1 January 20X8 of RM6,000, was given in part exchange at an agreed value of RM 5,000. The balance of RM 13,000 was paid in cash. Required Prepare the ledger accounts to show the balances at 1 January 20X9 and to record the non current asset transactions as stated. Question 2 Diamond Inc is a trading company making up its accounts regularly to 31 December each year. At 1 January 20X5 the following balances existed in the records of Diamond Inc. RM000’ Freehold land —
* It is not an account rather a statement. * It is prepared not for a period but rather for a particular date. Debit & Credit Notes Debit `Debit` is a latin term. In latin debit mean to receive a benefit. It is always shown by the right hand side. Credit In the other hand the word `credit` is also a latin term but it means to give a benefit. It is normaly shown by the left hand side. Trading Account As its name indicates the trading account is an account which records all transaction
E 2-17(1) | | | | | | | | | |　 |Cash at Bank |　 | |Account Receivable | | |Dec-02 |14000 |Dec-02 |500 | | |Dec-05 |300 |　 | | | |Dec-04 |3600 |　 | | | | |
be reported on the balance sheet? (a) Accrued vacation pay. –Compensated absences under current liabilities (b) Estimated taxes payable. –current liabilities (c) Service warranties on appliance sales. –loss contingencies (d) Bank overdraft. –accounts payable under current liabilities (e) Personal injury claim pending. –compensated absence under current liability (f) Unpaid bonus to officers.-salaries and wages payable under current liability (g) Deposit received from customer to guarantee
film companies, insurance companies, bank and more. Accountants who work in private practice is focus on audit. They are visiting clients to review customer’s business operations and financial records to demonstrate the legality of the company’s accounts. Auditing gives accountant an opportunity to visit about 20 companies each year. They examine their finances and ask questions about them how to operate. In addition, they also work includes tax consultancy and business advice. This gives a broad
Chaguanas Branch Royal Plaza, Main Road (868)645-7288 In account with: Samantha Williams Owner of Supreme Grocery Store Bank Statement as on September 30,2012 Sammy’s supreme grocery store principles of accounts school based assessment (Sba) Candidate Name: Samantha Williams Name of School: Excelsior High School Centre Number: 100033 Name of Teacher: Ms. Williams Territory:
which all financial transaction of a business are systematically recorded according to their dates of occurrence. Rules based on the types of Account a. Personal Account: is a record of person. Debit the receiver and Credit the giver b. Real Account: is a record of assets. Debit what comes in and Credit what goes out c. Nominal Account: is a record of expense or loss and income or gain Debit all expenses and losses Credit all incomes and gains Exercise: 1
338,400 Liabilities and Owners’ Equity Accounts Payable $ 10,400 Bank loan 24,000 Capital stock 304,000 Total `338,400 EXHIBIT 2 Copies Express, Inc. Cash Receipt and Disbursements: 2006 Cash receipt: Cash sales $ 176,450 Collect accounts receivable 64,750 Total
identical in the two documents; but the 10-K report contains more detail (such as schedules showing management remuneration and transactions, a description of material litigation and governmental actions, and elaborations of many financial statement accounts) than the annual report; and the annual report presents additional public relations type material such as colored pictures, charts, graphs, and promotional information about the company. 1.2 The analyst should use the financial statements: the
| | | | | | | Prepare the journal entry on April 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date | Account Titles and Explanation | Debit | Credit | Apr. 1, 2014 | | | | | | | | | | | | | Show List of Accounts | | | | | | | The bonds are sold on November 1, 2015 at 103 plus accrued