Question 1- Analyze the following transaction under traditional approach. 18.1.2011 Received a cheque from a customer, Sanjay at 5 p.m. Rs.20,000 19.1.2011 Paid Ramu by cheque Rs.1,50,000 20.1.2011 Paid salary Rs. 30,000 20.1.2011 Paid rent by cheque Rs. 8,000 21.1.2011 Goods withdrawn for personal use Rs. 5,000 25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000 26.1.2011 Received an advance from customers Rs. 3,00,000 31.1.2011 Paid interest on loan Rs. 5,000 31.1.2011 Paid instalment of loan Rs. 25,000 31.1.2011 Interest allowed by bank Rs. 8,000 Analysis of transaction –with accounts involved-nature of account-affects and debit/credit Solution: Date Accounts Involved Nature of Account Affects Debit/credit …show more content…
Instead of crediting the discount received account, it has been wrongly debited. To rectify this error, we need to credit discount received account to the extent of Rs.2500 (Rs.1250+ Rs.1250). In the same context, discount allowed (which is an expense) should be debited, instead it is credited. To rectify the error, we need to debit discount allowed to the extent of Rs.1700 (850 +850). The difference between discount received and discount allowed account is transferred to suspense account. Dr SUSPENSE ACCOUNT Cr Particulars Amount Particulars Amount Rs. Rs. To Sales account 1,200 By Sales 255 To Discount received a/c 800 By Salary 18 To Longford 450 By Balance c/d 2,204 To Returns Inwards a/c 27 Total 2,477 Total 2,477 Question 3- From the given trial balance drafts an Adjusted Trial Balance. Trial Balance as on 31.03.2011 Adjustments: 1. Charge depreciation at 10% on Buildings and Furniture and fittings. 2. Write off further bad debts 1000 3. Taxes and Insurance prepaid 2000 4. Outstanding salaries 5000 5. Commission received in advance1000 Preparation of ledger accounts Preparation of trial balance Solution: Ledger Account Furniture and Fittings Account Dr Cr Particulars Rs. Particulars Rs. To bal b/d 10000 By Depreciation By bal c/d 1000 9000 Total 10000 Total 10000 To bal b/d 9000 Buildings
1. A $120,000, 5%, 200-day note dated June 6 is discounted on October 8. The discount period is:
Overall there is only one major demerit of the discounted cash flow method that it do not consider the cash flow generated by the company after the payback period and due to this a project with high cash flow after the payback period is rejected in front of a project that pays no cash flow after the payback period.
Before you proceed with redeeming your discount voucher, we would like to state that only one code can be used per order. So, make sure you pick the offer that gives you the biggest savings. Once you have found the best deal, follow the instructions below.
I have located your orders and the reason for the cancelation is that you tried to use 2 coupons. Per the terms and conditions you are only allowed one coupon for the same item per household. I regret to inform you that these coupons are unable to be replaced if the coupon is lost, stolen, or if your order is cancelled or return/exchanged as it is clearly stated on each coupon. I sincerely apologize for any inconvenience this may have caused you.
CCPC released approximately 500,000 coupons that will expire in one year to promote new detergent product. As CCPC has not offered coupons on detergent and coupons with a one-year expiration date before, it does not have any data to make reasonable and reliable estimation of redemption rate. CCPC should recognize the maximum potential amount of the rebate, which is equal to $1 million ($2 * 500,000 coupons), as deferred revenue or liability. Per ASC 605-50-25-4:
It is asserted that there is proper implementation through a discount process which is only willing and acquirable adhering with alphanumeric characters which you get with discount coupons you will be assured to make use of whenever it is incumbent to get discounted price tag cut fashion always put into proper placement and take incentives in making discount trades you will need from the online store Target whenever you want to attain through the web store.
Life insurance is meant to provide funds to replace a breadwinner's to protect and support dependents. Chad and Haley are dependents, not income providers. Therefore, the purchase of life insurance is unnecessary and not recommended. The Dumonts should use the money they would spend on policies for the children to increase their own coverage.
Can you please speak to Amber about taking a discount on 3012. We can only take discounts on 2155. She needs to check her info page for the procedure for discounts each time that someone mentions a discount. Every DNIS will say give the customer service number except 2155. This is the only way to ensure this mistake doesn’t continue to happen.
Assess the degree to which the firm’s accounting reflects the underlying business reality. Identify accounting distortions and evaluate their impact on profits and the sustainability of profits.
Question boss, I have a situation where we have a few invoices that are overdue and unearned discounts that were taken. The vendor did some back-end work and issued a few credits for overpayments and unearned discounts. Do we have a simple way of taking care of it to avoid mistakes? I understand that we need to have receipts for the overdues and request approval for the unearned discount, but will the credits issued by the vendor cause an issue since we might need to refund the discount?
We at couponcodes.co.uk always keep an eye on our customers’ needs and them we are giving very good discounts via our coupon codes. To redeem these discounts you just need to go to the website www.couponcodes.co.uk and select your coupon code & follow the given instructions. Utilize that coupon code when you will make your final payment by just pasting that code in the given column that will show on your screen. We understand that paying as per the listed prices is not easy for everyone, not everyone’s cup of tea. By keeping this in mind we have make your buy easy with our coupon codes. All the coupon codes are accessible on our portal are valid and genuine and you can direct search for a particular coupon code which will redirect you to the website. Till now many buyers have been benefitted by using the services for our Precis Petite Promotional Codes and in case you have not used it yet, then we advise it to use as soon as possible and get
This is regarding my wife’s flight ticket reimbursement, I paid for her one-way flight ticket expense. Initially my current assignment was planned for 5 months and now it’s extended to another 6 months. I have been in USA for more than 6 months now. I request you to please reimburse my wife’s flight ticket expenses of Rs. 59,543. I have attached the flight ticket and payment acknowledgement with this mail. Please do the needful.
Have you ever went to your favorite store and forgot you had a coupon or gift card and spent a lot of money? You are not alone. In many communities, many people have forgotten, misplaced or lost their coupons and/or gift cards. When losing coupons and gift cards you will spend more money. Our mobile app Coupon Quan, will help many people save money when going to their favorite stores.
The accounting system we use today started in Venice in renaissance period over 520 years ago. The trade business increased hugely during this time and all the financial recordings had to be written down to help people see how their business is doing. During that time in 1494 the first book about was published in accounting by Luca Paciolli and was called “The Collected Knowledge of Arithmetic, Geometry, Proportion and Proportionality”. He was called “The father of Accounting” and most of his described principles have been used up until this day.
1. A brief history of the two organisations, and their objectives, in as far as they