Accounting
Nova scotia bank collect bills for encashment on behalf of its customers. It is a part of its secondary functions. During the year 2015 it received bills for collection amounting to OMR75,000. The balance on bills for collection on 31/12/2014amounted to OMR 82,000. It returned the dishonoured bills to its customers amounting to OMR 13,000.
Bills collected during the year amounted to OMR 325,000 Record these transactions in the journal and prepare the ledger for the same. (5 marks)
(b)We all know that in a manufacturing business goods are produced and so sold at a higher price, the difference between the cost of manufacture and sale price is the profit. In a service industry like bank and insurance what is the source of income and expense? How banks and insurance work to earn their profit? The answer should be in your own words. (200-300 words) ( 5 marks)
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Case No.1 Oman Oil Limited issued 80,000 shares of OMR 10 each, at par payable as...
Case No.1
Oman Oil Limited issued 80,000 shares of OMR 10 each, at par
payable as follows; on application OMR 3; on allotment OMR 2 and on
first call OMR 2 and final call OMR 2. All the shares were
subscribed for and the company received all the money due, with the
exception of the allotment and call money on 2,500 shares. These
shares were forfeited and re-issued at OMR 8 per share.
Question No. 1
i) You are required...
Can I get the answer to this question from my accounting text book Financial Accounting for...
Can I get the answer to this question from my accounting text
book Financial Accounting for Management, Ramchandran and Kakani
Edition 4? The solution elsewhere says the Total Assets is 8,00,000
but it seems wrong to me. Just need some help regarding completed
Balance Sheet. Thank you.
5. Big Toys Big Toys Ltd. provides you with the following information relating to the financial year ending on March 31, 2X11. Prepare its balance sheet in the vertical form as at March...
Accounting ii) QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March,...
Accounting
ii) QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March, 2020 as prepared by an Accounts Assistant indicated a net profit of GHS 148,080. Though the cash book on 31 March, 2020 showed a balance at bank to be GHS 13.460. Your attention is however drawn to the following: i) Cheques from customers totalling GHS 14,940 which were recorded in the cash book on March 25, 2020 were not credited by the bank until...
Trotman’s Variety Store is completing the accounting process for the current year just ended, December 31....
Trotman’s Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The following data with respect to adjusting entries are available: Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $4,600. The last payroll was December 28; the next payroll will be January 6. Office supplies on hand at January 1 of the current year totaled $600. Office supplies purchased...
calcio corners bank reconciliation Question 1. (Total Marks 15). Racer International Unadjusted Trial Balance is given...
calcio corners bank reconciliation
Question 1. (Total Marks 15). Racer International Unadjusted Trial Balance is given below: Trial Balance as at 31 March 2015 Debit-s Credit- Cash 4300 Accounts Receivable 15100 Prepaid Rent 2300 Supplies 1000 Equipment 30600 Accumulated Depreciation 3900 Accounts Payable 6400 Salary Payable Uneared Service Revenue 9800 Racer, Beginning Capital 23000 Racer Drawings 4100 Service Revenue 17300 Salary Expense 3000 Rent Expense Depreciation Expense Supplies Expense Total 60400 60400 Adjusting data as at 31 March 2015: 1....
Meduling 1 Header Paragraph 5 - - - - - Question 4 (CLO) The following Trial...
Meduling 1 Header Paragraph 5 - - - - - Question 4 (CLO) The following Trial Balance was prepared from the books of Maxwell Productions Ltd on December 31, 2010 and presented to you the Financial Accountant for analysis: Trial Balance Details Accounts Dr $ Cr$ Insurance 1.200,000 Direct expenses 4,000,000 Bills payable 150,000 Net sales 80,000,000 Office furniture and fittings 4,500,000 Accumulated depreciation on furniture & fittings 900,000 Return outwards of direct raw materials 330,000 Rent 3,000,000 500.000 Bank...
Dittman's Variety Store is completing the accounting process for the current year just ended, December 31....
Dittman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during year have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $3,100. The last payroll was December 28; the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled totaled $530. Office...
Trotman's Variety Store is completing the accounting process for the current year just ended, December 31....
Trotman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $2,800. The last payroll was December 28; the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled $470. Office...
What is true about the Fed? It is independent of the federal government It serves other...
What is true about the Fed? It is independent of the federal government It serves other banks, not individual customers It can make decision without polictical interference All of the above QUESTION 2 Consider an economy with a reserve requirement m=0.25. If some of the banks prefer to keep excess reserve, what is the actual value of the money multiplier Equal to 4 Less than 4 Larger than 4 Zero QUESTION 3 If a bank has $100 million in assets...
summarize this article below The conventional wisdom throughout retail-industry circles is that it costs significantly more...
summarize this article below The conventional wisdom throughout retail-industry circles is that it costs significantly more to acquire new customers than to retain old ones. In fact, among financial-services companies, there is reliable evidence that it costs five times more to acquire a new customer than to retain an existing one. (1) Perhaps this emphasis on the value of existing customers has been partially a response to (or even justification for) the intensive focus financial institutions have placed on customer...
Case No.1
Oman Oil Limited issued 80,000 shares of OMR 10 each, at par
payable as follows; on application OMR 3; on allotment OMR 2 and on
first call OMR 2 and final call OMR 2. All the shares were
subscribed for and the company received all the money due, with the
exception of the allotment and call money on 2,500 shares. These
shares were forfeited and re-issued at OMR 8 per share.
Question No. 1
i) You are required...
Can I get the answer to this question from my accounting text
book Financial Accounting for Management, Ramchandran and Kakani
Edition 4? The solution elsewhere says the Total Assets is 8,00,000
but it seems wrong to me. Just need some help regarding completed
Balance Sheet. Thank you.
5. Big Toys Big Toys Ltd. provides you with the following information relating to the financial year ending on March 31, 2X11. Prepare its balance sheet in the vertical form as at March...
Accounting
ii) QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March, 2020 as prepared by an Accounts Assistant indicated a net profit of GHS 148,080. Though the cash book on 31 March, 2020 showed a balance at bank to be GHS 13.460. Your attention is however drawn to the following: i) Cheques from customers totalling GHS 14,940 which were recorded in the cash book on March 25, 2020 were not credited by the bank until...
calcio corners bank reconciliation
Question 1. (Total Marks 15). Racer International Unadjusted Trial Balance is given below: Trial Balance as at 31 March 2015 Debit-s Credit- Cash 4300 Accounts Receivable 15100 Prepaid Rent 2300 Supplies 1000 Equipment 30600 Accumulated Depreciation 3900 Accounts Payable 6400 Salary Payable Uneared Service Revenue 9800 Racer, Beginning Capital 23000 Racer Drawings 4100 Service Revenue 17300 Salary Expense 3000 Rent Expense Depreciation Expense Supplies Expense Total 60400 60400 Adjusting data as at 31 March 2015: 1....
Meduling 1 Header Paragraph 5 - - - - - Question 4 (CLO) The following Trial Balance was prepared from the books of Maxwell Productions Ltd on December 31, 2010 and presented to you the Financial Accountant for analysis: Trial Balance Details Accounts Dr $ Cr$ Insurance 1.200,000 Direct expenses 4,000,000 Bills payable 150,000 Net sales 80,000,000 Office furniture and fittings 4,500,000 Accumulated depreciation on furniture & fittings 900,000 Return outwards of direct raw materials 330,000 Rent 3,000,000 500.000 Bank...
Dittman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during year have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $3,100. The last payroll was December 28; the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled totaled $530. Office...
Trotman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $2,800. The last payroll was December 28; the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled $470. Office...
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