Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1: You are presented with the given trial balance of MNC, a limited liability company, at 31 October 2007:

2011_trial balance.jpg

Additional information as at 31 October 2007:

a) Closing inventory has been counted and is valued at Rs 75,000.

b) The items listed below must be apportioned as indicated:

327_invoice information.jpg

c) An invoice of Rs15,000 for energy expenses for October 2007 has not been received.

d) Loan note interest has not been paid for the year.

e) The allowance for receivables is to be increased to 5% of trade receivables.

f) Plant is depreciated at 20% per annum by using the decreasing balance method. The whole charge is to be allocated to cost of sales.

g) Buildings are depreciated at 5% per annum on their original cost, allocated a 30% to cost of sales, 30% to  distribution costs and 40% to administrative expenses.

h) Tax has been computed as Rs 45,000 for the year.

i) The current share price of MNC is Rs1•30 per share.

Required:

Make the following financial statements for MNC as per the revised IAS 1 Presentation of Financial Statements:

a) The income statement for the year ended 31 October 2007;

b) The balance sheet as at 31 October 2007.

problem 2: Financial statements are made to meet the information requirements of a variety of stakeholders. You are required to recognize:

a) Three distinct groups of stakeholders.

b) For each group’s in brief describe the main areas of interest in a business.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96370

Have any Question? 


Related Questions in Financial Accounting

Assignmentan economist was interested in modeling the

Assignment An economist was interested in modeling the relationship among annual income, level of education, and work experience. The level of education is the number of years of education beyond eighth grade, so 1 repre ...

Financial accounting assignmentapa neededprocess cost

Financial Accounting Assignment APA NEEDED Process Cost Accounting Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct ma ...

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 ...

Question 1 an advantage of the corporate form of business

Question 1. An advantage of the corporate form of business is _____. it is simple to establish the corporate tax rate is less than the personal tax rate corporations must pay dividends the shareholders are not responsibl ...

Assignmentthe company is premier inc that needs to be usedi

Assignment The company is Premier Inc. that needs to be used. I will need a 3-4 pageanalysis and a Power Point presentation (no more than 10 slides) Write your paper, read carefully, and consider possible edits and chang ...

Business simulation tasksassessed task 1 financial

Business Simulation Tasks Assessed Task 1: Financial Analysis The Board of directors has asked you to perform a review of the financial performance and financial position of the business based on the company's 2032 finan ...

Assignmentpart 11 monthly sales were 200000 it was

Assignment Part 1 1) Monthly sales were $200,000. It was estimated that 4% of the units sold would have to be replaced under warranty. On the date of sale the company should record a debit to: A) Sales for $8,000 B) Warr ...

Project - transactionsinstructionsthis project is a review

Project - Transactions/Instructions This project is a review of the accounting cycle that has been covered during class. You have two weeks to complete the project. Please prepare all information in a professional manner ...

1 what are the responsibilities of the risk manager in

1. What are the responsibilities of the risk manager in workers' compensation? 2. What role does employee safety play in risk management? 3. How does discrimiantion in the workplace impact managers / supervisors? 4. What ...

Accounting for managersdirections be sure to make an

Accounting for Managers Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Financial Statement Analysis The following information relates to Harris Corpora ...

  • 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