Calculate the new net profit

Assignment Help Financial Accounting
Reference no: EM132931927

Problem 1: Neelopa Enterprise's financial statement for the year ended 31 December 2020 has showed a net profit of RM100, 500. On 2 March that year, the company bought a van that cost RM70,000. This transaction was debited in the motor repairs and maintenance accounts. The company policy is to depreciate motor vehicles using straight line basis at 15 percent per annum and with a full year charge in the year of acquisition. It was discovered that 5% interest on loan of RM120,000 was also left out. Calculate the new net profit.

Reference no: EM132931927

Questions Cloud

Understand regular expressions in data analytics : When thinking about data visualization, it is important to understand regular expressions in data analytics.
Determine whether or not preferred stock provided at least : Determine whether or not the preferred stock provided at least the 16% rate of return that could have been received on the money market certificate.
What are five strategies for effective networking : What is networking? What are five strategies for effective networking? What benefits can you gain by conducting career information surveys?
How many fewer months would take to repay the debt : How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200? (Round your answer to the nearest month.)
Calculate the new net profit : Calculate the new net profit. Neelopa Enterprise's financial statement for the year ended 31 December 2020 has showed a net profit of RM100, 500.
Three examples of wearable technology : Discuss at least three examples of wearable technology. Based on your reading of the case study "How Reliable Is Big Data?"
Should business record a liability for dollar one million : You will lose and have to pay $1 million to another party. No decision has yet been made by the courts. Should your business record a liability for $1 million?
What amount should holt report as investment property : Assume that HOLT INC. provides security services for its guest belongings as part of the service it provides, what amount should HOLT report
Provide accounting entries necessary to account for purchase : Perth Ltd, Provide the accounting entries necessary to account for the above purchase transaction for the year ending 30 June 2018.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd