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

Compare and contrast two or more models of health leader

Compare and contrast two or more models of health leader assessment and evaluation and analyze the process of capturing metrics for this assessment and evaluation within a health organization. This question has to do wit ...

Territory account management calculating sales compensation

Territory Account Management Calculating Sales Compensation In problems 1 – 4, compute both the commission and the total pay based on the information given. 1. Salary, $3,000; commission rate, 6%, total sales, $58,000; r ...

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 ...

Assignmentintroductionannual report analysis projectis

Assignment INTRODUCTION Annual Report Analysis Projectis designed to get you familiar with a real company's financial statements and disclosures. The purpose of the project is for student to be able to identify the discl ...

Assignmentat this point you have examined three years of

Assignment At this point you have examined three years of financial statements for your firm and produced a proforma statement. You have also determined their sustainable growth rate as well. You have also learned about ...

Budget assignmentyou have been asked to prepare the

Budget Assignment You have been asked to prepare the operating budget for a 150 room hotel, with a 50 seat Coffee Shop, a 100 seat Dining Room and a 25 seat Bar. The operating budget for the year is based on the followin ...

Cash budget extra creditrahman products a distributor of

Cash Budget Extra Credit Rahman Products, a distributor of organic beverages, needs a cash budget for December. The following information is available: a. The cash balance at the beginning of December $12,000. b. Actual ...

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 ...

Project preparing annual report documentsfor this 6-8 page

Project: Preparing Annual Report Documents For this 6-8 page Final Project (Not including the title page, abstract if included or reference page), you will create 1) the Financial Highlights, 2) the Presidents Letter to ...

Briefly describe a health care provider with which you are

Briefly describe a health care provider with which you are familiar and how that organization should position its offerings. Provide specific examples to support your response. Referring to the same health care provider, ...

  • 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