Entry to record the factoring. b. Entry to record the…
On June 30, 2020, Dive Company discounted at the bank a customer's P6,000,000, 6-month, 10% note receivable dated April 30, 2020. The bank discounted the note at 12%. 1.What amount should be reported as net proceeds from the discounted note receivable? 2.What is the loss on note receivable discounting?
4.Debit balance as per cash book of Hopinks Co as on 30th April 2019 is $1500.Cheques deposited but not cleared amounts to $100, Cheques issued but not presented amounts to $150.The bank allowed interest amounting to $50 collected dividend of $50 on behalf of Hopinks Co and charged service charges of $75. Calculate the Balance as per Pass book.
A Corp. provided the following information regarding its Notes Receivable at December 31, 2021: Note Gross Carrying Amount Lifetime expected credit losses 12-month expected credit losses Credit risk assessment A P3,000,000 P300,000 P50,000 Low credit risk B 2,000,000 400,000 40,000 31 days past dues C 1,000,000 500,000 60,000 Credit-impaired The loss allowance that the entity should recognize at December 31, 2021 is Assuming that the effective interest rates on all notes is 10%, the interest income to be recognized in 2022 profit or loss is
On November 1, 2021, FDN Trading accepted a 90-day, 8% P4,000,000 note from ABC Co. FDN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FDN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense.
35) The books of Blue moon bank as on 31/12/2019 showed the following information: Rebate on bills discounted (1.1.2019) OMR 320,000 Discount received OMR 4,600,000 Bills discounted and purchased OMR 31,547,000 Rebate on bills as on (31.12.2019) OMR 700,084 Calculate the net amount to be entered as interest and discount in Revenue/Income statement