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Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. kSH.000 Account payables 15,800 equipment 46,000 motor vehicles 25,160 Account receivable 23,080 Cash at bank 29,120 cash in hand 160,000 during that financial year the following transaction took place 1. bought extra equipment on credit for Ksh 5,520,000 2. bought extra inventory by cheque Ksh 2,280,000 3. paid creditor by cheque Ksh 3,160,000 4.receive payment from debtors Ksh 3,360,000 by cheque and Ksh 240 by cash Questions identify the capital as at 1st January 2014 prepare a statement of financial position after the transaction have been completed the net profit for the period was Ksh 750,000
The appropriate treatment of Cash flow in respect of the following items as per US GAAP & FASB - (230-10) 1. Receipt of Insurance settlement proceeds of $2 mill. From an intern
PROOF OF DEBTS The following rules apply as to the proving of debts: 1) A creditor has no right to vote or receive dividends until his debt is proved to the satisfaction of th
How can we differentiate debit and credit
SURVIVORSHIP POLICY The partners may take out a survivorship policy to safeguard against future cashflow problems incase a partner dies or the business is dissolved. E.g. incas
Revenue recognition is a joint project of financial accounting standard board and international accounting standard board.1.identify the roles and objectives of FASB and IASB?.2. W
Q. What do you mean by Operating Agreement? Operating Agreement - Agreement, generally a written document which sets out the rules by which a LIMITED LIABILITY COMPANY (LLC) is
Requirements: a. Record the following transactions in the journal of Howell Consulting. Explanations are not required. b. Create T accounts for each transaction (Use the
Accounting policies Accounting policies are the specific assumptions, bases, principles and practices that are adopted by firms in preparing financial statements. The standard
Ask qCamp Corp had the following balances in its stockholders'''' equity at jan 1: Common stock, $2, par value, 450,000 shares issued $900,000 Additional pd in capial 1,200,000 Ret
Q. What do you mean by Reasonable Assurance? Reasonable Assurance - Management's assessment of effectiveness of internal control over financial reporting is expressed at the le
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