Balance sheet of the company Juve on 1 December 2021 ASSETS Property, plant & equipment* EQUITY...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Balance sheet of the company Juve on 1 December 2021 ASSETS Property, plant & equipment* EQUITY & LIABILITIES 100 000 Share capital 100 000 Traded goods** 12 000 Long-term bank loan 20 000 Trade receivables 6000 Trade payables 20 000 Cash in bank account 22 000 Total assets 1000 units at a price of 12 140 000 Total equity and liabilities 140 000 *Relating accumulated depreciation 20 000. In December the following accounting operations occurred: 1. On Dec. 5th the company paid by bank money transfer real estate tax in the amount of 900. 2. On Dec. 7th the company received an invoice for water and electricity usage in the amount of 2400. The invoice will be paid later in December. 3. On Dec. 9th the company signed an agreement with a new store manager who will begin work on Dec. 14th. The monthly salary of the manager is 5 200. 4. On Dec. 12th the company sold 100 units of traded goods at a 18. The invoice will be paid by customer next month. 5. On Dec. 16th the company delivered traded goods to the customer. Customer paid for transport but company paid an additional 100 for insurance in transit. 6. On Dec. 20th the company repaid 5 000 of its trade payables by bank money transfer. 7. On Dec. 23rd the company purchased a marketing campaign to be air on TV between Christmas and New Year. The cost of 10 000 will be paid in 2 installments. 5 000 was paid immediately by bank money transfer and the remaining part will be paid in January. 8. On Dec. 28th the company paid the invoice for water and electricity usage (see transaction 2). 9. On Dec. 29th the company received a bill for telecommunication services in the amount of 820. Bill was immediately paid by bank money transfer. 10. On Dec. 31st the company accrued and paid the salary for % month to the store manager. Required: a) Open the accounts and register all of the accounting operations, considering costs by nature. b) Calculate profit or loss. c) Close the accounts and prepare the closing balance sheet as at 31 December 2021. Balance sheet of the company Juve on 1 December 2021 ASSETS Property, plant & equipment* EQUITY & LIABILITIES 100 000 Share capital 100 000 Traded goods** 12 000 Long-term bank loan 20 000 Trade receivables 6000 Trade payables 20 000 Cash in bank account 22 000 Total assets 1000 units at a price of 12 140 000 Total equity and liabilities 140 000 *Relating accumulated depreciation 20 000. In December the following accounting operations occurred: 1. On Dec. 5th the company paid by bank money transfer real estate tax in the amount of 900. 2. On Dec. 7th the company received an invoice for water and electricity usage in the amount of 2400. The invoice will be paid later in December. 3. On Dec. 9th the company signed an agreement with a new store manager who will begin work on Dec. 14th. The monthly salary of the manager is 5 200. 4. On Dec. 12th the company sold 100 units of traded goods at a 18. The invoice will be paid by customer next month. 5. On Dec. 16th the company delivered traded goods to the customer. Customer paid for transport but company paid an additional 100 for insurance in transit. 6. On Dec. 20th the company repaid 5 000 of its trade payables by bank money transfer. 7. On Dec. 23rd the company purchased a marketing campaign to be air on TV between Christmas and New Year. The cost of 10 000 will be paid in 2 installments. 5 000 was paid immediately by bank money transfer and the remaining part will be paid in January. 8. On Dec. 28th the company paid the invoice for water and electricity usage (see transaction 2). 9. On Dec. 29th the company received a bill for telecommunication services in the amount of 820. Bill was immediately paid by bank money transfer. 10. On Dec. 31st the company accrued and paid the salary for % month to the store manager. Required: a) Open the accounts and register all of the accounting operations, considering costs by nature. b) Calculate profit or loss. c) Close the accounts and prepare the closing balance sheet as at 31 December 2021.
Expert Answer:
Answer rating: 100% (QA)
a Open the accounts and register all of the accounting operations considering costs by nature 1 Real estate tax payment Debit Real Estate Tax Expense ... View the full answer
Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
Posted Date:
Students also viewed these accounting questions
-
Tombro Industries is in the process of automating one of its plants and developing a flexible manufacturing system. The company is finding it necessary to make many changes in operating procedures....
-
Given the recent events in the US Airways and American Airlines merger, one has to wonder, is the airline industry monopolistic? Which is worse, monopolies or competition? Explain your answer.
-
Assess the requirements of the Sarbanes-Oxley Act related to accounting quality, indicating whether or not you believe the requirements are sufficient to protect stockholders and potential investors....
-
One current practice is to calculate the years remaining for a depletable resource by taking the prevailing estimates of current reserves and dividing it by current annual consumption. How useful is...
-
What is a purchasing power parity exchange rate? How can it be used to compare GDP across countries?
-
A monatomic ideal gas has an initial temperature of 405 K. This gas expands and does the same amount of work whether the expansion is adiabatic or isothermal. When the expansion is adiabatic, the...
-
Sales Discount Policies} Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned gas station located at a busy intersection in Windsor,...
-
Mancuso Corporation amended its pension plan on January 1, 2010, and granted $160,000 of prior service costs to its employees. The employees are expected to provide 2,000 service years in the future,...
-
DETAILS LARAT10 6.1.059. Convert each degree measure to radian measure as a multiple of IT. Do not use a calculator. (a) 609 (b) 90 Need Help? Read It Submit
-
Rocky Mountain Chocolate Factory manufactures an extensive line of premium chocolate candies for sale at its franchised and company-owned stores in malls throughout the United States. Its balance...
-
- Suppose you invest $10,000 per year for 10 years at an average return of 5%. The first investment is made immediately. What is your ending investment balance?
-
Give one major design decision that auditors must make whenever they implement: a. Integrated test facility b. Snapshot/extended record c. System control audit review file d. Continuous and...
-
Why do auditors need to seek the support of other groups whenever they implement a concurrent auditing system? In particular, why do they need the support of management?
-
Give two purposes of carrying out a postaudit on the use of a concurrent auditing technique.
-
Why must auditors take great care in testing a concurrent auditing technique before they release it into production use?
-
Give two limitations of using concurrent auditing techniques within an organization.
-
pleasehelp me comple the missing parta Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, \( 20 \% ; \) Benson, \( 30 \% \); and Lau, 50\%). The...
-
Citing a scientific article, explain in your own words, how DNA fingerprinting has been used in forensic science to solve crimes and why it may not always be accurate or effective.
-
(Average compounding rate) WindyRoad is an investment company which has two mutual funds. The WindyRoad Dull Fund invests in boring corporate bonds, and its Lively Fund invests in high-risk,...
-
What are the differences between merchandisers and manufacturers?(Appendix)
-
(Appendix) Compute ending inventory and cost of goods sold under a periodic inventory system. - Under a periodic inventory system, the inventory costing methods are applied as if all purchases during...
Study smarter with the SolutionInn App