What is a Trial Balance? State its objectives and characteristics. Give some reasons for disagreement of the Trial Balance. A ’Trial Balance’ is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed
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examples. (10 Marks) 2. Explain any two types of errors that are disclosed by trial balance with examples and rectification entry. Note - Avoid giving examples given in the self learning material. (10 marks) Nov 2010 3. Let us assume you have been recently appointed as Management Accountant of a small but upcoming firm. Your immediate supervisor has asked you to prepare certain financial ratios from the balance sheet of one of their clients M/s Vinod Enterprise. Liabilities Amount Assets Amount
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Rent Expense | 6‚200 | Electricity Bill – paid on May 30‚ 2011 | 8‚500 | Land | 15‚000 | Depreciation Expense | 31‚750 | | | Required Prepare a fully classified vertical format Balance Sheet for Nguyen Bich Fitness Club as at June 30‚ 2011 EXERCISE 2. The following are account balances of Brickwork as | | | | at 31 December 2010: | | | | | | | | | | | | | | Account | Amount ($) | | | | | | Plant & machinery | 25‚000 | | | | | |
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Merck Consolidated Balance Sheet | | | | | | € million | ------------------------------------------------- Note | ------------------------------------------------- Dec. 31‚ 2012 | ------------------------------------------------- Dec. 31‚ 2011 | ------------------------------------------------- Jan. 1‚ 2011 | 1 | Previous year’s figures have been adjusted‚ see Note [5] | | Current assets | ------------------------------------------------- | -------------------------------------------------
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this transaction. Terms called for a down payment of $500‚000 with the balance in two equal annual installments payable on December 15‚ 2014‚ and December 15‚ 2015. Ignore interest charges. Rigsby has a December 31 year-end. In 2013‚ Rigsby would recognize realized gross profit of entry at December 31‚ 2013? Gross profit % = ($4‚500‚000-3‚600‚000)/$4‚500‚000=20%2013:20%x$500‚000=$100‚000 In its December 31‚ 2013‚ balance sheet‚ Rigsby would report In 2013‚ Rigsby would recognize realized gross
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Coca Cola Company Balance sheet As at Dec 31‚ 2012 (millions) Assets Current Assets Cash 8‚442 Short-term Investments and Marketable Securities 8‚109 Inventories 3‚264 Prepaid Expenses 2‚781 Other Current Assets
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Entertainment Limited (PVR bluO) Presently the Company operates two bowling alley centers at Ambience Mall-I‚ Gurgaon and Ambience Mall-II‚ at Vasant Kunj‚ New Delhi. The Company has made a roadmap for expansion of its business and will accordingly open additional bowling centers in India at Pune‚ Bangalore‚ Chandigarh‚ Ludhiana and Noida. These bowling centers on being operational are expected to enhance the income and profitability of the Company. Industry Structure & Development The Indian film
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Manilalectric Company and Subsidiaries Statement of Financial Position As of Dec.31‚2013 Common Size % 2013 2012 2011 ASSETS Noncurrent Assets Utility plant and others Investment in associates and joint ventures Investment properties Deferred tax assets- net Other noncurrent assets- net 42.65 5.08 0.58 2.04 8.94 50.40 0.84 0.75 1.41 4.07 49.98 0.4 0.78 0.34 3.12 Total noncurrent Assets 59.59 57.47 54.63 Current Assets Cash and cash equivalents
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concept. b. monetary unit assumption. c. economic entity assumption. d. corporate form of ownership 2. All of the financial statements are for a period of time except the a. income statement. b. balance sheet c. owner’s equity statement. d. statement of cash flows 3. A trial balance will not balance if a. a journal entry is posted twice. b. a wrong amount is used in journalizing. c. incorrect account titles are used in journalizing. d. a journal entry is only partially posted. 4. In a service-type
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Merideth Harper has invested $25‚000 in Southwest Development Company. The firm has recently declared backruptcy and has $60‚000 in unpaid debts. Explain the nature of payments‚ if any‚ by Ms. Harper in each of the following situations a. Southwest Development Company is a sole proprietorship owned by Ms. Harper. b. Southwest Development Company is a 50-50 partnership of Ms. Harper and Christopher Black. c. Southwest Development Company is a corporation. P1-3 (Page 27) a. It is typical for Jane to
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