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Superman Limited (SL) has the following transactions. 1.5% note of Rs.5,000,000 signed for 65 days. SL's year end comes after 30 days of signing of

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Superman Limited (SL) has the following transactions. 1.5% note of Rs.5,000,000 signed for 65 days. SL's year end comes after 30 days of signing of note. (Required:- Journal entry for note writing, interest accrual & final payment) 2. Sales of SL consist of Rs.1,500,000 on credit and Rs.500,000 was on cash. Sales tax 15% is included in cash sales booked, however on credit sales; sales tax need to be calculated. (Required:- Calculate total amount of sales tax) 3. SL run its payroll on 25th of every month. Payroll is subject to certain deductions as well. . (Required:- Write down format of payroll entries. Assume necessary deductions) 4. SL offer warranty on its sales items. It was estimated that about 7% of sale items would come back under warranty claim. (Required:- Entry for warranty liability) 5. Draft equities section to be reported in balance sheet. (Assume 2 Head of accounts for NCL & 5 for CL)

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