Discuss the treatment of both of the payments in the books

Assignment Help Financial Accounting
Reference no: EM132493658

Point a. All India Insurance Company received an insurance premium of Rs 50 lacs on an insurance policy whose coverage extends till the mid of the next accounting year.

Point b. Additionally, the company has a monthly salary expense of Rs 25 lacs. For the accounting year ended on March 31, 2019 the company paid 275 lacs on account of salary. The salary for the month end is paid in the first week of April 2019.

Question 1: Discuss the treatment of both of these payments in the books and disclosures in the financial statements, as on 31st March 2020

Reference no: EM132493658

Questions Cloud

Explain the different among bidirectional-unidirectional : Explain the different among Bidirectional, Unidirectional & Reflexive Association? Please provide the complete solution of this problem.
What is the current yield for malko enterprises : What is the current yield for Malko Enterprises. Malko Enterprises' bonds currently sell for $978. They have a 10-year maturity an annual coupon rate of 9.8%
What are some key performance indicators : What are some key performance indicators that are used by organizations in which you have been employed? How did managers explain the importance of these KPIs.
What are the common characteristics of a bastion host : What is the difference between a packet filtering firewall and a stateful inspection firewall? What are the common characteristics of a bastion host?
Discuss the treatment of both of the payments in the books : Discuss the treatment of both of these payments in the books and disclosures in the financial statements, as on 31st March 2020
How many bits are in each sample : You are recording a piece of music on your computer using a sampling rate of 45kHz and each sample is 2 bytes.
Determine the amount of income matt must recognize : Determine the amount of income Matt must recognize and the amount of deduction Fresh may claim, Matt works for Fresh Corporation
Write console application that reads a word : A palindrome is a word, phrase, number or other sequence of units that can be read the same way in either direction.
Disuss the impact of the global digital divide : Disuss the impact of the global digital divide. According to the authors, countries that lag behind the rest of the world's ICT capabilities encounter.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the cash payback period for each proposal

Determine the cash payback period for each proposal. Round your answers to two decimal places, if necessary

  Determine materiality and assess inherent risk

The audit team needs to gain an understanding of Cloud 9's structure and its business environment, determine materiality, and assess inherent risk.

  What is the change in profit in both the short and long run

The income statement is available below. What is the change in profit in both the short run and long run by dropping intake valves from their product line?

  Analyze and journalize the february transactions

Analyze and journalize the February transactions. Set up T-accounts for each account, and post the transactions to the T-accounts. Be sure to use the balances computed in Chapter 2 as beginning balances of the T-accounts.

  Calculate the pay back period for each project

Calculate The pay back period for each project.- Calculate The Accounting Rate of Return for each project. - Calculate The Net present value of each project.

  Illustrate what is the total dividend that will be paid

Illustrate what is the total dividend that will be paid for Preferred stock? If the Preferred stock listing stated $3 instead of 3% would that change the total dividend amount? Why?

  What is the weighted-average unit contribution margin

Markowis Corporation sells three different models of mosquito zapper. Model A12 sells for $54 and has variable costs of $40. Model B22 sells for $107 and has variable costs of $80. Model C124 sells for $407 and has variable costs of $310. The sales m..

  Make a multiple-step income statement

Prepare a multiple-step income statement for the year 2008 on a separate Excel spreadsheet as directed in the Problem Set 1 directions.

  What amount of loss on impairment of goodwill sheridan

Linebrink (excluding goodwill) had a fair value of $6000000 at that time. What amount of loss on impairment of goodwill should Sheridan record in 2018?

  What is the cash payments to suppliers

Using the direct method compute cash payments to suppliers. What is the Cash payments to suppliers?

  What was the net cash flow from investing activities

When its book value was $1.65 million, and purchased new equipment for $4.1 million. What was the net cash flow from investing activities?

  Job cost sheet for this job.

Compute the unit product cost that would appear on the job cost sheet for this job. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

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