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!
Question:
Lucy Kim is in the car hire business. The following information came from her Fixed Asset Register on 31 December 2009:
On 31 March 2009, she sold the car which had been bought on 1 July 2007 for Rs 1 950 000, for the sum of Rs 1 137 500.
All acquisitions were paid for on the date of purchase by cheque, except for the 1 August 2009 car which was bought on credit from Car Ltd. All Vehicles are depreciated at 20% per annum using the straight line method and is time apportioned for the number of months of use.
Required:
A. For the year ended 31 December 2009 draw up:
i. The Vehicle Account ii. The Provision for Depreciation Account iii. The Disposal Account and iv. The Balance Sheet extract for the years 2007, 2008 and 2009.
B. Briefly define the term ‘depreciation' and explain why there is a need to depreciate non-current assets?
Partners F and G receive an interest allowance of $10,000 and $15,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a net loss
Critical Thinking Exercise Instructions: select a company , Wendy''s or McDonald''s . Perform a Google search, key in McDonalds or Wendys Key financial ratios. I suggest you use f
Effect of Resolution The consequences of the resolution to wind up are: 1) The company must cease to carry on its business except so far as is necessary for the beneficial win
Accounting policies Accounting policies are the specific assumptions, bases, principles and practices that are adopted by firms in preparing financial statements. The standard
Grants are not necessarily recognized as revenue when they are awarded. Columbus City was awarded a state reimbursement grant of $150,000 to assist its adult literacy program. The
Time for disclaimer The trustee may disclaim in writing at any time within twelve months of his appointment, or of becoming aware of the property, or such extended period as th
In assessing project risk it is significant to be clear about the meaning of risk. From an academic perspective risk demotes to a set of circumstances regarding a given decision wh
Problems due to Piecemeal realizations These interim distributions give rise to two problems: Partners have not always contributed capitals in the same ratio as that in w
An investment project requires a net investment of $100,000 and is expected to generate annual net cash inflows of $25,000 for 6 years. The firm's cost of capital is 12 percent. De
Omission to do something which a reasonable man, guided by those ordinary considerations that ordinarily regulate human affairs, would do or doing of something that a reasonable an
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