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!
Part 1
(a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping.
(b) How does profit fit into the accounting equation?
(c) What is the purpose of double entry bookkeeping?
Part 2
Alex Bisset started in business on 1 July 2011. His trial balance as at 30 June 2012 was as follows:
Alex Bisset trial balance as at 30 June 2012
DR CR
£ £
Opening capital 10,000
Capital contributed during the year 6,000
Drawings 3,000
Bank loan 5,000
Non-current assets 20,000
Receivables control 7,250
Cash 4,500
Payables control 6,750
Sales 50,000
Purchases 35,000
Other expenses 8,000
77,750 77,750
Calculate profit earned during the period using both the balance sheet approach and the income statement approach to income determination.
Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p
Angel Individual investors which are often called angels, make capital investments in entrepreneurial ventures in return for equity (partial ownership) in the industry. These
what is accrued revenue
Q. In between FIFO and lifo which one is the correct method? The differences for the four methods take place because the company paid different prices for goods purchased. No d
Q. Illustrate the Financial accounting process? In this section we describe the accounting equation as the framework for the entire accounting process. Then we demonstrate you
Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare
Cash Flow Analysis: As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different
Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure
Write short notes on 5 modern accounting techniques
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
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