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Financial Accounting Processes - ChiHerbal Ltd

Added on - 08 Sep 2020

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Financial Accounting Processes
TABLE OF CONTENTSPART B QUESTIONS....................................................................................................................3SCENARIO 1..................................................................................................................................3Q.1 preparing general journal entries to record the above transactions......................................3b. preparing the equity section of chiherbals statement of financial position :-..........................4SCENARIO 2..................................................................................................................................5a. Journal entries of ChiHerbal Ltd and classifies Residential land and Factory land asdifferent classes of assets.:-.........................................................................................................5B. Preparing the journal entries and revaluation of truck............................................................5SCENARIO 3..................................................................................................................................6A) preparing the journal entries for the lease transaction the book of lessor(Easy rental):........6B. Preparing the journal entries for the lessee transaction in the book of lessee.........................7SCENARIO 4..................................................................................................................................7a....................................................................................................................................................7b...................................................................................................................................................8
PART B QUESTIONSSCENARIO 1Q.1 preparing general journal entries to record the above transactionsDateParticularsRef.noDebitCredit01/09/18Redeemable preference share capital a/cPremium of redemption preference share capitalto preference shareholders( 40000 preference share at 6% redeemable and5% premium from the retained earning)24002000440025/08/18Preference shareholders a/cto bank a/c(cheque issued to preference shareholders)4400440001/11/18Cash at bank a/c (51200*.40)to equity share application a/c(application money received for right share issues)19456019456030/11/2018Equity share application a/cdiscount on issues of share a/cto equity share capital a/c(ownership is given 1 share for 5 held)1945601024020480020/12/16Underwriters brokers a/cto bank a/c(underwriting commission paid)4800480010/01/19General reserve a/cRetained Earning A/c(director transfer $56000 from retained earning togeneral reserve)560005600028/02/19Share application a/cshare capital a/c(Class 3 shares are issued at a price of $3.60)20160020160030/04/19Share capital a/cshare application a/c20160020160
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