User Account

All Pages

Prepare all journal entries required for a worksheet

Assignment Help Financial Accounting
Reference no: EM133043446

Question - Additional information provided by group CEO

(a) Kumar Ltd sells certain raw materials to Prasad Ltd to be used in its manufacturing process. At 1 July 2020, Prasad Ltd held merchandise sold to it by Kumar Ltd in the previous year at a profit of $600. During the 2020-21 year, Kumar Ltd sold merchandise to Prasad Ltd for $21,000. None of this was on hand at 30 June 2021.

(b) Prasad Ltd also sells items of merchandise to Kumar Ltd. During the 2020-21 year, Prasad Ltd sold goods to Kumar Ltd for $4,500. At 30 June 2021, merchandise which had been sold to Kumar Ltd at a profit of $300 was still on hand in Kumar Ltd's merchandise.

(c) On 1 July 2020, Prasad Ltd sold an item of equipment to Kumar Ltd for $14,000. This equipment had a carrying amount in the records of Prasad Ltd of $15,000 at time of sale. This type of equipment is depreciated at 10% p.a. on cost.

(d) On 1 January 2020, Kumar Ltd sold an item of merchandise to Prasad Ltd for $18,000. The merchandise had cost Kumar Ltd $16,000. This item was classified by Prasad Ltd as equipment. Equipment of this type is depreciated by Prasad Ltd at 20% p.a.

(e) On 1 March 2021, Prasad Ltd sold an item of equipment to Kumar Ltd. Whereas Prasad Ltd classified this as equipment, Kumar Ltd classified it as merchandise. The sales price was $9,000 which included a profit to Prasad Ltd of $1,500. Kumar Ltd sold this to another entity on 31 March 2021 for $9,900.

Required - Prepare all journal entries required for a consolidation worksheet for the preparation of the consolidated financial statements of Kumar Ltd at 30 June 2021 (narrations not required).

Reference no: EM133043446

Questions Cloud

Prepare the income statement for the year ended : Accrued electricity expenses as at 31 December 2013 amounted to Sh. 548,000. Prepare the income statement for the year ended
Advantages and disadvantages of way of thinking : There are a number of organizations that believe the entire process of recruitment and selection caters too much to the applicant. Some organizations take the p
Explain the main concerns for the hr department : You are the HR manager in a tech company that has been in business for almost four years. No other HR positions exist in the company
What is the price per share of preference share capital : Ten thousand of the preference shares were issued for equipment having a fair value of P680,000. What is the price per share of preference share capital
Prepare all journal entries required for a worksheet : Prepare all journal entries required for a consolidation worksheet for the preparation of the consolidated financial statements of Kumar Ltd at 30 June 2021
H/615/3242 Strategic Financial Management Assignment : H/615/3242 Strategic Financial Management Assignment Help and Solution, OTHM Level 7 Diploma In Accounting And Finance - Assessment Writing Service
What is the vogel corporation''s gross profit percentage : Vogel Corporation sold inventory on account to Hatcher Corporation for $493,000, terms 2/10, n/30. What is the Vogel Corporation's gross profit percentage
What is the clinic contribution margin on the contract : Past experience indicates the population served will average two visits per year. What is the clinic's contribution margin on the contract
What is the book value of the asset at the time of sale : Un Company sold office equipment with a cost of $38,550 and accumulated depreciation of $34,026 for $6,910. What is the book value of the asset at time of sale

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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