Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1: You have been supplied with the given information from the accounts of Louise Phillips for the year ended 31 March 2010:

204_accounts of louis phillips.jpg

Notes:

a) 10% of the sales for the year were cash sales.

b) 85% of the purchases were credit purchases.

Required:

a) Make the debtors control account for the year ended 31 March 2010.

b) Make the creditors control account for the year ended 31 March 2010.

For both the accounts clearly exhibit the balance which will be brought down at the beginning of the next financial year.

problem 2: The given information relates to the rent and the heating accounts of a company, for the year ended 31 October 2009:

1654_rent and heating accounts.jpg

Required:

a) Set out the rent account and the heating account for the year ended 31 October 2009, clearly showing the opening balances at 1 November 2009.

b) Describe the accounting term for each of the opening balances at 1 November 2009 and illustrate the heading under which each will show on the balance sheet.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96965

Have any Question? 


Related Questions in Financial Accounting

Journal entriesprepare the journal entries for the

Journal Entries Prepare the journal entries for the following: May 3 - Received cash from clients as advanced payment for services to be provided and recorded as unearned fees $4500 5. Received cash from clients on accou ...

Outdoor furniture company has inventory balances at the end

Outdoor Furniture Company has inventory balances at the end of August as follows: Materials inventory $21,360 Work-in-Process inventory 15,112 Finished goods inventory 17,120 Job order cost cards for jobs in process at t ...

Financial acounting assignmentcompanies1-oula fuel

FINANCIAL ACOUNTING ASSIGNMENT Companies: 1- Oula fuel marketing co 2- Kuwait resort company http://www.boursakuwait.com.kw/Stock/Financials.aspx?Stk=651&S=INC 1. Revenue Recognition Revenue is the largest item on the in ...

Part 1 please respond the following question no less then

PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference Part 1 of our week discussion questions require us to discuss Profitability. Please watch this Youtube lectur ...

Financial accounting assessment one two and threecomplete

Financial Accounting Assessment one, two and three Complete two problems in which you prepare a variety of financial documents (income statement, statement of stockholders' equity, and balance sheet), practice using T-ac ...

Assignmentfinancial statement analysisprepare an eight- to

Assignment Financial Statement Analysis Prepare an eight- to ten-page fundamental financial analysis (excluding appendices, title page, abstract, and references page) that will cover each of the following broad areas bas ...

Intermediate accountingthe following information is

Intermediate Accounting The following information is available for the pension plan of Jones Company for the year 2014. Actual and expected return on plan assets $ 15,000 Benefits paid to retirees 40,000 Contributions (f ...

Who are the major stakeholders of the bank that you do

Who are the major stakeholders of the bank that you do business with locally? What are the major claims of those stakeholders? What is their mission statement and vision statement? Conduct a search and write a minimum of ...

The product life cycle plc is a theory that has strong

The Product Life Cycle (PLC), is a theory that has strong roots in marketing and is a standard for determining the historical development of products and industries from introduction to a presumably eventual decline. Eac ...

Assignmentdue to erratic sales of its sole product-a

Assignment Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Inc., has been experiencing difficulty for some time. The company's contribution format income statement for the most ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen