Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

You are the assistant financial controller of Pride Ltd. The company`s year end is 31 December 2009. The given balances were extracted as at 31 December 2009.

1757_financial controller.jpg

The given additional information is relevant.

a) Inventory at 31 December 2009 was valued at Rs1, 600,000. While doing the inventory count, errors in the preceding year's inventory count were discovered. The inventory brought forward at the starting of the year must have been Rs 2.2m, not Rs 2.4m as above.

b) Depreciation is to be given as follows:

i) Buildings at 5% straight line, charged to administrative expenses.
ii) Plant and equipment at 20% on the decreasing balance basis, charged to the cost of sales.
iii) Motor vehicles at 25% on the decreasing balance basis, charged to distribution costs.

c) No final dividend is being proposed.

d) A customer has gone bankrupt owing Rs 76, 000. This debt is not expected to be recovered and an adjustment must be made. An allowance for receivables of 5% is to be set up.
e) 1 million new ordinary shares were issued at Rs1.50 on 1 December 2009. The proceeds have been left in a suspense account.

Required:

problem 1: In accordance with the needs of the International Accounting Standards (IAS 1), prepare, for the year ended 31 December 2009:

a) A Statement of the Financial Performance.
b) A Statement of the Financial Position.
c) A Statement of changes in equity.

problem 2: In brief describe any three of the given accounting concepts:

a) Going concern
b) Accruals/Matching
c) Materiality and aggregation
d) Consistency of presentation
e) Offsetting

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96388

Have any Question? 


Related Questions in Financial Accounting

1 at what position levels of employees is ethics an

1. At what position levels of employees is ethics an important part of decision making in a company? 2. The Foreign Corrupt Practices Act outlaws what type of business practices and how? 3. Conduct a Porter’s 5 forces an ...

Problem 1on january 1 2010 branson designers issued 900

Problem 1 On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31. Branson records interest ...

Describe a painful disposal situation that you have

Describe a painful disposal situation that you have encountered. What was the result? Would you do it differently if you had it to do over again? How can marketers use the consumer’s reluctance to part with favorite prod ...

Using the data that follows and assuming cost of goods sold

Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the mon ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference) "accounting methods" please respond to the following: • Evaluate the likely impact on a firm's va ...

Martin-pullin bicycle corp mpbc located in dallas is a

Martin-Pullin Bicycle Corp. (MPBC), located in Dallas, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by cousins Ray Martin and Jim Pullin, the firm's primary retail outlets are located within a ...

Portfolio template option1 hedgeco is interested in

Portfolio Template Option 1. HedgeCo is interested in purchasing 1,000 of Product Z from OverSeas Inc. HedgeCo is very concerned about two issues: 1) that the price of Product Z will change and 2) the exchange rate will ...

Assignmentexcel format requiredbobs beans a coffee shop and

Assignment EXCEL Format Required Bob's Beans, a coffee shop and breakfast catering chain, operates three cafes in South Florida. Segment reporting for the last quarter as follows: Bob's Beans, Inc. Income Statement For t ...

Capital investment analysisgyro corporation is considering

Capital Investment Analysis Gyro Corporation is considering two investment projects, each of which will cost $1,340,000. The estimated cash flow for each project is as follows. Year Plant Expansion Retail Store Expansion ...

1 share a brief definition of each of the three types of

1. Share a brief definition of each of the three types of recognition systems. Which system in your opinion would be the most effective at motivating a team? Why? Is it better for a company to choose one system or integr ...

  • 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