Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

Mr. Peterpan holds a retail shop in Cure-pipe. With the help of a friend he has extracted the given balances as at 31st December 2012 from his Accounting records however is not able to make his Financial Statements for the year then ended.

He has solicited your assistance for that.

895_trial balance.jpg

1382_trial balance_2.jpg

You were as well given with the mentioned additional information that concerned the year under review:

A) The Closing Inventory had cost Rs 20,200. These comprised some goods costing Rs 2,500 however a Net Realiasable Value of Rs 1,800 had.

B) Mr. Peterpan took goods costing Rs 3,000 for his personal use.

C) The Insurance Policy is for one year ending March 2013.

D) A Debtor for Rs 600 has immigrated to Canada devoid of leaving any address.

E) The Provision for Bad and Doubtful Debts is to be adjusted to 5% of Trade Receivables.

F) The Bank Loan was contracted on 1st July 2012 and is refundable in 10 equivalent annual installments starting one year after the contractual date.

G) The Depreciation Policy of Mr. Peterpan is detailed here under:

a) Premises: No Depreciation
b) Buildings: 5 % Straight Line Basis;
c) Equipment/Furniture: 15% on Cost
d) Motor Vehicles: 20% Reducing Balance Basis.

H) Accruals and Prepayments at 31.12.2012 were:

590_accruals and payments.jpg

problem 1: Required:

1) Make Mr. Peterpan’s Income Statement for the Year ending 31st December 2012.

2) His Balance Sheet as at that date.

problem 2: According to you, have you made Mr.Peterpan’s Financial Statements on a Going Concern basis? Support your answer with two arguments.          

problem 3: List down four users of Accounting information and Financial Statements.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M97013

Have any Question? 


Related Questions in Financial Accounting

Case second department-weighted-average methoddurall

CASE: Second Department-Weighted-Average Method Durall Company manufactures a plastic gasket that is used in automobile engines. The gaskets go through three processing departments: Mixing, Forming, and Stamping. The com ...

Accouting testjournalizing transaction using the direct

Accouting Test Journalizing transaction using the direct write- off method verses the allowance method During July 2015, Mayhew company recorded the following: 1: Sales of $86500 ($70000 on accoynt: $ 16500 for cash) 2: ...

Definedescribediscuss database fields records tables

Define/Describe/Discuss Database (Fields, Records, Tables, Database) and Database Management Define/Discuss/Describe ERD: Relationships, Primary Keys, Foreign Keys, Cardinality, etc. Provide Examples. Define/Describe/Dis ...

Discussionanswer in 2-3 paragraphs and use

DISCUSSION ANSWER IN 2-3 PARAGRAPHS AND USE SCHOLARLY SOURCE(S) First, search the internet for the official website of your local city government. If you cannot find your city, select your state. After reviewing this web ...

1 describe the formal procedures associated with issuing

1. Describe the formal procedures associated with issuing long-term debt. 2. Describe the nature, type, and valuation of current liabilities. 3. Explain the accounting for different types of loss contingencies. 4. Explai ...

Yoursquore leading a project to migrate customer data

You’re leading a project to migrate customer data (biographical, billing, and orders) from the legacy system to an off-the-shelf product sold by MicroTech. The project was going well, but a key programmer recently inform ...

Assignmentauerbach enterprises manufactures air

Assignment Auerbach Enterprises manufactures air conditioners for automobiles and trucks manufactured throughout North America. The company designs its products with flexibility to accommodate many makes and models of au ...

Portfolio template option1 hedgeco is interested in

Portfolio Template Option 1. HedgeCo is interested in purchasing 1,000 of Product Z from OverSeas Inc. HedgeCo is very concerned about two issues: 1) that the price of Product Z will change and 2) the exchange rate will ...

Appendix a in the textbook details criteria for designing

Appendix A in the textbook details criteria for Designing or Evaluating a Long-Term Care System. Research a long-term care facility in your area and prepare a PowerPoint slide presentation detailing how this specific fac ...

Exercises1wasatch bank recently held an auction to dispose

Exercises 1. Wasatch Bank recently held an auction to dispose of various assets it had obtained through foreclosures and other loan settlements. Representatives of Aragon Semi-Conductors attended the auction to bid on an ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro