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2. The cash ledger account of Real Company shows. dcbit balance of Br 10.592.66 on Dec. 31 year 5. The bank statement indicates a balance on deposit of k 12.269 02 on Dec. 31 Receipts of Dec 31 in the amount of t 1.14460 were left in the bank's night depository on Dec. but were not included in the hunk statement. The December bank statement included a doh mem of H 13.50 for service charges for December. A credit memo included with a hank statement indicated not receivable in the amount of Br 2000 let with the bank for collection. The note thad been collected and credited to the Heal Company's account for Br 2,030 including interest revente of Br 30. Comparison of the pand checks with the check stats indicated that check no. 21 for E 46390 on Dec 15 for acquisition of office equipment had been entered concously in the cash payment oral # 436.00 in acilition, the following checks kasued in Dec Year 5 bodoot been paid by the bank Check #811 Bir 42196 Check #814 93.00 Check 22 250.00 Check #23 1165) Finally, an examination of the accounting records indicated that the bank halalected Bt 10.000 fot Real Company on Dec.31 year 5 representing the maturity value of a povernment treasury bill, but the bank did not credit Real's account until January 2 years. The povernment treasury will had been acquired by the bank for Real discount of Br 9.652 and had been reoutlet cost in short-term investment ledger account by teal Company NSF checks of the contier XYZ. Company charged by the hunik which tons to Bt 50 a) Prepare bunk rennciliation for the hof December 31 b) Prepare mal entries required by the seconciliation c) Prepare proof of coal cinsidering the following aditional informaticies Bank statement fee December Indicated that the total deposit of cash during December were Br24.38142 Total check paid including bank service charge of te 13:50 ammunted to Br 19.259.66 on December 31. year 5 Balance as of Nov 30. year 5 bank statement is B 1947.26. Deposit in transit as a Nov 30 years were 1055.52 Be Outstanding checks on Nov 30 years were 681 42 1. On Tamary 1 year 3. White Company Boght a building for Br 500,000. The builfing an estimated useful life of 25 years with no residual value White uses the straight line method 11) depreciate its builting On December 31, yeur 4 the recoverable amount of the building Be 400,000) and on December 31year the recoverable amount of the building is Hr 450,000 Required: a) Calculate the amount to be recorded as impairment loss and show the necessary oral entries on December 31. year 4 b) Record the loss reveal there is any) on December 31 year 6 4. Beginning inventory and purchases and sales data for Commodity "X" for the month of " July are as follows: Inventory July 1 35 units @ Br 50 Sales July 7 15 units Br 55 18 10 units Br 58 27 12 units Br 62 Purchases July 3 20 units 51 20 15 units 52 1) Compute the cost of ending inventory and cost of goods sold using FIFO, and AVC under a) Periodic inventory system b) Perpetual inventory system 2) Pass the necessary journal entry to record purchase, vale and end of year adjusting cnry, S. Sun Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work. the accountant was assigned to totul a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Sun Corporation gave the machine plus Br 321) to Moon Company (dealer) in exchange for a new machine. Assume the following information about the machines. Sun Corp. Br 2600 1400 Moon Co. Br 1700 900 Machine cost Accumulated depreciation Fair value Required: 850 1400 a) Assuming the exchange has commercial substance, compute the cost of the new asset and pass the journal entry to record the exchange for both Companies b) Assuming the exchange lacks commercial substance, compute the cost of the new asset and pass the journal entry to record the exchange for both Companies 6. Assume that Glory Company applies revalnation at the end of December 31. year to Building purchased on June 1. year 7 for Bir 2,000,000. The Building has a useful life of 20 years and no residual value. Required: a) Record ljusting entry for depreciation on December 31, year 7 using straight line method b) At the end of year 7. independent appraisers determine that the asset has a fair value of Birr 1.980,000).record the equipment at fair value c) At the end of year %, independent appraisers determine that the asset hus a fair value of Biry 1.775.000 at the end of Year 8, record the equipment at fair value. d) At the end of year 9. independent appraisers determine that the asset has a fair value of Bir 2.100,000 at the end of Year 9, record the equipment ut fair value. 