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Question - Mr. A and Mr. B start a business on 01st June, 2021, with capital of 2,570,000 and 800,000. According to agreement Mr. A is entitled for a salary of 250,000 whereas another partner is entitled for Rs. 46,000. Partners borrowed some amount of loan from a financial institution of Rs. 300,000 at 12% interest rate. The interest on capital 7.5% p.a is allowed to partner B. During their first fiscal year of partnership, they earned a net profit of Rs. 1,650,000.
Required - Profit and Loss appropriation account to allocate the profit with 3:2 to partners A and B respectively. Provide necessary journal entries. Moreover, also prepare a capital account for the partnership.
Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000.
Record the 2015 transactions in a statements model like the preceding one.
Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved.
Explain why doubling the capacity of a bottleneck may not double the system capacity? Define Design and Effective capacity and give an example in each case.
Sweet Dreams manufactures candy. Its records revealed the following: Units produced 4,000. What is the total overhead variance
The guaranteed amount of $9,000. Prepare the necessary journal entries on 1/1/2020, 12/31/2020, and 1/1/2021 on Lessee's side
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Our fixed overhead budget is $89,000. Fixed overhead is applied per mask. Calculate Variable overhead efficiency variance
below are transactions related to impala company. athe city of pebble beach gives the company 5 acres of land as a
Using direct labor hours as the allocation base, determine the setup cost portion of overhead that is allocated to each unit of product for Plus and Max
Consider a bond with face value $100, coupon rate 6% and 10 years to maturity. Using Microsoft Excel produce a printout of:
Discuss the concept for devise a fraud investigation plan. Discuss the appropriate investigative methods/techniques that you would suggest.
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