Reference no: EM132856848
Question - Pearce & Sons started Business in Feb 2020. They have the following transactions at for the month of Feb 2020.
2020
Feb 1 Started business with; £21,500 in the bank account, a van £25,000 and office fixtures £800
Feb 2 A loan of £2,500 was received from Lloyds Bank.
Feb 3 The amount of £1500 was transferred from Bank Account to Cash in hand account.
Feb 4 Bought Van paying by cheque £4,800.
Feb 5 Bought office fixtures £1100 on credit from Quick Office Ltd.
Feb 8 Bought a new van on credit from Nissan Co. £5,200.
Feb 15 Bought office fixtures paying by cash £70.
Feb 19 Paid Nissan Co. a cheque for whole amount of debt.
Feb 25 Paid £350 of the cash in hand into the bank account.
Feb 28 Bought new office fixtures paying via bank account £620.
Required -
a. Write up the transactions in the general ledger (T Accounts) of Pearce & Sons.
b. Balance up the accounts and extract a Trial Balance as at 28 Feb 2019.
|
Prepare journal entries to record the transactions
: During the year, the company purchased merchandise having a gross invoice cost of P1,500,000. Prepare journal entries to record the transactions
|
|
How much is the total revaluation surplus to be closed
: How much is the total revaluation surplus to be closed to retained earnings in 2020? How much is the revaluation surplus on January 1, 2018?
|
|
What is the probability that a randomly selected student
: (a) What is the probability that a randomly selected student is enrolled in Chemistry and Physics, but not Biology?
|
|
Calculate the after-tax cash flow for the project year
: Unavoidable costs = 30; Total variable costs = 50; Depreciation = $10; Tax rate = 21 percent. Calculate the after-tax cash flow for the project year 1
|
|
Write up the transactions in the general ledger
: Feb 1 Started business with; £21,500 in the bank account, a van £25,000 and office fixtures £800. Write up the transactions in the general ledger
|
|
What the depreciable cost of the equipment is
: What The depreciable cost of the equipment is? Monty Corp. bought equipment on January. The equipment cost $360000 and had an expected salvage value of $65000.
|
|
Calculate the fixed overhead spending variance
: During year, 3,050 units were produced, 10,900 hours were worked, and the actual manufacturing overhead was $21,800. Calculate fixed overhead spending variance
|
|
How much will the sale of one additional ton of cement add
: Variable selling and admin. Expense $165,000. How much will the sale of one additional ton of cement add to the company's net operating income?
|
|
What is the probability of drawing at least 7 spades
: Suppose that you randomly draw one card from a standard deck of 52 cards. After writing down which card was drawn, you replace the card, and draw another card.
|