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Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
Q. What is Accounts receivable? Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a co
Materiality Concept: There are several events in business that are trivial or insignificant in nature. The cost of reporting and recording such events will not be justified th
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
While mainly students are aware that accountants frequently assist their clients with tax returns and other tax issues, few are aware of the large number of diverse and challenging
Using the data from the Dell Computer annual report determine how Dell calculated the four days' supply of raw materials. Do you think four days'supply is a valid
In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter
Q. What do you mean by single proprietorship? A single proprietorship is a non incorporated business owned by an individual and often managed by that same person. Single propri
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
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