Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Style
Ltd is a company with an authorised share capital of 2 million ordinary shares. The company commenced business on 1 July 2008 primarily retailing fabric. The following list of balances as at 30 June 2020 was extracted from the pre-adjustment trial balance of Style Ltd. Additional Information: Physical stock was taken at financial year end and valued as follows: Trading inventory... R366 690Consumables inventory...R2 040 Generous Bank provided the following details as at 30 June 2020 in respect of the loan they provided to Style Ltd: Balance outstanding at 1 July 2019 R227 500Balance outstanding at 30 June 2020 R183 750 Total payments for the year inclusive of interest R 79 625 Interest on the loan is capitalised. Style Ltd has not yet recorded the interest for the current financial year. 1) On 25 June 2020, directors of Mine Ltd declared a dividend of 15 cents per share payable to all shareholders registered on 30 June 2020. Style Ltd bought its shares in Mine Ltd during the last financial year that ended 30 June 2019. 2) Y Wayne, a debtor, owed the company a total amount of R3 000. The debtor is now deceased and 60 cents in the Rand has been received from his estate in full settlement of his account. The unpaid balance of his account must be written-off as a credit loss. 3) The allowance for credit losses must be increased by R800. 4) There was a fire at the warehouse on 13 February 2020 which destroyed trading stock to the value of R127 000. The insurance company paid out an amount of R115 000. The difference has been posted to a "Suspense account-First Insurance Company. 5) The advertising costs of R20 000 are for a single advertising campaign that was launched on 1 December 2019 for a period of 10 months ending on 30 September 2020
6) The June 2020 electricity and water account of R6 400 is not included in the above records. 7) The commission received includes an amount of R6 300 for which service will be provided during July 2020.
8) Income tax for the year amounted to R122 238 Required: Problem 1: Prepare the statement of profit or loss and other comprehensive income for Style Ltd for the year ended 30 June 2020.
What are some of the ethical questions that you will ask to yourself in light of the fundamental principles of professional code of conduct for accountants?
A stock dividend was received by the company on its investment. Which of the following statements is true on the treatment of the stock dividends?
How do Provide an evaluation of the selected firm's strengths and weaknesses. Based on the ratios, how well does your chosen firm perform? Explain.
Prepare a 3-5 page research paper on the fundamentals of how to do fundamental tax research. Your research should include: Your rationale for the need for tax research. The different types and levels of authority.
ABC Corp. entered into a three-year loan agreement with XYZ Corp for Php 2 Million. Loan was executed in August 1, 2021. Compute the DST due
Prepare a report on the financing and dividend decision/behavior of any listed manufacturing company. Take past 5 year data for your analysis. (NOTE: Calculate and analyze relevant ratios)
PDQ Repairs has 200 auto-maintenance service outlets nationwide. What the dollar amount of each type of service would be needed to reach a net income of 54000
Calculate the revenue effect of growth considering two fiscal years 2013 and 2014, with actual units sold in 2013 and 2014 are 11000 and 12500 units respectively and selling price in year 2013 is $50
The said equipment was acquired on January 1, 2017 with residual value of P200,000. What amount of depreciation should be recognized for 2019?
Her current salary is $50,000. Salaries are expected to grow by 2% for the next 5 years. What is the company's long service leave liability relating to Sala
An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2015. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $109,700 during the year. He ha..
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. Post the unadjusted balances and adjusting entires into the appropriate t-accounts.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd