TOOLSVIEWDocument6 - Wv. Mr. Jamil had taken RM1,200 worth of goods from stock for personaluse during the year. This has not been recorded.vi. Depreciation policies were:Machines - 20% straight line method4.Office equipment 20% straight line methodprVehicles - 30% reducing balance methodParRequired:a) Statementcher Comprehensive Income for thePurcoryearEnded 31 October 2020.Plantb) Statement of Financial Position as at 31 October 2020.VehicLand aAccumPlant aVehicleDiscountReturns inCarriageiSCREENS 6-7 OF 13P Type here to searchw LSVIEWDocument6 - WordSelling expenses8,820Drawings6,000Mr Jamil, a trader, completed a year's trading on 31 October 2020. TheWages48,000llowing balances were extracted from the business records:Stock at 1 Nov 20192,500articularsDebitCreditRMRMProvision for doubtful debts as at 1 Nov 2019650Purchases and Sales52,650160,720Debtors and creditors14,5008,600Sales returns and purchases returns3401,213Repairs2,370100,000LandBad debts240Machines140,000Jamil - Capital account as at 1 Nov 2019251,512Office equipment30,000Cash at bank3,400Vehicles75,000TOTAL495,495495,495Provision for depreciation at 1 Novermber 2019: Machines28,000Office equipment16,800Mr Jamil also provides the following information at 31 October 2020: i.Vehicles28,000Stock was valued at RM2,750ii. The provision for doubtful debts should be maintained at 5% of debtors. iii. Wages accrued amounted to RM1,500Office expenses11,500Cash in hand175iv. Office expenses prepaid amounted to RM342EENS 4-5 OF 136:48 AO Type here to search1Ow]CENG18/1/2

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Description: TOOLSVIEWDocument6 - Wv. Mr. Jamil had taken RM1,200 worth of goods from stock for personaluse during the year. This has not been recorded.vi. Depreciation policies were:Machines - 20% straight line method4.Office equipment 20% straight line methodp

Profit and Loss Statement for the year ended on 31st October 2020 Particulars Amount (RM)…

Business

Accounting

v. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. vi. Depreciation policies were: Machines - 20% straight line method Office equipment - 20% straight line method Vehicles - 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020. V. La Ace Pla

v. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. vi. Depreciation policies were: Machines - 20% straight line method Office equipment - 20% straight line method Vehicles - 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020. V. La Ace Pla

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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The following information is from Ellerby Company’s comparative balance sheets. The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture costing $52,500 was sold for its book value. Compute cash received from the sale of furniture.
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ajt.2
Do question b) only.
The balance sheets of HIROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $273,375 $334,125 Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HİROE Inc., is eight years and that there is no estimated salvage value. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the machine to calculate the gain or loss on the sale of one…
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Sir please help me sir urgently please
71. Subject :- Accounting
Following information relate to Hawke Ltd for the financial year ended 2020 Information provided in the images. Additional information:The loss on sale of equipment relates to an item that originally cost $80 000 and had a carrying amount of $20000 when sold.Required: Calculate the following:(a) Cash collected from customers and Cash paid to suppliers (b) Cash paid to employees for wages and salary and Cash spent on plant and equipment (c) Proceeds from sale of equipment andCash paid for insurance
3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Debit Credit RM RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 52,650 160,720 340 100,000 140,000 30,000 75,000 1,213 Machines Office equipment Vehicles 28,000 16,800 28,000 Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil – Capital account as at 1 Nov 2019 Cash at bank 11,500 175 8,820 6,000 48,000 2,500 650 8,600 14,500 2,370 240 251,512 ТOTAL 3,400 495,495 495,495 Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 ii. The provision for doubtful debts should be maintained at 5% of debtors. ii. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342
1. The Company owns a vehicle of $10,000 since 1.1.2008. The Company uses straight line method to depreciate its value for 5 years. On 1.1.2020, the Company sold its vehicle for $8,500. What is the amount on gain/loss in its disposal? Journalise the transactions.
B. If Flint prepares financial statements in accordance with ASPE, what is the recoverable amount of the equipment at November 30, 2023? Recoverable amount $