1.the interest amounting rm500000 consist the following debenture interest paid rm281250 2018 full year interest on...
1.the interest amounting rm500000 consist the
following
debenture interest paid rm281250
2018 full year interest on bank load paid 175000
2017 interest on bak loan paid in jan 2018
2.on 10 february 2019 shiny sdn bhd who owed topan bhd an amount of rm750000 was declared bancrupt and the company has announced that they can only pay 30% of the amount owed
3. the auditors relized that the opening carrying amount of the plant n equipment was overstated by rm200000. upon investigation, the account clerk admitted that he failed to account for depreciation expenses of the plant n equipment in 2017 account
prepare the journal entries to account for transaction for the year ended 31 dec 2018
Homework Answers
| No | Accounts | Debit | Credit |
| 1 | Debenture interest | 281250 | |
| Interest expense | 175000 | ||
|
Interest payable [bal.fig.] |
43750 | ||
| Cash | 500000 | ||
| 2 | Bad debts expense | 525000 | |
| Accounts receivable | 525000 | ||
| [750000*70%] | |||
| 3 | Depreciation expense | 200000 | |
| Plant and machinery | 200000 |
Add Answer to:
1.the interest amounting rm500000 consist the
following
debenture interest paid rm281250
2018 full year interest on...
Instruction: Answer ALL Questions 1. Super Printz Sdn Bhd prepares the company year end accounts on...
Instruction: Answer ALL Questions 1. Super Printz Sdn Bhd prepares the company year end accounts on 31" December annually. The company has the following assets Date of Assets Useful Cost (RM) purchase life (year) 1-7-2017 Motor Vehicles 100,500 1-1-2018 Equipment 5 142,000 1-1-2018 Labelling Machine 65,000 1-1-2018 Land (3/4 acre) 370,000 Additional information: The following transactions occurred during the year 2019: 1 April : Purchased the second labelling machine, at cost RM25,000 from Auto Smart Label Sdn Bhd Super Printz...
This is BBM206/05 Business Accounting II subject Need 1 full-page answer, please Question 4 The following...
This is BBM206/05 Business Accounting
II subject
Need 1 full-page answer, please
Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the year ended 31 December 2019. Retained profit 31 December 2018 Inventory 1 January 2019 Purchases Sales Return inwards Return outwards Carriage inwards Discount received for purchases Directors' remuneration Distribution expenses Administrative expenses Rental income (Commercial shop lot) Debenture interest Interest received on fixed deposit Commission receivable Interim ordinary shares dividends Motor vehicles...
1. Record the entry for insurance expense if, on July 1, 2018, a two-year insurance premium...
1. Record the entry for insurance expense if, on July 1, 2018, a
two-year insurance premium on equipment in the amount of $504 was
paid and debited in full to Prepaid Insurance on that date.
Coverage began on July 1.
2. Record the entry for supplies expense if, at the end of 2018,
the unadjusted balance in the Supplies account was $1,000. A
physical count of supplies on December 31, 2018, indicated supplies
costing $260 were still on hand.
3....
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018, a two-year insurance premium on equipment in the amount of $816 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2018, a two-year insurance premium on equipment in the amount of $480 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical count of...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: a.) On July 1, 2018, a two-year insurance premium on equipment in the amount of $720 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b.)At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical count...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018. a two-year insurance premium on equipment in the amount of $792 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
Brokeback Towing Company is at the end of its accounting year, December 31, 2017. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2017. The following data that must be considered were developed from the company's records and related documents: a. On July 1 2017 a three-year Insurance premium on equipment in the amount of $1,800 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2017, the unadjusted balance in the Office Supplies account was $2.000. A...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
the year date is 2018. II. Statement of Cash Flows (25 points) The following is Grahon...
the year date is 2018.
II. Statement of Cash Flows (25 points) The following is Grahon Corporation's comparative balance sheets for 2018 and 2017 Cash Accounts receivable Inventories Property, plant, and equipment Accumulated depreciation Investment in Elkins Corporation Loan receivable Total assets December 31, 2018 400,000 564,000 925,000 1,653,500 (582,500) 152,500 135.000 3.247.500 2017 350,000 584,000 857.500 1.483,500 (520,000) 137,500 $ 2.892,500 5 477,500 25,000 45,000 Accounts payable Income taxes payable Dividends payable Capital lease obligation Capital stock, common, Si...
Instruction: Answer ALL Questions 1. Super Printz Sdn Bhd prepares the company year end accounts on 31" December annually. The company has the following assets Date of Assets Useful Cost (RM) purchase life (year) 1-7-2017 Motor Vehicles 100,500 1-1-2018 Equipment 5 142,000 1-1-2018 Labelling Machine 65,000 1-1-2018 Land (3/4 acre) 370,000 Additional information: The following transactions occurred during the year 2019: 1 April : Purchased the second labelling machine, at cost RM25,000 from Auto Smart Label Sdn Bhd Super Printz...
This is BBM206/05 Business Accounting
II subject
Need 1 full-page answer, please
Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the year ended 31 December 2019. Retained profit 31 December 2018 Inventory 1 January 2019 Purchases Sales Return inwards Return outwards Carriage inwards Discount received for purchases Directors' remuneration Distribution expenses Administrative expenses Rental income (Commercial shop lot) Debenture interest Interest received on fixed deposit Commission receivable Interim ordinary shares dividends Motor vehicles...
1. Record the entry for insurance expense if, on July 1, 2018, a
two-year insurance premium on equipment in the amount of $504 was
paid and debited in full to Prepaid Insurance on that date.
Coverage began on July 1.
2. Record the entry for supplies expense if, at the end of 2018,
the unadjusted balance in the Supplies account was $1,000. A
physical count of supplies on December 31, 2018, indicated supplies
costing $260 were still on hand.
3....
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018, a two-year insurance premium on equipment in the amount of $816 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018. a two-year insurance premium on equipment in the amount of $792 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
Brokeback Towing Company is at the end of its accounting year, December 31, 2017. The following data that must be considered were developed from the company's records and related documents: a. On July 1 2017 a three-year Insurance premium on equipment in the amount of $1,800 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2017, the unadjusted balance in the Office Supplies account was $2.000. A...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
the year date is 2018.
II. Statement of Cash Flows (25 points) The following is Grahon Corporation's comparative balance sheets for 2018 and 2017 Cash Accounts receivable Inventories Property, plant, and equipment Accumulated depreciation Investment in Elkins Corporation Loan receivable Total assets December 31, 2018 400,000 564,000 925,000 1,653,500 (582,500) 152,500 135.000 3.247.500 2017 350,000 584,000 857.500 1.483,500 (520,000) 137,500 $ 2.892,500 5 477,500 25,000 45,000 Accounts payable Income taxes payable Dividends payable Capital lease obligation Capital stock, common, Si...
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