On 01.01.2012 A and B draw bills on each other at 3 months for 5,000 for their mutual accommodation. They discount each other‘s bill at 8% p.a. and, on maturity, each party honours his own acceptance. Show the journal entries made in the books of A.
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On 01.01.2012 A and B draw bills on each other at 3 months for 5,000 for their mutual accommodation. They discount each other‘s bill at 8% p.a. and, on maturity, each party honours his own acceptance.
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- With the given details given below, show the journal entries made in the books of A. Date=01.01.2019 A and B draw bills on each other at 3 months for 5,000 for their mutual accommodation. They discount each other‘s bill at 8% p.a. and, on maturity, each party honours his own acceptance.For their mutual accommodation a draws A bill for RS. 5,000 on B for three months. B accepts it and return it to A. the proceeds of the bill are to be shared by A and B in the ratio of 3/5 and 2/5 respectively. The bill is discounted by A for Rs 4975 and he remits 2/5 of the proceeds to B. Before the due date B draws another bill for 10 000 on A at three months with the help of these proceeds the first bill is met by B and the remaining proceeds are shared by A and B in the ratio 2/5 and 3/5 respectively the bill is discounted for Rs 9 950 before the due date of the second bill A becomes insolvent and his estate pays only 25% of debts Pass the entries in the book of both the parties?Suzanne and Kerry entered into a financial agreement. On January 1, 2014, Suzanne gave $8400 to Kerry. On April 1, 2014, Kerry repaid $2800 to Suzanne, On July 1, 2014, Kerry repaid $3360 to Suzanne, and Suzanne immediately place half of this payment into an account at Harlow Savings and Loan which eams at effective monthly compound interest rate of 0.8% Finally, on January 1, 2015, Kerry gave Suzanne $2800 to completely repay the loan. At the same time, Suzanne closed her account at Harlow Savings and Loan and withdrew the money in the account. What is Suzanne's dollar-weighted rate of return in this financial agreement, assurring simple interest for the rate of return? (Round your answer to four places after the decimal) Answer = %
- asap A widower was granted a loan of P20,000 by her employer with an interest of 6% for 3 months. The company would accept a promissory note for P20000 non-interest for 180 days. If discounted at once, find the proceeds of the note.asap within 10 minutes A widower was granted a loan of P20,000 by her employer with an interest of 6% for 3 months. The company would accept a promissory note for P20000 non-interest for 180 days. If discounted at once, find the proceeds of the note.After paying all their liabilities, Mark, Lark, and Park had the following balances: Partner Capital Loans P&L ratio Mark P102,960 P90,000 12/25 Lark 89,040 30,000 8/25 Park 68,100 39,900 5/25 Cash available for distribution amounts to P37,800, remaining assets of P382,200 will be realized piecemeal in the next month. How much of the P37,800 cash should Park receive? P30,600 b. P7,200 c. P7,560 d. Zero
- A widower was granted a loan of P20,000 by her employer with an interest of 6% for 3 months. The company would accept a promissory note for P20000 non-interest for 180 days. If discounted at once, find the proceeds of the note.Lara has made ₱1,000 monthly payments to a Rotating Credit and Savings Association (ROSCA) to Mar. 13, 2023 but was dissolved as agreed by all contributors. The ROSCA management has agreed to return her money's worth including interest of 0.5% per month on Jun. 13, 2023. How much is the total she can receive?Soledad receives a bill for P18,000 dated July 7 with terms 6/15, 4/30, n/60. What cash discount will she received if she pays (a) in 15 days; (b) on the 25th day; and (c) on the 40th day? Round to the nearest centavo
- Ram and Rohan and Rohit are partners in a firm, sharing profits and losses equally. Each of them withdraw rs. 1000 quarterly. If intrest is to be charged on drawings @ 6% pet annum, the calculation of average period and interest on drawings will be as follows: A) if the amount is withdrawn at the beginning of each month B) if the amount is withdrawn in the middle of the month C) if the amount is withdrawn at the end of each month?Amrinder, Mahinder and Joginder are partners in a firm. Mahinder retires from the firm. On his date of retirement, Rs. 60,000 becomes due to him. Amrinder and Joginder promise to pay him in instalments every year at the end of the year. Prepare Mahinder’s Loan Account in the following cases:1. When payment is made four yearly instalments plus interest @ 12% p.a.on the unpaid balance.2. When they agree to pay three yearly instalments of Rs. 20,000 includinginterest @ 12% p.a on the outstanding balance during the first three yearsand the balance including interest in the fourth year.3. When payment is made in 4 equal yearly instalment’s including interest @12% p.a. on the unpaid balance.During the year ended December 31, SC engaged in the following transactions involving notes payable. Aug. 6 Borrowed $12,000 from MGB, signing a 45-day, 12 percent note payable Sept. 16 Purchased office equipment from Seawald Equipment. The invoice amount was $18,000, and Seawald agreed to accept, as full payment, a 10 percent, 3 months note for the invoice amount. Sept. 20 Paid MGB the note plus accrued interest. Nov. 1 Borrowed $250,000 from Mike Swanson, a major corporate stockholder. The corporation issued Swanson a $250,000, 15 percent, 90 day note payable. Dec. 1 Purchased merchandise inventory in the amount of $5,0000 from Gathman Corporation. Gathman accepted a 90-day, 14 percent note as full settlement of the purchase. Swanson corporation uses perpetual inventory system. Dec. 16 The $18,000 note payable to replace the note that matured. Prepare journal entries (in general journal form) to record these transactions. Use a 360-day year in making the interest calculation Prepare…
