Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1: Bandana Ltd has an authorized share capital of 750 000 Rs 1 ordinary shares. On 31 December 2009, the given balances were extracted from its books:

1335_balances.jpg

The given information is relevant:

1) Stock on hand at 31 December 2009 amounted to Rs 114 500

2) Provision for bad debts is to be adjusted to 2 percent of the outstanding debtors as on 31 December 2009

3) Provision is to be made for:

a) Audit fee Rs 10 000

b) Depreciation on leasehold land and buildings at 5% on cost, plant and machinery 10% on cost and motor vehicles at 20% on cost.

4) The directors wish to transfer Rs 100 000 to general reserve and propose a final dividend of 10%

5) Administrative expenses comprise insurance payments of Rs 20 000 that cover a 15 months period to 31 March 2010.

6) The company is being sued for Rs 190 000 in respect of costs occurring from the expiration of a lease on a property formerly occupied by the company. The company’s legal advisers are of the opinion that the company will not be held liable for this amount.

Required:

Make the following financial statements for the year ended 31st December 2009 for Bandana Ltd in accordance with IAS 1 Presentation of the Financial Statements:

A) An Income Statement.

B) A Statement of Financial Position (Balance Sheet) showing the statement of changes in equity.

problem 2: As per IAS1, preparation of financial statements is based, inter-alia, on the given concepts:

a) The Matching concept 
b) The Consistency concept 
c) The Prudence concept 
d) The Concept of Materiality

Required:

In brief describe any two of the above-mentioned concepts.  

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96381

Have any Question? 


Related Questions in Financial Accounting

Asignmentthe regal cycle company manufactures three types

Asignment The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow:   Total Dirt Bikes Mountain Bikes Racing Bik ...

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: ...

Assignmentwrite a five- to seven-page financial statement

Assignment Write a five- to seven-page financial statement analysis of a public company, formatted according to APA style. Here is a breakdown of the sections within the body of the assignment: Company Overview Provide a ...

Assignemntinstructions for accessing public company

Assignemnt Instructions for Accessing Public Company Financial Statements Accessing through SEC website 1. Start by going to www.sec.gov. 2. Under the ‘Filings' Menu, select ‘Company Filings Search' 3. Type in the Compan ...

Assignmentrecording general fund operating budget and

Assignment Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimate ...

Assignment performance measurement and variancesi thought

Assignment: Performance Measurement and Variances I thought the Internet would be an ideal way to distribute our products. We've had a lot of success with our direct sales, but now we can reach a much larger audience. Th ...

Assignmentholden graham started the graham co a new

Assignment Holden Graham started The Graham Co., a new business that began operations on May 1. The Co. completed the following transactions during its first month of operations. H. Graham invested $43,500 cash in the co ...

On december 31 2009 adams corporation acquired all of the

On December 31, 2009, Adams corporation acquired all of the stock of Baker company. the fair value of Adam's shares used in the exchange was $7,500,000. At the time of acquisition, the book value of Baker's stockholder's ...

The market environment heavily influences corporate

The market environment heavily influences corporate decision-making ability. Identify the differences in executive decisions concerning pricing, product design, and advertising between a company in a competitive market a ...

Assignmentnarrative and instructionsrockford corporation is

Assignment Narrative and Instructions Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of ...

  • 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