capital employed? A B C D current assets – current liabilities fixed assets + current assets – current liabilities fixed assets + current assets + current liabilities net assets – current liabilities 2 When preparing a sole trader’s annual accounts‚ no adjustments were made for closing amounts prepaid. What is the effect of these omissions? A B C D net profit overstated net profit understated current assets overstated creditors understated creditors understated owner’s capital overstated
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EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency‚ coins‚ checking accounts‚ and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due‚ supplies‚ etc. Notes Receivable - An asset representing the
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Profile of MAICSA e-mail print With these epochal and momentous events behind it‚ MAICSA entered the decade of the nineties stronger and surer of itself. A series of memorable events marked the chairmanship of Mardzuki Abdullah who served for two years from 1990 to 1991. The year 1991 witnessed the first convocation ceremony for ICSA graduates held on 27 July. It was officiated by Datuk Dr Fong Chan Onn‚ the Deputy Minister of Education. It was a historic and personally satisfying moment for graduates
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GA-2 February 25‚ 2012 Dear Audit Staff: This memo will give us an idea of what what special business knowledge we will need to have in regards to the basic type of business and products Apollo Shoes manages. It will also provide the necessary staffing we will need to have for this audit. Apollo Shoes provides high tech electronics for todays modern athlete. They’re committed to pushing the envelope and expanding they’re products to the global and galactic marketplace. With this
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Sales ledger………………………………………………………………………………………………………………………………………11 Purchases ledger…………………………………………………………………………………………………………………………….12 General Ledger………………………………………………………………………………………………………………………………13-16 Trial Balance………………………………………………………………………………………………………………………………………17 FIFO Statement………………………………………………………………………………………………………………………………...18 Income Statement……………………………………………………………………………………………………………………………..19 Balance Sheet……………………………………………………………………………………………………………………………………
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Question 1 Imperial Luxurious is a business providing marketing design services. On 1 March 2011 the following balances were extracted from the books: £ Capital 150 000 Premises 120 000 Fixtures and fittings 24 000 Provisions for depreciation on: premises 5 000 fixtures and fittings 6 000 Debtors 17 500 Creditors 8 500 Bank 8 000 For the month of March the following summarised transactions occurred: • Credit sales of £28 000 were invoiced
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information. Traditionally‚ accounts were prepared manually using ledgers‚ cashbooks etc. However in recent years‚ technology has played an increasingly important role in accounting and has changed the accounting systems. This has brought with it solutions to previous problems associated with the manual accounting system and it has also brought new challenges such sabotage of the accounting software. Accounting methods have been around for many years‚ but double entry book-keeping only came into
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experience in recording‚ analyzing‚ interpreting and communication accounting information. 3) It is in partial fulfillment of CXC Principles of Accounts requirement. The aim of the study is to determine whether Debro’s Wholesale is operating at a profit or a loss. Data was gathered from source documents and posted to the journals‚ ledgers and final accounts. The performance of the business was determined by using ratios. Debro’s Wholesale is a newly developed and simulated entity located at
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liabilities; Carry out the treatment for reserves/accumulated profits or losses among the partners; Develop the skill of preparing the balance sheet of the reconstituted firm. l l l l l Change in the profit sharing ratio of the existing partners : For example‚ Ram‚ Mohan and Sohan are partners in the firm sharing profits in the ratio of 3:2:1. With effect from April 1‚ 2001‚ they decided to share profits equally. Here‚ change in the existing profit sharing ratio results into reconstitution
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A PROJECT REPORT ON CONSOLIDATED FINANCIAL STATEMENT SUBMITTED TO THE UNIVERSITY OF MUMBAI AS A PARTIAL REQUIREMENT FOR COMPLETING THE DEGREE OF M.COM (ACCOUNTS) SEMESTER I SUBJECT: ADVANCED FINANCIAL ACCOUNTING SUBMITTED BY: SHUBALAXMI.UMESH.SHETTY ROLL NO.: 47 UNDER THE GUIDANCE OF PROFESSOR DHANABALU.R.NAIKAR SIES COLLEGE OF COMMERCE AND ECONOMICS‚ PLOT NO. 71/72‚ SION MATUNGA
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