The following information is extracted from the financial records of Mia Dealers. Balances: Opening long term liability R20 000 (cr) Closing long term liability R50 000 (cr) Required: Calculate the creditors’ amount.
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The following information is extracted from the financial records of Mia Dealers.
Balances:
- Opening long term liability R20 000 (cr)
- Closing long term liability R50 000 (cr)
Required: Calculate the creditors’ amount.
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- Prepare ABC Manufacturing Company Ltd General Ledger Adjustment Account as it will appear in the Debtors’ and Creditors’ Ledger from the information given below: Dr. Cr. Balances on 1.4.2019 $ $. Debtors’ Ledger 47,200 240 Creditors’ Ledger 280 26,300 Transactions for the year ended 31.3.2020: Total sales 120,000 Cash sales 8,100 Total purchases 89,500 Credit purchases 67,000 Creditors paid off (in full settlement of $. 40,000) 39,500 Received from debtors (in full settlement of $ 59,000) 58,200 Returns from debtors 2,600 Returns to creditors 1,800 Bills accepted for creditors 5,500…7) Evergreen traders had the gross profit of RO 78,200, advertising of RO 1,700, salesperson salary of RO 1,500, office rent of RO 7,400, office insurance of RO 1,200, interest expense of RO 500, loss on sale of machinery RO 700, dividend revenue RO 2,500 and repairs and maintenance of RO 450 for the year 2019. Calculate and show the Net income of the business transferred to the balance sheet for the year ended 2019? a. RO 68,650 b. RO 78,200 c. RO 69,550 d. RO 67,250MADINA Trading LLC is a doing a Merchandise business in Muscat. The business borrowed OMR 2500 from bank Muscat to be repayable in 6 months. The type of business transaction for MADINA TRADING LLC is a. Current liability b. Non-Current Asset c. Income d. Non-Current Liability
- The following list of accounts and their balances appear on the books of MJ Thai Spa as of December 31, 2018: Direction: a. Prepare the adjusting entries b. Close the nominal accounts c. Record the 30% tax liability d. Make a statement of comprehensive income under the function of expense method and use line items with supporting notes. Rent and utilities are 75% distribution expenses. e. Make a statement of partner's equity. Mel Capital was initially P80,000 before she made a permanent withdrawal. f. Make a statement of financial position also using line items with supporting notes.You are required to prepare a trial balance for Alina Ltd as at 31st December 2021 and assess the source and structure of the trial Balance of Alex Ltd. The following information should be used to prepare the trial balance; £000 Capital 200 - Source - General ledger Stocks 20 - Source - General ledger Sales 100 - Source - Sales ledger or accounts receivable Cash and cash equivalent 110 - Source - Cash book Bank loan 70 - Source - General ledger Furniture and Fittings 180 - Source - General ledger or nominal ledger Trade Receivables 30 - Source - Sales ledger or receivables ledger Trade Payables 20 - Source - Payable ledger or purchase ledger Wages 50 - Source - General ledger or nominal ledgerYou have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…
- The following list of accounts and their balances appear on the books of MJ Thai Spa as of December 31, 2018: Direction: Make a 10 column worksheet with a profit distribution table and; a. Prepare the adjusting entries b. Close the nominal accounts c. Record the 30% tax liability d. Make a statement of comprehensive income under the function of expense method and use line items with supporting notes. Rent and utilities are 75% distribution expenses. e. Make a statement of partner's equity. Mel Capital was initially P80,000 before she made a permanent withdrawal. f. Make a statement of financial position also using line items with supporting notes.On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.From the following ledger balances of Regal Limited as on 31/03/2017, you are required to prepare the Balance Sheet as on 31/03/2017 as per Schedule-III of the Companies Act. Particulars ₹ Particulars ₹ Office Equipment 480600 General Reserve 415000 9% Debentures in APCO Ltd. 245000 Creditors for Goods 168500 Loose Tools 163000 Creditors for Expenses 36000 Plant & Machinery 1800000 Bank Overdraft 75000 Computer Software 83250 Mortgage Loan 310000 Debtors 190000 8% Preference Share Capital 550000 Share Issue Expense (Unwritten Off) 30000 Equity Share Capital 1500000 Stores and Spares 100200 Staff Welfare Fund 85000 Interest Accrued on Investment 51000 Provision for Taxation 26550 Bank 23000
- Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the following accounts and their closing balances for the year ended 31st December 2020: Jim Tag Unadjusted Trial Balance as at 31 December 2020 Accounts $ $ Capital: JimTag as at 1 January, 2020 98,900 Drawings 21,700 Sales 260,700 PAYG Withheld 23,200 Cost of Goods Sold 128,700 Cash at Bank 22,400 Accounts Receivable 14,150 GST Collected 25,500 Sales commissions expense 6,560 Staff salaries expense 64,500 Accounting fees 2,300 Advertising expense 7,970 Inventory as at 31 December, 2020 40,250 Computer Equipment at cost 36,000 Shop Fittings at cost 70,000 Accumulated Depreciation: Computer Equipment 5,400 Accumulated Depreciation: Shop Fittings 18,000 Accounts Payable 18,900 Long-term Bank…Crispin Santos started a retail merchandise business on January 1, 2020. During the year ended December 31, 2020, the entity paid trade creditors P2,000,000 and suffered a net loss of P350,000. The ledger account preclosing balances on December 31, 2020 included the following:· Accounts receivable- P600,000· Accounts payable- P750,000· Capital (total investment in cash)- P2,000,000· Expenses (paid in cash)- P100,000· Merchandise (unadjusted debit balance)- P700,000There were no withdrawals. All sales and purchases were on credit. The merchandise account is debited for purchases and credited for sales. What is the amount of purchases for the year?You have been provided with the following trial balance of Comvita for year ended 31st March and the management have requested you to apply accounting principles to prepare balance sheet and income statement for year ending 31st March 2019 and based on it provide an financial statement analysis reflecting the financial position of the Comvita to inform internal and external stakeholders. Trial Balance for Comvita Year Ended March 31, 2019 All figures are in ‘000 Account Name Debt Account Name Credit Accounting Fee 9000 Accounts payable 63600 Accounts receivable 286650 Accumulated Depreciation – Motor Vehicle 30000 Advertising 6000 Accumulated Depreciation – Office Equipment 6000 Bad Debts 1500 Mortgage-non current 282600 Bank 60240 Discount Received 31200 Bank Fees 300 Allowance for Doubtful Debts 2865 Freight Out 36000 Retained earnings 1365000 Cost of goods sold 630000 Sales 1218300…