Question 2 Brioche Furnishers is a business started by Mr Parker during 2017. Brioche Fumishers perpetual inventory (stock) system and all goods are sold at a 45% markup on cost. Fumishers is NOT a registered VAT vendor. The following transactions took place February 2021: Date Transaction Mr Parker made an additional capital contribution, R20 000. This amount w deposited directly in the bank account of Brioche Furmishers. Paid the business rent via a debit order to Rental Boss, R9 500. Purchased inventory on credit from Delish Dealers and received their cre invoice no. DX5, R84 102
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- The Independent Institute of Education (Pty) Ltd 2022Page 4 of 7Q.2.2Jacob Nkono started a new business called Nkono’s Trading on 1 June 2021.Nkono’s Trading uses the perpetual inventory system.Jacob Nkono had the following funds available for the business, R100 000 in the business’s bank account of which R50 000 was from his personal funds and R50 000 was from a bank loan obtained.He entered into the following transactions during June 2021:June 2- Purchased merchandise via EFT, R20 000June 8- Purchased computer equipment on credit, R15 000June 21- Withdraw R3 000 cash for the petty cash.June 30- Paid R5 000 off the bank loan.Calculate Jacob’s equity in his business on 30 June 2021 by showing the effect of all transactions on the accounting equation.Ignore VAT.COULD YOU PROVIDE SOME MORE DETAIL WHEN PROVIDING THE ANSWER, THANK YOU Question 1A. Yaso plc is a manufacture company and its financial year ended at 31st December 2019. Total assets are £40m and net profit before tax is £12m. Yaso plc’s trade receivables ledger includes a large number of customers. The year-end trade receivables balance is £4m (comparable to £2m in 2018) and the allowance for trade receivables is £400,000 (comparable to £600,000 in 2018). PART A Requirement:• Describe substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to Yaso plc’s trade receivables. PART B. According to ISA 260, it is important for auditors to communicate throughout the audit with those charged with governance. PART B Requirement: • Explain why it is important for auditors to communicate with those chargedwith governance. • Identify three examples of matters which the auditor may communicate to those chargedwith governance.QUESTION 1Becky sets up a trading business, buying and selling goods. The following transactions occurred during July 2020, her first month of tradingDateBecky introduced GH€500,000 into the business by paying money into a business bank account. The business bought a motor van for GH€60,000. The payment was by cheque. The business bought some inventory for GH 30,000, paying by cheque. The entire inventory purchased transaction was sold for GH650,000 in cash More inventory was purchased for GHe 100,000 on credit. 50% of the inventory purchased in transaction 5 was sold for GH GH€80.000. All these sales were on credit. A payment of GH GH€30,000 was made to a supplier for some of the purchases. A payment of GH440,000 was received from a customer for some of the sales on credit. Becky drew GHe10,000 from the bank account for her personal use. Becky paid GH&2,000 for diesel for the motor van using a business cheque. The business paid GH¢15,000 by cheque for the premium on an…
- FIND & FOUND LTD, currently trades in Products CCT. The company is currently enjoying a tax holiday. Below is the company’s trial balance. Trial Balance of FIND & FOUND LTD as at year ending 31/12/2016 DR CR GH¢ GH¢ 10% Debentures (2030 – 2035) - 8,600 Bad debts 720 - Bank 9,000 - Building repairs and maintenance 1,440 Carriage inward 1,080 Carriage outwards 1,620 Sale / Purchases 84,000 144,000 Donations received - 864 Trade Debtors/ Creditors 21,600 9,720 Discount 720 936 Electricity company of Ghana (ECG) - 1,080 Electricity Expense 1,440 - Income Surplus 1/1 - 64,440 Investment income - 1,080 Long term Investment-cost 90,000 - Motor Vehicle (Accumulated Depreciation) - 4,320 Motor Vehicle (Cost) 18,000 - Office Equipment (Accumulated Depreciation) - 2,160 Opening Stock 4,320 Office Equipment…Caroline commenced business on 1 January 2016 trading as ‘Caroline’s kitchen Cabinets’ selling3-K Kitchen furniture. She had opened a business bank account on 15 December 2015, paying P25000 into it as her opening capital. On 21 December 2015, she rented premises, paying the firstquarter’s rent, due on 25 December 2015, P1 200. Other expenditure in the same month was forthe purchase of fixed assets for cash, P8 000, and inventory P20 000 which was bought on onemonth’s credit.Caroline Estimates that her other purchases and the sales for the year to 31 December 2016 willbe as follows:3 months to Purchases SalesBWP BWPMarch 31 12 000 15 000June 30 18 000 24 000September 30 21 000 30 000December 31 15 000 36 000- All purchases and sales will be on one month’s credit- Other expenditure in 2016 will be as follows:- January 5, purchase of motor van for cash P5 000, the van is to be depreciated annually atthe rate of 20% on cost- Wages of P2 000 per month paid currently - Caroline will draw…Van Rushing Hunting Goods’ fiscal year ends on