Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help what is the Journal Entries of this day? information from last month please fill the blank 1(d) Purchased 10% shareholding in Charlotte Limited,
Please help
what is the Journal Entries of this day?
information from last month
please fill the blank
1(d) Purchased 10% shareholding in Charlotte Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,000,000 as at 1 March. The purchase consideration included a $1,800,000 note receivable due from Charlotte Limited and the related interest receivable balance of $96,000, $94,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $80,000. Dr Cr 280,000 450,000 496,800 380,000 443,112 13,500 6,480,000 667,680 80,000 Company name: Angle gaming (Trial Balance at 29 February) Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Accumulated Depreciation - Motor Vehicle Allowance for Doubtful Accounts Building Cash Dividends Payable Equipment Interest Receivable Long-term Investment Merchandise Inventory Motor Vehicle Notes Receivable Prepaid Insurance Retained Earnings Salaries Payable Share Capital - Ordinary $1 par value, 5,000,000 shares authorized, 4,000,000 shares issued and 3,985,000 shares outstanding Share Capital - Preference 4%, $100 par value, noncumulative, 50,000 shares authorized, 40,000 shares issued and outstanding Share Premium - Ordinary Share Premium - Preference Share Premium - Treasury Supplies Treasury Shares (15,000 shares) 660,000 96,000 500,000 650,000 555,000 1,800,000 12,000 1,384,808 70,200 4,000,000 4,000,000 560,000 200,000 6,000 6,240 37,500 11,914,420 11,914,420 Account no. amount *1(d) Dr Dr Dr Cr Cr Cr Cr
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started