Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1) Describe the different stages of developing an effective Accounting Information System.

problem 2)(a) A tractor which cost Rs.30,000 had estimated useful life of 5 years and estimated salvage value of Rs.10,000. Straight line depreciation was used. Give the journal entry required by each of the following alternative assumptions:

i. The tractor was sold for cash of Rs.19,500 after 2 years’ use.

ii. The tractor was traded in after 3 years on another tractor with a fair market value of Rs.37,000. Trade in allowance was Rs.21,000. (Record any implied gain or loss)

iii. The tractor was scrapped after 7 years’ use. As scrap dealers was unwilling to pay anything for the tractor, it was given to scrap dealer for his services in removing it.

(b) Compare depreciation with depletion.

problem 3) Research Consultants has three partners — A, B and C during the present year, their capital balances were:
A, Rs.180,000; B, Rs.140,000; and C, Rs.80,000.

Partnership agreement provides that partners will receive salary as follows:
A, Rs.10,000; B, Rs.50,000; and C, Rs.28,000

Partners will also be allowed 12% interest annually on their capital balances. Residual profit or loss is to be divided:
A, one half; B, one third, and C, one sixth.

Create separate schedule showing how income will be divided among three partners in each of the following cases. The figure given in each case is the annual partnership net income or loss to be allocated among the partners.

a. Income of Rs.526,000

b. Income of Rs.67,000

c. Loss of Rs.32,000

problem 4)(a) Make comparative study of preferred stock and common stock.

(b) What is the function of underpreparer in Initial Public Offering (IPO)?   

problem 5) Limited company was registered with authorized capital of Rs.500,000 divided into 10,000 ordinary shares of Rs.50 each. On 1st November 1994 Company offered 7000 shares in following manner:

1000 shares to promoters against preliminary expenses
2000 shares to directors for cash
4000 shares to general public.

On 15th November 1994, company received applications for 6000 shares. Shares were not allotted to applicants of 2000 shares and their application money was refunded.

Record the above information in company’s books and demonstrate the figures in balance sheet.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M95913

Have any Question? 


Related Questions in Financial Accounting

Analyzing and journalizing bond transactionon january 1

Analyzing and journalizing bond transaction On January 1, 2014, Merchandise Credit Union (MCU) issued 7%, 20- year bonds payable with face value of $300,000. The bonds pay interest on June 30 and December 31. Requirement ...

Describe the controls that the business should have

Describe the control(s) that the business should have installed to prevent that inappropriate investment. (Controls may include procedures, processes, approvals, checks, reviews, and corresponding documentation that rela ...

Bernstein inc bernstein inc is a local retailer the

Bernstein Inc. Bernstein Inc. is a local retailer. The following selected information is available from their 2011 and 2012 financial statements: Accounts receivable at 12/31/11 $160,000 Accounts receivable at 12/31/12 2 ...

Firm h operates its business in state h which levies a 6

Firm H operates its business in State H, which levies a 6 percent sales and use tax. This year, the firm purchased a $690,000 item of tangible property in State K and paid $20,700 sales tax to the state. It also purchase ...

Assume that you have been invited to advise the newly

Assume that you have been invited to advise the newly established accounting oversight body in one of the former Eastern European countries that became a member of the EU in May 2004. The accounting oversight body is cha ...

Problem - journal entriescastle consulting agency began

Problem - Journal Entries Castle Consulting Agency began business in February. The transactions entered into by Castle during its first month of operations are as follows: a. Acquired articles of incorporation from the s ...

How do i solve this tax return using all forms listedtax

How do I solve this tax return using all forms listed? Tax Return Problem Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6789. Ashley is single and has a 20-year-old son ...

Diaz company uses process costing in its two processing

Diaz Company uses process costing in its two processing departments; Assembly and Finishing. If the Assembly Department requisitioned direct materials to be used in production, totaling $80,000, which one of the followin ...

Imagine that you are an estate planner and a friend is

Imagine that you are an estate planner and a friend is seeking advice regarding leaving property to his children. He has accumulated approximately $10 million of property that he would like to leave to his children. Howe ...

Shown below are selected data from the financial statements

Shown below are selected data from the financial statements of Supreme Co. Dollar amounts are in millions (except for the per share data). Income statement data: Net sales $ 1,050 Cost of goods sold 475 Operating expense ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate