Harry Ltd acquired 60% of the shares of Potter Ltd on 1st March 2020. The two companies prepare their financial statements to 31 December each vear. The following are the statements of profit or loss for the year to 31 December 2020. QUESTION TWO K K Pott
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Harry Ltd acquired 60% of the shares of Potter Ltd on 1st March 2020. The two companies prepare their financial statements to 31 December each vear. The following are the statements of profit or loss for the year to 31 December 2020. QUESTION TWO K K Pott
Accounting Question Prepare trading and profit and loss account for the year ended on 31 March...
Accounting Question
Prepare trading and profit and loss account for the year ended
on 31 March 2015
Particulars Credit ₹ 1,97,560 1,000 Debit ₹ 1,080 5,260 81,350 1,360 20,960 9,460 6,400 4,080 11,520 60,000 20,000 40,000 30,000 15,000 6,000 1,200 10,490 29,000 3,53,160 Cash in hand Cash at bank Purchases/Sales Returns Wages Fuel and Power Carriage on Sales Carriage on Purchases Stock (1.4.2011) Building Freehold land Machinery Salaries Patents General Expenses Insurance Drawings/Capital Sundry Debtors/Creditors 다 1,42,000 12,600 3,53,160
QUESTION 1 : A. Prepare the following for Sonic Manufacturer Sdn Bhd: i. Statement of Profit or Loss for the year ended 31 December 2017. ii. Statement of Financial Position as at 31 December 2017. QUESTION 2 : A. Prepare the Statement of Comprehen
TEST 2 (Principle of Accounting).docx
Teal Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2020 December...
Teal Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2020 December 31, 2021 $10,100 understated $7,700 overstated Ending inventory Depreciation expense $2,400 understated An insurance premium of $68,100 was prepaid in 2020 covering the years 2020, 2021, and 2022. The entire amount was charged to expense in 2020. In addition, on December 31, 2021, fully depreciated machinery was sold for $13,900 cash, but the entry was not recorded until 2022. There were no other errors...
Prepare the following financial statements for Picture Perfect Photography for the year ended December 31, 2018:
Prepare the following financial statements for Picture Perfect Photography for the year ended December 31, 2018: a. Income statement. b. Statement of retained earnings. c. Balance sheet.
The question is complete Street Limited prepares its financial statements to 31 December each year, and...
The question is complete
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of- town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 2,000 Land...
On December 31, Year 1, P Company purchased 90% of the outstanding shares of S Company for $8,100 cash. The statements of financial position of the two companies immediately after the acquisition transaction appear below. P Company S Company C
On December 31, Year 1, P Company purchased 90% of the outstanding shares of S Company for $8,100 cash. The statements of financial position of the two companies immediately after the acquisition transaction appear below. P CompanyS CompanyCarrying AmountCarrying AmountFair ValuePlant and equipment (net)$9,500$7,200$6,300Investment in S Company8,100Inventory6,5605,3005,600Accounts receivable5,9503,2003,200Cash4,3002,4502,450$34,410$18,150Ordinary shares$11,900$4,400Retained earnings15,4105,050Long-term liabilities4,4003,4003,400Other current liabilities1,4003,2003,200Accounts payable1,3002,1002,100$34,410$18,150 Required:(a) Prepare a consolidated statement of financial position in order of liquidity i.e starting with cash at the date of acquisition under each of the following: (i) Identifiable net assets method (ii) Fair value...
Prepare the Income Statement Andy Fleming has been preparing his business's financial statements for the year ended 31 December 2017 The following balances have been extracted from the ledger acc...
Prepare the Income Statement
Andy Fleming has been preparing his business's financial statements for the year ended 31 December 2017 The following balances have been extracted from the ledger accounts at 31 December 2017 Bank loan Bank loan interest Cash at bank Carriage inwards Carriage outwards Commission received Drawings General expenses Inventory at 1 January 2017 Motor vehicles 18 400 645 391 1 056 637 845 17 885 12 470 11 730 35 600 16 500 62 450 3 620...
Accounting Question
Prepare trading and profit and loss account for the year ended
on 31 March 2015
Particulars Credit ₹ 1,97,560 1,000 Debit ₹ 1,080 5,260 81,350 1,360 20,960 9,460 6,400 4,080 11,520 60,000 20,000 40,000 30,000 15,000 6,000 1,200 10,490 29,000 3,53,160 Cash in hand Cash at bank Purchases/Sales Returns Wages Fuel and Power Carriage on Sales Carriage on Purchases Stock (1.4.2011) Building Freehold land Machinery Salaries Patents General Expenses Insurance Drawings/Capital Sundry Debtors/Creditors 다 1,42,000 12,600 3,53,160
Teal Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2020 December 31, 2021 $10,100 understated $7,700 overstated Ending inventory Depreciation expense $2,400 understated An insurance premium of $68,100 was prepaid in 2020 covering the years 2020, 2021, and 2022. The entire amount was charged to expense in 2020. In addition, on December 31, 2021, fully depreciated machinery was sold for $13,900 cash, but the entry was not recorded until 2022. There were no other errors...
The question is complete
Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of- town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence £'000 2,000 Land...
Prepare the Income Statement
Andy Fleming has been preparing his business's financial statements for the year ended 31 December 2017 The following balances have been extracted from the ledger accounts at 31 December 2017 Bank loan Bank loan interest Cash at bank Carriage inwards Carriage outwards Commission received Drawings General expenses Inventory at 1 January 2017 Motor vehicles 18 400 645 391 1 056 637 845 17 885 12 470 11 730 35 600 16 500 62 450 3 620...
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