User Account

All Pages

Prepare statement of affairs as on december

Assignment Help Accounting Basics
Reference no: EM13257755

Mr. Qamar keeps his books under single entry system; hisposition on 31 December 2002 (at the end of financial year) was asfollows:

Cash in hand Rs. 59,200; Stock Rs. 63,000; Debtors Rs. 48,400;Furniture Rs. 12,000

Creditors Rs. 50,400; Prepaid Insurance Rs. 200. Machinery Rs.10,000

INFORMATION:

  • Machinery worth Rs. 2,000 was purchased on 30PthP June2002 and remaining on

30PthP December 2001.

  • Depreciate Furniture and Machinery @ 10% p.a.
  • Written off bad debts Rs. 2,400 and provide 5% fordoubtful debts.
  • Provide interest on capital @ 10% p.a.

Required:

You are required to prepare Statement of affairs as on 31PstPDecember 2002.

Reference no: EM13257755

Questions Cloud

Ultraviolet light and light skin in regions : Know the advantages of dark skin in regions of intense ultraviolet light & light skin in regions with less intense UV light
Determine the current in the first resistor : Two resistors, 30.0 ? and 40.0 ?, are connected in parallel. The current through the second resistor is 2.90 A. Determine the current in the first resistor
Describe jojoba wax in candles consists of stearic acid : Jojoba wax in candles consists of stearic acid and a 22-carbon saturated alcohol. Write the structure of jojoba wax.
What are the limitations of the proposed technology : 1. Give a summary of the article, what is the basic concept and the key technology. 2. What are the differences, advantages and disadvantages of the proposed technology compared to conventional MOSFETs and BJTs.
Prepare statement of affairs as on december : Mr. Qamar keeps his books under single entry system; his position on 31 December 2002. You are required to prepare Statement of affairs as on 31st December 2002.
Case study of cinderella rocks : On February 4, Cinderella Rocks Inc., a marble contractor,issued for cash 30,000 shares of $20 par common stock at $64, and on March 31, it issued for cash 18,000 shares of $75 par preferred stock at $90.
Determine the density of an irregularly shaped rock : How would you determine the density of an irregularly shaped rock, Is buoyant force a conservative force
Explain compound is chiral and number of stereocenters : highlight by clicking on the asymmetric carbons if any, and indicate whether each compound is Chiral and Number of stereocenters
Compute the static budget variances : Compute the static budget variances and the flexible-budget variances forvariable and fixed costs for the systems consulting department forJune 20X1.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Appropriate sources within the tax code

using securities worth $3 million, Daniel would like to create a trust, life estate to Marcia, remainder to her children. he is hesitant to do so because of the tax generationskipping transfers. write a letter to daniel advising him on this matter..

  Inferences of possible interest to a stockbroker

What are some inferences of possible interest to a stockbroker? How would the reliability of the inferences be assessed?

  Information about partnership

Net Income for Levin-Tom partnership for 2012 was 125000. Levin and Tom have agreed to distribute partership net income according to the following plan.

  Perpetual bond and zero-coupon bond

If a Perpetual bond yields 5% and makes an equal payment each year; which has the longer duration - a perpetual bond or a 15-year zero-coupon bond?

  Amount of total assets at the end of year

During the year, total liabilities increased $100,000 and owner's equity decreased $70,000 What is the amount of total assets at the end of the year?

  Overhead account-generally eliminated by adjusting

At the end of the year, any balance in the Manufacturing Overhead account is generally eliminated by adjusting

  Stocks intrinsic value

Wayne`s Steaks, Inc., has a 9 percent, noncallable, $ 100-par-value preferred stock issue outstanding. On January 1 the market price per share is $ 73: Dividends are paid annually on December 31: If you require a 12 percent annual return on this i..

  Dispose of the overhead variance

What journal entry would you make to dispose of the overhead variance using the proration approach based on account ending total dollar balances?

  Find the relevant internal revenue code section

Identify one major exclusion and one tax credit. Find the relevant Internal Revenue Code Section that provides for the exclusion or credit using Thomas or IRS.GOV, copy the first paragraph, including the Code Section, and paste it into your post.

  Financial statements of the client

Actual litigation by the client against the auditor for an amount not material to the auditor or to the financial statements of the client arising out of disputes as to billings for tax services.

  Budgeted tuition revenue for the upcoming academic year

What is the budgeted tuition revenue for the upcoming academic year ? How many faculty members will be needed to teach classes in the upcoming year ?

  Prepare the journal entry to record organizational costs

Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.

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