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I kept all details so please I want the answer of Q5 and 6. please its related to advance account can you answer 5 and
I kept all details so please I want the answer of Q5 and 6. please its related to advance accountcan you answer 5 and 6
I updated and kept the fully question. So the all data is here. Need specialist for advance accounting to answer each question requirements
1 of 2 3) Plant & Machinery There were no additions to, or disposals of plant & machinery in the year. Plant & machinery is depreciated at 15% on the reducing balance basis. Depreciation on Plant and Machinery is to be allocated 70% to cost of Sales 20% to Administrative Expenses and 10% to Distribution Costs 4) Financial Assets th Financial assets relate to investments in shares in quoted companies. Moon Pic holds these shares for short-term trading purposes. Dividend payments on the shares of 2,000 were received during the year. No accounting entries were made to date to record these. At 31st March 2021 the market valuation of the shares held was 700,000 Share premium 9.000 Trade payables 10.126 Trade receivables 9,654 The following notes are relevant: 1) Land & Buildings Land with a cost of 10 million was included in the cost of land & buildings at 1st April 2020. Apart from the leased premises referred to below there have been no additions or disposals of land & buildings in the year. Depreciation is charged at a rate of 2% on cost of buildings. Depreciation on buildings is to be allocated 60% to Cos 30% to Administrative Expenses and 10% to Distribution Costs. 2) Lease payments for showroom premises On 1st April 2020, Moon plc entered into a contract to lease new showroom premises for a period of 5 years. The only accounting entry made to date was to reco the initial rental payment of 24,000 made on 1st April 2020. The lease agreement requires four further annual payments of 24,000 on 1st April. The payments include a cleaning service element of 2,000, which is to be allocated to Distribution Costs. The appropriate discount rate is 5%. Depreciation on leased premises More allocated to Distribution Costs. 5) Inventory Invent 1st March 2021 is 15,223,000. 6) Lease payments for a computer On 1st April 2020, Moon plc also entered into a contract to lease a computer for a 12-month period. The only accounting entries made to date relate to recording monthly rental payments of 250 due on the 1st of each month. These are included in lease payments. Moon Plc chooses to expense lease payments on short term leases. Expenses on leased computers are to be allocated to Administrative Expenses. More ee costs 1 of 2 3) Plant & Machinery There were no additions to, or disposals of plant & machinery in the year. Plant & machinery is depreciated at 15% on the reducing balance basis. Depreciation on Plant and Machinery is to be allocated 70% to cost of Sales 20% to Administrative Expenses and 10% to Distribution Costs 4) Financial Assets th Financial assets relate to investments in shares in quoted companies. Moon Pic holds these shares for short-term trading purposes. Dividend payments on the shares of 2,000 were received during the year. No accounting entries were made to date to record these. At 31st March 2021 the market valuation of the shares held was 700,000 Share premium 9.000 Trade payables 10.126 Trade receivables 9,654 The following notes are relevant: 1) Land & Buildings Land with a cost of 10 million was included in the cost of land & buildings at 1st April 2020. Apart from the leased premises referred to below there have been no additions or disposals of land & buildings in the year. Depreciation is charged at a rate of 2% on cost of buildings. Depreciation on buildings is to be allocated 60% to Cos 30% to Administrative Expenses and 10% to Distribution Costs. 2) Lease payments for showroom premises On 1st April 2020, Moon plc entered into a contract to lease new showroom premises for a period of 5 years. The only accounting entry made to date was to reco the initial rental payment of 24,000 made on 1st April 2020. The lease agreement requires four further annual payments of 24,000 on 1st April. The payments include a cleaning service element of 2,000, which is to be allocated to Distribution Costs. The appropriate discount rate is 5%. Depreciation on leased premises More allocated to Distribution Costs. 5) Inventory Invent 1st March 2021 is 15,223,000. 6) Lease payments for a computer On 1st April 2020, Moon plc also entered into a contract to lease a computer for a 12-month period. The only accounting entries made to date relate to recording monthly rental payments of 250 due on the 1st of each month. These are included in lease payments. Moon Plc chooses to expense lease payments on short term leases. Expenses on leased computers are to be allocated to Administrative Expenses. More ee costsStep by Step Solution
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