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Differences in Inter company balances
i) Cash in transitWhere one company may have sent cash which is yet to be received by the other company as at the end of the financial period and thus irrespective of the company sending the cash, the following entry will be made; DR. Group cash at bank CR. Group accounts receivable/payables.ii) Goods in transitWhereby one company has sent goods that are yet to be received by the other company as at the end of the financial period and in most cases it is assumed that the goods are sent at an inflated price and thus there is an unrealized profit thereof. The relevant entry will be
DR. Group inventory (with the cost of the goods)DR. Group retained profit (with holding company share of unrealized profit)DR. M.J (with M.J’s share of unrealized profit if it is subsidiary company sending goods) CR Group account receivables /payables.iii) Administration expenses
The holding company may have charged the subsidiary company with its share of administration expenses but this amount is yet to be accrued or accounted for by the subsidiary…
The relevant entry will be;
DR. Group retained profits (with holding company share of admin expenses)DR. M.I (with M.I share of admin expenses) CR. Group accounts receivable/payable.
Arnot International's bonds have a present market price of $1,250. The bonds have an 11% annual coupon payment, a $1,000 face value, and 10 years left until maturity. The bonds may
McM Cog is a supplier of industrial parts. Most orders are received at a call center. The call center currently has 10 phone lines total, i.e., a maximum of 10 callers may be in t
Following are Nintendo's revenue and expense accounts for a recent calendar year. Net sales ¥2,008,622 Cost of sales 1,864,981 Advertising expense 118,908 Other expense, net 397
Distribution to a beneficiary Before distribution to a beneficiary, the investments will be re-valued and the profits or losses divided between the beneficiaries as follows:-
Please I need assistance with steps to prepare amalgamation
Revocation, alteration and revival of a will 1. A will may be revoked or altered by the maker of it at any time when he is competent to dispose of his free property by will. (
Mr N. M. is lucky to have a lottery prize of Rs 20 million. He does not have any liability and does not have any claimant over this money. He has the following alternatives: (i)
Between 1986 and 2000 Textron dividend changes were described by the following equation: DIVt " DIVt"1 ! .36(.26 EPSt " DIVt"1) What do you think were (a) Textron’s target payout r
Received 10,000 contribution from bill london in exchange for common stock What 2 accounts are used
Investment with cum.div. Quotation Investment with cum.div. Quotation will be debited to the investment account at its full value. When the dividend is subsequently received it
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