Financial Reporting Analysis Final...Accumulated depreciation on vehiclesAccumulated depreciation on equipmentInvestment: Med Bank (8 % p.a.)Debtors controlProvision for bad debtsBankCreditors controlLoan: Med Bank (18% p.a.)Nominal accounts sectionSalesOpening stockPurchasesPurchases returnsSales returnsSalaries and wagesBad debtsStationeryRates and taxesMotor expensesRepairs and maintenanceTelephoneElectricity and waterBank charges09:21AdvertisingInterest on mortgage loanInterest on investmentRent income1.1.11.22.3.4.5.6.7.8.9.10.10.110.2 On equipment at 10% p.a. on cost.Q450 000444 000A602 700200 0002 150 00060 0001 234 00042 00068 000178 000300 00052 000100 000150 00018 000194 000130 00013 122 700Adjustments and additional informationAccording to stocktaking done on 28 February 2022, the following were on hand:Trading inventory R240 000Stationery R6 000.A debtor who was declared insolvent paid R4 200, which represented 60% of the amount owed, toWhetstone Stores. The amount that was received has been recorded but the rest of his account mustnow be written off.The provision for bad debts must be adjusted to R20 000.Interest is outstanding on the investment, which was made on 01 February 2021. The maturity date is31 July 2022.The long-term loan from Med Bank was obtained on 01 March 2021. A repayment of R100 000 wasmade and recorded on 31 August 2021. Provide for the outstanding interest. Interest is notcapitalised.An account for R2 000 to replace broken window panes has been received. This has not beenrecorded and payment was due to be made during March 2022.The advertising amount includes a contract for R30 000, in respect of monthly advertisements of equalvalue, that was taken for the period 01 December 2021 to 31 May 2022.Rent has been received for the period 01 March 2021 to 31 March 2022. Note: Rent was increasedby 10% with effect from 01 September 2021.The telephone account for February 2022 was due to be paid on 02 March 2022, R10 000.Provide for depreciation as follows:On vehicles at 20% p.a. on the diminishing balance.LTE 64Done1 200 000840 00022 000418 000750 0005 600 000118 00032 000383 60013 122 700●●● Financial Reporting Analysis Final...09:21QUESTION 2Balances in the ledger as at 28 February 2022Capital: ClaireCapital: WoodyCurrent a/c: Claire (01 March 2021)Current a/c: Woody (01 March 2021)Drawings: ClaireDrawings: WoodyREQUIREDUse the information provided below to prepare the Statement of Changes in Equity for the year ended 28February 2022.INFORMATIONThe information given below was extracted from the accounting records of Clairwood Traders, a partnershipbusiness with Claire and Woody as partners.■■QUESTION 2QDebit (R)ALTE 6440 000500 000300 000DoneThe following must be considered:(a) The net profit for the financial year ended 28 February 2022 amounted to R900 000.(b)The partnership agreement makes provision for the following:Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note:Claire increased her capital by R100 000 on 01 September 2021. On the same date, Woody decreasedhis capital by R100 000. The capital changes have been recorded.The partners are entitled to the following monthly salaries:Claire R7 000Woody R6 000Note: The partners' salaries were increased by 12% with effect from 01 November 2021.Claire is entitled to a bonus equal to 80% of her salary for February 2022.Claire and Woody share the remaining profit or loss equally.(20 MARKS)Credit (R)500 000400 000100 000120 MARKSI

Since you have asked multiple questions, we will solve the second question for you as the…

Use the information provided below to prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Clairwood Traders, a partnership business with Claire and Woody as partners. Balances in the ledger as at 28 February 2022 Capital: Claire Capital: Woody Current a/c: Claire (01 March 2021) Current a/c: Woody (01 March 2021) Drawings: Claire Debit (R) 40 000 500 000 Credit (R) 500 000 400 000 100 000

Use the information provided below to prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Clairwood Traders, a partnership business with Claire and Woody as partners. Balances in the ledger as at 28 February 2022 Capital: Claire Capital: Woody Current a/c: Claire (01 March 2021) Current a/c: Woody (01 March 2021) Drawings: Claire Debit (R) 40 000 500 000 Credit (R) 500 000 400 000 100 000

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

During year 1, Jenny Company engaged in the following transactions. How much would be disclosed as related-party transactions in Jenny's year 1 financial statements? * Salary expense to key employees who are also principal owners P100,000 Sales to affiliated enterprises P250,000 Your answer Pat Company reported the following information on December 31, 2020. Determine the legal capital: Preference Share, P100 par Share Premium - Preference Ordinary Share, P15 par Share Premium -Ordinary Subscribed Ordinary Share Retained Earnings Notes Payable Subscription receivable-Ordinary P230,000 80,500 525,000 275,000 5,000 190.000 400,000 40,000
Investments in Stocks--Equity Method or FVTOCI Financial Assets--Equity According to the statements, prepare the appropriate journał entries, and calculate the differences.. Tony Ltd. acquired 30% of the outstanding ordinary shares of Chang Company on January 1, 2018, by paying $900,000 for the 90,000 shares. Chang declared and paid $0.15 per share cash dividends on March 15, June 15, September 15, and December 15, 2018. Chang reported net income of $160,000 for the year. At December 31, 2018, the market price of Chang ordinary shares was $12 per share. Required: 1. Prepare the journal entries for Tony Ltd. for 2018, assuming Tony Ltd. cannot exercise significant influence over Chang, and Tony Ltd. made an irrevocable election to treat the equity investment as fair value through other comprehensive income. 2.: Prepare the journal entries for Tony Ltd. for 2018, assuming Tony Ltd. can exercise significant influence over Chang. Tadicate the statement of financial position and income…
The following are extracts from Beer’s ledger for the year ended December 31, 2017$'000Profit for the year 421Dividend (98)323During the year the following important events took place:1) Properties were revalued by $105,000 increase.2) $200,000 equity shares of $1 were issued during the year at a 25c premiumThe opening equity balance were as follows:Issued capital 400Share premium 50Other components of equity 165Retained earnings 310925 Required:In accordance with IAS 1, prepare the statement of changes in equity for the year-ended 31December 2017.Show all workings
Please help me to solve this problem
LLC Net Income and Statement of Members' Equity Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $360,000, $90,000, and $215,000, respectively. WLKT Partners contributed an additional $90,000 to Marvel, Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $208,800 during 20Y2. The members’ equity accounts are also credited with 18% interest on each member's January 1 capital balance. Any remaining income is to be shared in the ratio of 4:3:3 among the three members. The revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $1,219,289, $529,289 and $690,000 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WLKT Partners…
Hi, How do I record these transactions? Thanks
The following data were taken from the balance sheet accounts of Sage Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid in capital in excess of par Retained earnings (a) (b) Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (c) $550.000 685,000 503,000 145,000 861,000 A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $35. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. Date A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $93,000 and a fair value of $139,000. Account Titles and Explanation Debit Credit
Use the information given to fill out balance sheet completely
Marcia Itd declared a divident in august 2021 of $37500. In febuary 2022 stan Itd paid an interim divident of $22500 and marcia Itd paid an interim divident of $11250. At the 30th june 2020 there were intercompany accounts balance of $125000. marcia Ite rented a warehouse from stan Itd and paid annual rent of $35000 to stan Itd. Prepare the consolidated journal entries at 30th june 2022 to elimunate the intragroup items
please assist ne with that