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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
Illustration of change in profit sharing ratio A, B and C have been trading as equal partners having capital contributions of £400,000, £300,000 and £200,000 respectively. They
ABATEMENT OF LEGACIES (a) If the assets, after the payment of debts, necessary expenses and specific legacies, are not sufficient to pay all the general legacies in full, the l
Q. What do you mean by Bankruptcy? Bankruptcy - Legal process, governed by federal statute, whereby the DEBTS of an insolventperson are liquidated after being satisfied to the
CONSTRUCTIVE TRUSTS A constructive trust is a trust imposed by equity regardless of the intention of the owner of the property: it arises by operation of law. The concept has
Broadway Scripts is a service-type enterprise in the entertainment field, and its manager, Joe Numbers, has only a limited knowledge of accounting. Joe prepared the following balan
USING PROPER ILLUSTRARTION,ELLOBORATE ON THE REGULATORY FRAMEWORK THAT SUPPORTS FINANCIAL REPORTING IN NON PROFIT ORGANISATIONS.
Differences in Inter company balances i) Cash in transit Where one company may have sent cash which is yet to be received by the other company as at the end of the financia
PRESUMPTION OF SURVIVORSHIP Where two or more persons have died in circumstances rendering it uncertain which of them survived the other or others, the deaths shall, for all pu
redemption of debentures by sinking fund method
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