December 31. At the end of the 2016 fiscal year, the company had notes payable of $12 million due on February 8, 2017. Rushing sold 2 million shares of its $0.25 par, common stock on February 3, 2017, for $9 million. The proceeds from that sale along with $3 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of Rushing’s construction workers notified management on January 5, 2017, that he planned to sue the company for $1 million related to a work-site injury on December 20, 2016. As of December 31, 2016, management had been unaware of the injury, but reached an agreement on February 23, 2017, to settle the matter by paying the employee’s medical bills of $75,000. Rushing’s financial statements were finalized on March 3, 2017. Required: 1. What amount(s) if any, related to the situations described should Rushing report among current liabilities in its balance sheet at…
- Question 1Aggressive Corporation approaches Matt Taylor, a loan officer for Oklahoma State Bank, seeking toincrease the company's borrowings with the bank from $100,000 to $150,000. Matt has an uneasyfeeling as he examines the loan application from Aggressive Corporation, which just completed itsfirst year of operations. The application included the following financial statements. AGGRESSIVE CORPORATIONIncome StatementFor the year ended December 31, 2018 Net sales $200,000Expenses:Cost of goods sold $110,000Operating expenses 50,000Depreciation expense 10,000Total expenses 170,000Net income $ 30,000 AGGRESSIVE CORPORATIONBalance Sheets For the year ended December 31, 2018/December 31, 2018 2018 2017 AssetsCurrent assets:Cash $ 10,000 $0Accounts receivable 60,000 0Inventory 40,000 0Long-term assets:Equipment 100,000 0Accumulated depreciation (10,000) 0Total assets $200,000 $0Liabilities and Stockholders' Equity Page 4 of 11 HI5020 Corporate Accounting Individual Assignment T2…2 On 1st January 2020 the balance of Mr. Asim is as follows: Assets Rs. Liabilities + O.E Rs. Cash 25,000 Creditors 40,000 Debtors of goods 17,000 Capital 94,000 Stock of goods 22,000 Building 70,000 Total 1,34,000 Total 1,34,000 Transactions during the month of January are as follows: Jan 01: Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%. Jan 05: Sold goods for cash Rs. 12,000 costing Rs. 10,500. Jan 09: Cash paid to creditors Rs. 25,000. Jan 15: Goods sold for cash Rs. 5,000 and on account basis Rs. 3,000 costing Rs. 6,000. Jan 18: Goods returned by a customer Rs. 2,000 costing Rs. 1,900. Jan 24: Cash received from debtors Rs. 14,000. Jan 30: Depreciation on building Rs. 1,400. Required: Prepare a summary of transaction in an equation form. 8 3 The following transactions were completed by OMN Co., during the month of February 2020. February 01: Introduced cash as capital Rs. 1, 48, 000. February 04: Purchased goods o account from Noor…Wolf Computer Company began operations in 2018. The company allows customers to pay in installments formany of its products. Installment sales for 2018 were $1,000,000. If revenue is recognized at the point of delivery,$600,000 in gross profit would be recognized in 2018. If the company instead uses the cost recovery method,$100,000 in gross profit would be recognized in 2018.Required:1. What was the amount of cash collected on installment sales in 2018?2. What amount of gross profit would be recognized if the company uses the installment sales method?
- Show the solution in good accounting form On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books?QUESTION NO.17 From the following balances of Ali,Ahmed as on 31.12.2016, Opening stock 30,000 Machinery at cost (including ~ 10,000 new) 60,000 Purchases 1,10,000 Sundry Debtors 20,000 Sales 2,50,000 Bad debts 3,000 Building 55,000 Depreciation fund 25,000 Wages 23,000 Sundry Creditors 24,000 Carriage inwards 3,000 Rent,rates and taxes 4,000 Bills payable 10,000 Trade expenses 4,000 Furniture 9,000 Capital : Ali 50,000 Salaries 42,000 Capital : Ahmed 40,000 Advertisement 24,000 Petty expenses 4,000 Coal and coke 2,000 Provision for bad debts 1,000 Cash at bank 14,000 Gas and water 1,200 Prepaid wages 1,000 Cash in hand 800 Depreciation fund investment 25,000 Outstanding rent 400 Bank loan 34,600 The following additional information is supplied: (a) The partners share profits and losses as Ali 2/5 and Ahmed 3/5. (b) Closing stock ---- ~ 15,000. (c) Stock valued at ~ 10,000 was destroyed by fire but the Insurance…The company on 31/12/2020 charged its customers with interest 14,500.The interest on the short-term loan on 31/12/2020 amounted to 4,500.The interest of K.O. of the company on 31/12/2020 amounted to 10,500.The burden on the company with interest from suppliers on 31/12/2020 was 6,200On 31/12/2020, a stock of 5,500 consumables was found. Consumables 1/1 / 2020 were 4,100 and purchases of consumables during the year amounted to 14,900. What is the value of the consumed materials? Where will they be transported to close?During the inventory, 39,500 cash was found, while the H.Y. of the Fund is 37,000. Make the appropriate adjustment record.During the inventory, 49,000 cash was found, while the H.Y. of the Fund is 51,000. Make the appropriate adjustment record.