2. The cash ledger account of Real Company shows. dcbit balance of Br 10.592.66 on Dec. 31 year 5. The bank statement indicates a balance on deposit of k 12.269 02 on Dec. 31 Receipts of Dec 31 in the amount of t 1.14460 were left in the bank's night depository on Dec. but were not included in the hunk statement. The December bank statement included a doh mem of H 13.50 for service charges for December. A credit memo included with a hank statement indicated not receivable in the amount of Br 2000 let with the bank for collection. The note thad been collected and credited to the Heal Company's account for Br 2,030 including interest revente of Br 30. Comparison of the pand checks with the check stats indicated that check no. 21 for E 46390 on Dec 15 for acquisition of office equipment had been entered concously in the cash payment oral # 436.00 in acilition, the following checks kasued in Dec Year 5 bodoot been paid by the bank Check #811 Bir 42196 Check #814 93.00 Check 22 250.00 Check #23 1165) Finally, an examination of the accounting records indicated that the bank halalected Bt 10.000 fot Real Company on Dec.31 year 5 representing the maturity value of a povernment treasury bill, but the bank did not credit Real's account until January 2 years. The povernment treasury will had been acquired by the bank for Real discount of Br 9.652 and had been reoutlet cost in short-term investment ledger account by teal Company NSF checks of the contier XYZ. Company charged by the hunik which tons to Bt 50 a) Prepare bunk rennciliation for the hof December 31 b) Prepare mal entries required by the seconciliation c) Prepare proof of coal cinsidering the following aditional informaticies Bank statement fee December Indicated that the total deposit of cash during December were Br24.38142 Total check paid including bank service charge of te 13:50 ammunted to Br 19.259.66 on December 31. year 5 Balance as of Nov 30. year 5 bank statement is B 1947.26. Deposit in transit as a Nov 30 years were 1055.52 Be Outstanding checks on Nov 30 years were 681 42 1. On Tamary 1 year 3. White Company Boght a building for Br 500,000. The builfing an estimated useful life of 25 years with no residual value White uses the straight line method 11) depreciate its builting On December 31, yeur 4 the recoverable amount of the building Be 400,000) and on December 31year the recoverable amount of the building is Hr 450,000 Required: a) Calculate the amount to be recorded as impairment loss and show the necessary oral entries on December 31. year 4 b) Record the loss reveal there is any) on December 31 year 6 4. Beginning inventory and purchases and sales data for Commodity "X" for the month of " July are as follows: Inventory July 1 35 units @ Br 50 Sales July 7 15 units Br 55 18 10 units Br 58 27 12 units Br 62 Purchases July 3 20 units 51 20 15 units 52 1) Compute the cost of ending inventory and cost of goods sold using FIFO, and AVC under a) Periodic inventory system b) Perpetual inventory system 2) Pass the necessary journal entry to record purchase, vale and end of year adjusting cnry, S. Sun Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work. the accountant was assigned to totul a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Sun Corporation gave the machine plus Br 321) to Moon Company (dealer) in exchange for a new machine. Assume the following information about the machines. Sun Corp. Br 2600 1400 Moon Co. Br 1700 900 Machine cost Accumulated depreciation Fair value Required: 850 1400 a) Assuming the exchange has commercial substance, compute the cost of the new asset and pass the journal entry to record the exchange for both Companies b) Assuming the exchange lacks commercial substance, compute the cost of the new asset and pass the journal entry to record the exchange for both Companies 6. Assume that Glory Company applies revalnation at the end of December 31. year to Building purchased on June 1. year 7 for Bir 2,000,000. The Building has a useful life of 20 years and no residual value. Required: a) Record ljusting entry for depreciation on December 31, year 7 using straight line method b) At the end of year 7. independent appraisers determine that the asset has a fair value of Birr 1.980,000).record the equipment at fair value c) At the end of year %, independent appraisers determine that the asset hus a fair value of Biry 1.775.000 at the end of Year 8, record the equipment at fair value. d) At the end of year 9. independent appraisers determine that the asset has a fair value of Bir 2.100,000 at the end of Year 9, record the equipment ut fair value