la2 Complete the Trial Balance (TB) for Carrick Ltd for the end of March 2022.
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- Procedures: 1. Analyze the following business transactions below. For the month of December 2022, Mr. Mira Shikigami had the following transactions: Dec. Mr. Mira Shikigami invested P1,200,000 to start the business, Shikigami Accounting Firm 1 1 The firm obtained a note from Solar Bank amounting to P300,000. The note bears a 6% annual interest payable every June 1 of the following year. The principal is payable in two (2) equal annual installments. 1 The firm paid P15,000 for the necessary permits and licenses for its operation. 1 The firm paid P180,000 for the annual rent of the office space. The lease contract will expire on June 1 of the following year and will be renewed yearly. 3 The firm rendered service to Kyubi Realties, Inc. worth P250,000 on credit. 3 The firm purchased supplies worth P50,000. 9 The firm purchased a laptop in cash, P50,000. The laptop has an estimated useful life of three (3) years with no residual value. The company treats purchases during the first half of…Pasadenas starts a business on the 1 June 20x8, introducing the following assets: cash £5,000 van £1,000 Pasadenas’s godfather agrees to lend the business £7,200 at an annual interest rate of 5% per annum. The business makes the following cash payments: goods for resale £6,000 rent for 6 months £1,500 In the first month of trade the business makes sales of £5,000 operating on a mark-up on cost of 25%. The inventory/stock held at the end of the first month’s trade was valued at £2,000. [Note: not all information provided above is required to answer this question correctly] Pasadenas’s capital account at the end of the first month’s trade is: Answers: a. £6,000 b. £13,000 c. £720 d. £6,720Accounting A company engages in the development of a bridge. It is expected to take 3 years to complete, at a cost of £500,000. While a £100,000 loan at an interest rate of 4% had been in place since the company first started trading on 1st Jan 2010, the company decided to take out another bank loan of £300,000 @ 5% interest on 1st April 2014. Expenditure incurred on the development was as follows: 1st July 2014 £50,000 1st September 2014 £60,000 1st February 2015 £40,000 For the accounting period from 1st January to 31st December 2014, calculate the amount of interest expense to be capitalised if: a. the loan was specifically taken out to finance the bridge development; and b. the loan was general in nature, used to fund the various projects of the company
- Foxcoon is a technological solution provider business with a year-end 31st March 2021.You have recently been appointed as a financial accountant, and the following issues are outstanding in the financial statements. Foxcoon has been in need of additional finance in the current year, and decided to factor some trade receivables. Trade receivables of £1 million were factored on 31 March 2021 for £800,000. The trade receivables balance of £1 million has been de-recognised, and the difference between this and the proceeds of £800,000 received from the factor has been debited to operating expenses. Foxcoon has to refund any sums relating to trade receivables that are uncollected by the factor after a period of six months. Explain the required IFRS/IAS accounting treatment of the above issues.On 2 August 2022, Boris Johnson began a new business, called Starbucks Inc., company delivering high quality coffee and beverages. The following transactions were completed by the business during May: 2 Aug Issued to Boris 10,000 shares of capital stock in exchange for his investment of 3,500,000€ cash. 3 Aug Purchased a store of 1000 square meters for 3,780,000€ paying 780,000 cash and signing a note payable for the balance. The interest rate for the Note payable is 3% on annual terms, and it will be paid at maturity which will be August 3rd 2025. 4 Aug Purchased machinery for 1,500,000€ in order to be prepared to deliver the product to its customers, and paid cash. 5 Aug Purchased Equipment for 500.000€, he paid 40% cash and received an invoice stating that the remaining amount would be paid October 5th 2022. 6 Aug Hired 5 employees with an average annual salary of 16.000€, the employees will be paid at the end of every month. 7 Aug Signed an insurance contract for 24.000€, and paid…Caroline commenced business on 1 January 2016 trading as ‘Caroline’s kitchen Cabinets’ selling3-K Kitchen furniture. She had opened a business bank account on 15 December 2015, paying P25000 into it as her opening capital. On 21 December 2015, she rented premises, paying the firstquarter’s rent, due on 25 December 2015, P1 200. Other expenditure in the same month was forthe purchase of fixed assets for cash, P8 000, and inventory P20 000 which was bought on onemonth’s credit.Caroline Estimates that her other purchases and the sales for the year to 31 December 2016 willbe as follows:3 months to Purchases SalesBWP BWPMarch 31 12 000 15 000June 30 18 000 24 000September 30 21 000 30 000December 31 15 000 36 000- All purchases and sales will be on one month’s credit- Other expenditure in 2016 will be as follows:- January 5, purchase of motor van for cash P5 000, the van is to be depreciated annually atthe rate of 20% on cost- Wages of P2 000 per month paid currently - Caroline will draw…
- Show the solution in good accounting form On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books?Skint Limited has an opening bank balance of €1610 on 1 May. During May, the company makes sales of €100,000. Customers are allowed one month's credit (which is availed of by all customers). during April were worth €80,000. During May, Skint Limited incurred the following expenses: Wages & salaries €31389 Monthly rent of €30,000 which is paid annually in advance on 1 January of each year Depreciation of €15,000 Variable Overheads €11067 of which are paid as incurred; and Monthly insurance expenses of €4276 which are paid quarterly in February, May, August and November each year. What is the budgeted closing cash figure at 31 May? IMr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
- K Oct. 1 Worldwide Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $390, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Oct. 1 More info Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $390, plus sales tax of 8%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done Debit - X CreditCorp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?Darlings Limited opened a store in March 2020. Darling sold discounted holiday packages to customers. All money is deposited at the end of the day. The packages are marked up at cost plus 20%. The business is a registered VAT vendor and trades only with other registered vendors. The following transactions took place for the month of March: 1. The store was started with a capital contribution of R50 000 from the owner, Hello Darling. The amount was deposited directly into the bank account. 3.5 customers bought packages for R15 000 cash each. Issued receipts R2-6. 7. Kitchen equipment was purchased for the staff from IC. Corp for R20 000 and they were paid via EFT. 12. 2 customers bought packages priced at R20 000 cash each. Issued receipts R7-8 15. R30 000 cash was withdrawn to pay wages. 4 27. Bank statement showed interest earned by the business of R250 for the month. Complete the cash receipts and cash payments journal for the month of March 2020. Totals not Required. Include columns…