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In taking out a trial balance, a bookkeeper finds that he is out Rs 1600 excess debit. Being desirous of closing his books, heplaces the difference to a newly opened suspense account. In the next period he discovers the following discrepancies.
a) An item of sale for Rs. 11800 was posted to the sales a/cas Rs.19000.
b)The total of the sales returns book has been added Rs.200short.
c) An amount of Rs.7400 received from a customer has beencredited to his account as Rs.14600.
d) Rs.300000 paid for purchase building has been charged to theordinary purchase account.
e) A sum of Rs.19000 written off from building a/c asdepreciation has not posted to depreciation a/c.
f) An amount received from a debtor of Rs.19400 has been debtedto his account as Rs.15800.
Required: Given rectifying entries and prepares a suspense account.
Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
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High & Dry’s standard price for direct materials is $3.60 per unit-The actual purchase price per unit was
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what was the character of that gain and what is the corporation's basis in the equipment.
An investment that costs $30,000 will produce annual cash flows of $10,000 for a period of 4 years. Given a desired rate of return of 8%, the investment will generate a (round your answer to the nearest whole dollar).
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