Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Basic Finance Expert

Please answer all Questions.

QUESTION 1:

Frank, a hospitality event consultant, started business on 01 May. The following is a list of transactions for the month of May.

01 May

Frank O'Donoghue deposits €25,000 into a business bank account.

02 May

The business purchased office equipment for €7,000 paying by cheque.

04 May

The business purchased furniture on credit from Bargain Pieces Ltd. for €5,000.

05 May

Purchased stock of goods on credit from Cianod Ltd. for €2,000.

06 May

Purchased stock of goods paying by cheque for €3,000.

10 May

Sold goods for €5,000 receiving the money by cheque.

15 May

Paid rent of €1,800 by cheque.

16 May

Paid stationery bill of €500 by cheque.

16 May

Paid €650 for advertising by cheque.

18 May

Returned some of the goods to the value of €800 purchased on credit from Cianod Ltd.

20 May

Jack took €900 out of bank for his own use.

22 May

Paid the balance owed to Cianod Ltd. by cheque.

23 May

Paid wages €1,800 by cheque.

25 May

Let part of the premises receiving €1,000 rent by cheque.

26 May

Paid €75 for travel and motor expenses.

27 May

Jack took stock to the value of €200 for his own use.

28 May

Sold goods worth €950 on credit to G. Dunne.

30 May

Paid Bargain Pieces Ltd the amount outstanding.

a) Enter the above transactions in the appropriate ledger accounts for May, balancing off all accounts.

b) Prepare a trial balance as at 31st May 2015.

QUESTION 2:

Describe any SIX of the following accounting concepts:

a) The business entity concept

b) The dual aspect concept

c) The money measurement concept

d) The historic cost concept

e) The going concern concept

f) The realisation concept

g) The accruals concept

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M91946115

Have any Question?


Related Questions in Basic Finance

Let timco use a capital structure that is 35 debt and 65

Let Timco use a capital structure that is 35% debt and 65% equity, The firm can borrow at 6%. The tax rate is 40%. Let the firm beta be 1.9, the market return 14%, and the risk free rate 2%. Find the WACC.

Assume now that you are an active investor and that your

Assume now that you are an active investor and that your research suggests that an investment in Disney will yield 12.5% a year for the next 5 years. Based upon the expected return of 9.95%, you would ¤Buy the stock ¤Sel ...

What are the implications of increased index investing for

What are the implications of increased index investing for market efficiency?

The seaboard shipping company has a warehouse terminal in

The Seaboard Shipping Company has a warehouse terminal in Spartanburg, South Carolina. The capacity of each terminal dock is 3 trucks. As trucks enter the terminal, the drivers receive numbers, and when one of the three ...

In 1896 the first us open golfnbspchampionship was held the

In 1896, the first U.S. Open Golf Championship was held. The winner's prize money was $160. In 2012, the winner's check was $1,360,000. Requirement 1: What was the annual percentage increase in the winner's check over th ...

A factory manager must decide whether to stock a particular

A factory manager must decide whether to stock a particular spare part. The part is absolutely essential to the operation of certain machines in the plant. Stocking the part costs $10 per day in storage and cost of capit ...

What is the difference between promotion and

What is the difference between Promotion and Advertising?

A bank makes a loan on 01012010 with the following

A bank makes a loan on 01/01/2010 with the following payments: 06/30/2010 - $2,300,000 12/31/2010 - $1,300,000 06/30/2011 - $5,700,000 12/31/2011 - $3,400,000 06/30/2012 - $360,000 12/31/2012 - $560,000 At an annual rate ...

Q1 you need a loan to purchase new equipment the loan will

Q1. You need a loan to purchase new equipment. The loan will be paid off over 12 years with payments made at the end of every quarter. If the stated annual rate is 07.00% and quarterly payments are $715, what is the loan ...

Information provided on the stockholders equity section of

Information provided on the Stockholder's Equity section of a balance sheet: Common Stock; $10 stated value, 200,000 shares authorized, 100,000 shares issued and ?? shares outstanding $1,000,000 Market value per share 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As