Business, 21.04.2021 14:00, rockyroad19
(c) The trial balance of Mutua Traders as at 30 September 2015 did not balance. On investigation,
the following errors were discovered:
L. A loan of Kshs 40,000,000 from XYZ Banks had been correctly entered in the Cash Book, but
posted on the wrong side of the loan account.
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2. The purchase of equipment on credit for Kshs 57,200,000 had been recorded by debiting the
supplier's account and crediting the equipment repairs account,
3. A cheque of Kshs 1,600,000 from Ol Ltd, a customer was correctly entered in the cash book, but
was credited to the bad debts recovered account. The accountant mistook it for a receipt from Ol
Ltd, a customer whose debt had been written off two years earlier.
4. Bank charges of Kshs 760,000 had not been entered in the organization's cash book. c
5. Discounts allowed of Kshs 3,680,000 and discounts received of Kshs 7,940,000 had not been
posted to the respective discount accounts, mano
6. Ten motor vehicles were purchased on 1 August 2015 for Kshs 32,000,000. The payment was
correctly entered in the cash book, but was debited to motor expenses account.
Depreciation on motor vehicles is provided for at the rate of 20% per annum on cost.
Required:
0 Journal entries with narrations to correct the errors
(8 marks)
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Answers: 2
Business, 21.06.2019 19:40, jonathanvega424
Your mother's well-diversified portfolio has an expected return of 12.0% and a beta of 1.20. she is in the process of buying 100 shares of safety corp. at $10 a share and adding it to her portfolio. safety has an expected return of 15.0% and a beta of 2.00. the total value of your current portfolio is $9,000. what will the expected return and beta on the portfolio be after the purchase of the safety stock?
Answers: 3
Business, 22.06.2019 17:10, mikailah0988
At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)
Answers: 3
Business, 22.06.2019 19:40, izzyisawesome5232
The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason companyβs income statement for the year.
Answers: 3
(c) The trial balance of Mutua Traders as at 30 September 2015 did not balance. On investigation,...
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