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Question - a) A firm purchases a truck for a sum of Ksh 1,000,000 on 1st Jan 2020. It charges a depreciation of at the rate of 20% p.a according to reducing balance method. The truck was sold on 1.07.2020 for 800,000.
Required - Prepare Provision for depreciation account.
b) The balances from the Trial balance of Gibs ltd show that the company had sundry Debtors amounting to Ksh.300,000 as at 31 Dec 2020. Bad debts are provided at 10% and provision for doubtful debts at 10%. Ksh, 5000 (bad debt)previously written off was recovered in year 2020.
Required - Prepare and extract of both P&L account and Balance sheet as at 31 Dec 2020.
Oasis Company has used the dollar-value LIFO method for inventory cost determination. Calculate the index used for 2015 that yielded the above results.
The first payment was made at the inception of the lease. How would OAC classify this lease if it prepares its financial statements using IFRS? Why?
A stock has an initial price of $100 per share, paid a dividend of $2.00 per share during the year, and had an ending share price of $125.
does anyone would like to share the solutions for case 5.1 - s.a. harrington company.harrington company is a u.s.-based
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Franco capital, $42,000; Elisa capital, $58,000. Elisa's capital account balance at the end of the year is
Bob's Auto manufactures cars and currently uses only 50% of its manufacturing facility to make 30,000 cars per year
Colt Football Co. had a player contract with Watts that is recorded in its books at $5,600,000 on July 1, 2014. Day Football Co. had a player contract with Kurtz that is recorded in its books at $7,000,000 on July 1, 2014. On this date, Colt traded W..
explain the types and payment patterns of notes. provide examples of current types of
a newly created design business called smart art is just finishing up its first year of operations. during the year
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