The following transactions relating to ABC Ltd for the month
a) Services performed in relation to income recieved in
advance total $1500
b)Supplies expense includes $400 of supplies that are still
on hand at 30 June
c)Interest accrued on the bank loan is 750
d)At the end of june paid rent for 3 months (June, july Aug)
e)Credit sales for the month of June 2009 amounted to
$50000. Past expierence shows that around 1.5% of net credit
sales are written off as bad debts. XYZ ltd, previously
notified ABC ltd that they have gone bankrupt, will be able
to pay $1000, which was recieved at the end of the month.
The provision of doubtful debt has an opening balance of
f) The owners of ABC Ltd wish to revise the balance of the
provision of doubtful debts account to $3500.
g) Depreciation of one year on the delivary van is $1500.
h) On 30 June 2009, ABC Ltd sold an item of equipment for
$40000 cash. The cost of equipment was $50000 and had a
accumulated depreciation balance of $2000
Prepare the relevant adjusting journal entries for the month
of June 20x2
Difference between depreciation according to cost principle
and matching principle
WHAT IS THE PORTFOLIO MANAGMENT SCHEMES ? ITS WHICH TYPES
under the modified cash basis of accounting, most revenues
and expenses are recognized on the cash basis. Which one of
the following items is an EXCEPTION to this accounting practice?
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question will asked by interviewer ??? Please suggest me so
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From the following particulars taken on 31 December, 1995,
you are required to prepare a bank reconciliation
statement to reconcile the bank balance shown in the Cash
Book with that shown in the Pass Book:
(i) Balance as per Pass Book on 31 December, 1995, O/D Rs 1,027.
(ii) Four cheques drawn on 31 December but not cleared till
January are as follows:
Rs 12; Rs 1,021; Rs 98; and Rs 113.
(iii) Interest on O/D not entered in Cash Book Rs 51.
(iv) Three cheques received on 30 December and entered in
the bank column of the Cash Book but not lodged
in bank for collection till 3 January next: Rs 1,160; Rs
2,100; and Rs 2,080.
(v) Cost of cheque book, Pass Book, etc; Rs 1.50 entered
twice erroneously in Cash Book in November.
(vi) A Bill Receivable for Rs 250 due on 29 December, 1995
was passed to the bank for collection on
28 December, 1990 and was entered in Cash Book forthwith
whereas the proceeds were credited in the
Pass Book only in January following.
(vii) Chamber of Commerce subscription Rs 10 paid by bank on
1 December, 1990 had not been entered in the
(viii) Bank charges of Rs 5 had been debited in the pass
book twice erroneously.
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What is fractional code and how can i get a fractional code
for a particular account?
What is the Technology used to carry out trades?
Pls Tell me as early as possible.