Problem 2 Accounts Accounts payable Accounts Receivable Administrative expenses 108,000 Cash DBA Capital, January 1 Balances 194,000 246,000 18,000 50,000 Rent expenses Salaries Expenses Salaries payable Selling expenses 372, 000 860,000 13,000 45,000 Service Revenue 1.592.000
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- 1.3Comment on the following:1.3.1Cash flows from operating activities R756 000(4 marks)1.3.2Increase in receivables (R396 000)(4 marks)1.3.3Cash flows from investing activities (R1 368 000)(4 marks)Question C5 Majan Ltd income statement for the year ended 31st Dec 2020 and the balance sheets as at 31st Dec 2009 and 2019 are as follows: Income statement OMR in million Revenue 312 Cost of sales (177) Gross profit 135 Distribution expenses (36) Administrative expenses (15) 84 Rental income 14 Operating profit 98 Interest payable (13) Profit before taxation 85 Taxation (18) Profit for the year 67 Balance sheet as at 31st Dec 2020 and 2019 2020 2019 OMR in million OMR in million Non – current assets Property, plant and equipment Land and buildings 155 155 Plant and machinery 157 163 312 318 Current assets Inventories 18 21 Trade receivables 73 70 Current liabilities…1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
- Question 2Prepare a statement of Profit and Loss Appropriation, capital account, current account for theyear ended 31 December 2020 and extract of statement of financial position at that date, fromthe following:i) Net profit RM30,350ii) Interest to be charged on capital: Wong RM2,000; Pang RM1,500; Halim RM900.iii) Interest to be charged on drawings: Wong RM240; Pang RM180; Halim RM130.iv) Salaries to be credited: Pang RM2,000; Halim RM3,500v) Profit to be shared: Wong 50%; Pang 30%; Halim 20%vi) Current account b/f: Wong RM1,860; Pang RM946; Halim RM717vii) Capital account b/f: Wong RM40,000; Pang RM30,000; Halim RM18,000viii) Drawings: Wong RM 9,200; Pang RM7,100; Halim RM6,900is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…Particulars 31st Mar' 19 Amt (Rs) 31st Mar' 20 Amt (Rs) Land and Building 3600000 3600000 Cash 400000 320,000 Sundry Debtors 640000 800,000 Temporary Investments 400000 640,000 Stock 3680000 4320000 Prepaid Expenses 560000 24000 Plant and Machinery 1920000 3096000 Total Assets 11200000 12800000 Current Liabilities 1280000 1600000 Loans 3200000 3200000 Capital 4000000 4000000 Retained Earnings 936000 1624000 Statement of Profit for the Current Year 1st Apr to 31st Mar' 20 : Amt (Rs) Sales 8000000 Less: Cost of Goods Sold -5600000 Less: Interest -320000 Net Profit 2080000 Less: Taxes @ 50% -1040000 Profit after Tax 1040000 Profit Distributed 440000 Calculate Gross Profit Ratio Return on Equity
- Particulars 31st Mar' 19 Amt (Rs) 31st Mar' 20 Amt (Rs) Land and Building 3600000 3600000 Cash 400000 320,000 Sundry Debtors 640000 800,000 Temporary Investments 400000 640,000 Stock 3680000 4320000 Prepaid Expenses 560000 24000 Plant and Machinery 1920000 3096000 Total Assets 11200000 12800000 Current Liabilities 1280000 1600000 Loans 3200000 3200000 Capital 4000000 4000000 Retained Earnings 936000 1624000 Statement of Profit for the Current Year 1st Apr to 31st Mar' 20 : Amt (Rs) Sales 8000000 Less: Cost of Goods Sold -5600000 Less: Interest -320000 Net Profit 2080000 Less: Taxes @ 50% -1040000 Profit after Tax 1040000 Profit Distributed 440000 Calculate Current Ratio Debtors Turnover Ratio Stock Turnover Ratio Return on Total AssetsQ#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020. b) Prepare Balance Sheet in classified account form as of December 31, 2020Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020.
- 12/31/2018 12/31/2019 Unearned revenue $12,900 $6,200 Cash 33,600 13,350 Prepaid rent 9,500 6,500 Supplies 5,800 2,800 Taxes payable 5,200 5,800 Wages payable 9,000 9,450 Using the above account balances, compute working capital and current ratio. Round "Current ratio" answers to two decimal places. 12/31/2018 12/31/2019 A. Working capital $_______ $_______ B. Current ratio _______ _______Question 2:Tarcy Enterprise is operated by Priscilla Tam. She provided the followingTrial Balance for the year ended 30 June 20X1: Dr CrRM RM Inventory, 1 July 20X0 160,0006% Long term loan 200,000Water and electricity 4,300Bank 6,000Capital 1,000,000Carriage inwards 1,800Purchases and Sales 956,000 1,254,600Cash 8,800Allowance for doubtful debts, 1 July 20X0 1,000Custom duty 3,000Trade receivables and payables 136,000 68,000Bad debts 3,700Carriage outwards 3,000Drawings 12,000Freehold premises 800,000Motor vehicles 100,000Plant and machinery 300,000Accumulated depreciation: motor vehicles 12,000Accumulated depreciation: plant & machinery 24,000General expenses 2,200Interest on loan 3,500Discounts 600 800Advertisement 16,000Returns 4,500 3,000Salaries 60,000Commission received 6,0002,575,400 2,575,400 Additional information:1. Closing inventory was valued at RM175,000.2. Included in the purchases were goods worth RM6,000 which had beentaken by Priscilla for family use. No recording…information to answer question 5. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the acid test ratio. A. 0.83:1 B. 1:1 C. 1.3:1 D. 0.76:1