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CASE STUDY (Process of Accounting). Rajiv and Rahul were twin brothers. Rajiv was interested in computers and would find time to always work on computers either at college or at his friend's place. His keen interest in subject made him take up computer software for his degree course. He pleaded with his father Mr. Raghunath and purchased a computer for his use at home. Rahul was always interested in sitting at his father's shop at the nearby market place selling electrical appliances. He would often go and help his father at the shop after college hours. Mr. Raghunath was happy that Rahul showed keen interest in his business but was worried about Ram who would always spend time with computers. He felt that if the interest of the two sons be put together they could start a flourishing business of their own. The boom in the IT industry made him find ways to satisfy his son's dream. After college, the twins were drifting apart due to varied interest. Mr. Raghunath decided that this is the time for him to intervene and make decisions for his sons. He decided to start a computer business for his sons. He asked Rahul, a commerce graduate to draw up a proposal for the same. Rahul came out with the following ideas: The area they lived on ad run shop consisted of middle income group families and many of them did not possess computers at home Their shop could provide the following services: Computer classes for various age groups. Computer using facilities on payment per hourly basis and printing of documents from computers. Internet access facility at the prevailing market rates by entering into contract with AIRTEL. Computer games corer for children Rajiv jumped at the idea and they made up a common proposal. Rajiv wanted that they purchase 10 computers and start with first two areas of operation and expand when things go well. The shop they had at the market place was a single storey building. Their father offered to build the first floor and give it to them.
Seether Co. wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 8 percent coupon bonds on the market that sell for $930, make semiannual payments, and mature in 20 years. The company should set a cou..
Are laws and regulations the problem or the solution in addressing ethical problems? Explain. What would be an alternative?
Kerry Company has 1,000 shares of $100 par value, 9% preferred stock and 10,000 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends were paid in 2010. Since 2010, Kerry has declared a..
What are the major issues at Jimmy Possum Furniture. Assess how the issues may impact the performance within Jimmy Possum organisation - Jimmy Possum branched out from manufacturing into retailing,Identify the organisational structure, authority de..
aqua system engineering provides consulting services to city water authourity a recent income statment releaved
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
the pvc company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion.
1a. Assume the company uses absorption costing. Determine its product cost per unit. 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. 2a. Assume the company uses variable costing. Det..
Compute the efficiency variances for direct labour and direct materials. Provide likely explanations for variances. Do you have reason to be concerned about you performance evaluation? Explain.
Identify the accounts that are added to or deducted from purchases to determine the cost of goods purchased under a periodic system. For each account, indicate (a) whether it is added or deducted, and (b) its normal balance.
Accounting for notes receivable and uncollectible accounts using the percent of sales allowance method The following information applies to the questions displayed below:
Calculate annual depreciation for the five-year life of the van using each of the following methods. Round all computations to the nearest dollar.
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