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Assignment on Accounting (PDF)

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Added on  2020-10-22

Assignment on Accounting (PDF)

   Added on 2020-10-22

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ACCOUNTING
Assignment on Accounting (PDF)_1
TABLE OF CONTENTSQUESTION 1...................................................................................................................................1A. Journal entries....................................................................................................................1B. Financial statements...........................................................................................................2C Notes to Accounts...............................................................................................................4QUESTION 2...................................................................................................................................5A. Statement to Determine taxable Income............................................................................5B. Taxation worksheet............................................................................................................6C. Journal Entries...................................................................................................................7QUESTION 3...................................................................................................................................8A. Analysing the goodwill or gain on bargaining..................................................................8B. Consolidated worksheet entries.........................................................................................8REFERENCES..............................................................................................................................10
Assignment on Accounting (PDF)_2
QUESTION 1A. Journal entriesDateParticularsDebit(In$)Credit(In$)15-07-18Damages for environment pollution a/c dr150000To Environment Protection Authority150000(Being claim form environment protection authoritypayable)15-07-18Sales Return a/c dr2000To Account Receivables2000(being issue of credit note to a customer)05-07-18Bad Debts a/c dr63000To Accounts Payable a/c63000(being bad debt calculated in case of liquidation)Q.2Statement of Profit Loss for the year ended 30/06/2018AmountSales Revenue990000Less Cost of Goods Sold290000Gross Profit700000Distribution Expenses93000Sales and marketing Expense95000Administration Expenses55000Interest Expense550002980001
Assignment on Accounting (PDF)_3
Add Interest Revenue98500Net Profit500500B. Financial statementsStatement of changes in EquityParticularsShare Capital(In$)Retained Earnings(In$)Revaluation Surplus(In$)Total EquityBalance as at 1/07/2017NilNil50000NilChanges in EquityIssue Of Share Capital5600005100050000661000Income for Current year369350369350Revaluation surplus1500015000Dividends paid`-32000-32000Balance as at 30/06/018560000388350650001013350Statement of Financial Positionas on 30/06/2018Amount(In$)Amount(In$)AssetsBuildings360000Motor Vehicles340000Land85000Goodwill50000Cash at bank97000Closing Inventories123000Accounts Receivables192500Term Deposits33700015845002
Assignment on Accounting (PDF)_4

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