on 30.11.20X1 the company undertook the maintenance of a customer's machines in exchange for the total amount of €6000. on the same date he received the amount of €4000, the amount registered as an advance payment. By the end of the year, the company had completed 60% of the total project, with the remainder to be completed next fiscal year. The mentioned amounts are considered significant. a. registration initial b. adjustment record
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on 30.11.20X1 the company undertook the maintenance of a customer's machines in exchange for the total amount of €6000. on the same date he received the amount of €4000, the amount registered as an advance payment. By the end of the year, the company had completed 60% of the total project, with the remainder to be completed next fiscal year. The mentioned amounts are considered significant.
a. registration initial
b. adjustment record
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- The Delivery Equipment account of Freedom Company showed the following details for 2022:Delivery Equipment01.01.22 Balance 1,500,00001.15 5,000 08.30 225,00009.30 535,000 10.31 180,000 Your examination disclosed the following:a. The P5,000 charged to the Delivery Equipment account on January 15, 2022 represents paymentof LTO registration fees for the company’s delivery equipment for the year 2022.b. The company bought a second-hand delivery truck on September 30 for P535,000, whichincludes P35,000 worth of comprehensive insurance for one year effective October 1, 2022.c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30;further verification disclosed that this truck is still being used by the company.d. The credit of P180,000 on October 31 represents proceeds from sale of one truck costingP350,000, which is 50% depreciated as of December 31, 2021.e. There is only one entry made to the Accumulated Depreciation account during 2022, a debit…On 1 January 2011, Sherry Co. Ltd entered into a GH ¢ 11,000,000 contract for theconstruction of an office complex in Kumasi. The building was completed at the end ofDecember 2011. During the period, the following payments were made to thhecontractor:Payment date Amount (GH ¢’000)1 January 2011 1,00031 March 2011 3,00030 September 2011 6,00031 December 2011 1,00011,000Sherry’s borrowings as at its year end of 31 December 2011 were as follows: 10% 4-year Loan Note with simple interest payable annually, which relatesspecifically to the building project; debts outstanding at 31 December 2011amounted to GH ¢ 3,500,000. Interest of GH ¢ 350,000 was incurred on theseborrowings during the year, and interest income of GH ¢ 100,000 was earned onthese funds while they were held in anticipation of payments. 12.5% Five-year Loan Note with simple interest payable annually; debt outstandingat 1 January 2011 amounted to GH ¢ 5,000,000 and remained unchanged during theyear 10% Five year Loan Note…DB Company Ltd. Leased a patent for the manufacture of radio components from JK Developers Ltd. On 1 January 2023 for a ten-year period at a loyalty of Sh.50 per component manufactured and sold. Minimum rent was agreed at Sh.4,000,000 per annum and loyalties for each year were paid on 15 February of the following year. Short workings arising in any year were recoverable only within the following two years of operation. The number of components manufactured and sold by each company in each of the five years ended 31 December 2023 were as follows. Year ᎠᏴ Company Ltd. Number of units Number of sold 2017 48,000 46,000 2018 62,000 60,000 2019 72,000 66,000 2020 84,000 82,000 2021 90,000 92,000 Required: Prepare the following accounts in the books of DB Company Ltd. For each of the five years ended 31 December 2023: Page 1 of 3 (a) Royalties payable account (5 marks) ེཌུ (b) Short workings recoverable (5 marks) (c) Royalties receivable account (5 marks) (d) Profit & Loss account (5 marks)
- Aa.15. On December 31, Year 1, Cardinal Company bought some new equipment that cost $25,000 and signed a Note Payable [NP] for $20,000. The remaining amount was paid in cash at the time of the purchase. The NP requires six equal semi-annual payments starting on June 30, Year 2. The principal and the interest expense related to the NP will be completely paid off on December 31, Year 4 as a result of these six equal payments. The note states an interest rate of 8% with semi-annual compounding on the payment dates. Answer the following: 1. What will be the size of each of the six semi-annual payments? $________ 2. How much Interest Expense will appear in Cardinal’s income statement for the year ended Dec. 31, Year 2? $___________ 3. What is the carrying value of the Note Payable in Cardinal’s balance sheet dated Dec. 31, Year 3? $_______On January 1, 2018, Sansa Construction entered into a contract amounting to P10,000,000 to construct a building. The engineers of the company estimated that on December 31, 2018, the building was 75% completed. If the expected gross profit rate from the contract is 15%, what is the reportable income of the company in 2018 under the percentage of completion method? a. P1,125,000 b. P1,500,000 c. P7,500,000 d. P10,000,000 e. Answer not givenOn 1st January 2018, Global Drilling Ltd entered into a GHS22million contract for the construction of an office complex at Tema. The building was completed at the end of December 2018. During the period, the following payments were made to the contractor: Payment date Amount GHS’m1 January 2018 2.00 31 March 2018 6.00 30 September 2018 12.00 31 December 2018 2.00 22.00 Global Drilling’s borrowings as at its year end of 31st December 2018 were as follows: 10% 4-year Loan Note with simple interest payable annually, which relates specifically to the building project, loans outstanding at 31st December 2018 amounted to GHS7,000,000. Interest of GHS700,000 was incurred on these borrowings during the year, and interest income of GHS200,000 was earned on these funds while they were held in anticipation of payments. 12.5% Five-year Loan Note with simple interest payable annually; debt outstanding at 1st January 2018 amounted to GHS10,000,000 and remained unchanged during…
- Chicago Heights company has 2 year contract to construct a warehouse. The contract value is 2949 and the estimated total cost is 1156. During the next 2 years, the costs are incurred as follows and the project is completed by the end of second year. Contract data Year for the year 2019 for the year 2020 Cost incurred 867$ 851$ Required Make the recognition of revenue, expenses and profits for 2020. Type in the profit value without using the currency sign and separators.73. A company entered into a contract on 1 January 20X5 to build a factory. The contract price was GHS2.8m. At 31 December 20X5 the contract was certified as 35% complete. Costs incurred during the year were GHS740,000 and costs to complete are estimated at GHS1.4m. GHS700,000 has been billed to the customer but not yet paid. What amount will be included in receivables for this contract in the statement of financial position as at 31 December 20X5? A. GHS271,000 due from customers B. GHS509,000 due from customers C. GHS271,000 due to customers D. GHS509,000 due to customersOn October 31, Year 1, Trailer Homes Company (THC) determines that it will need to buy 175,000 lbs, of aluminum siding panels on April 30, Year 2. In order to hedge the risk that the price of the aluminum siding panels will increase in six months the Treasurer simultaneously takes a long position in an aluminum forward contract, where the company agrees to purchase 175,000 lbs, of aluminum for $3.756/lb. on April 30, Year 2. The prices for the aluminum siding panels and the aluminum forward are as follows. Aluminum Siding /lb. Aluminum Forward/Ib. October 31, Year 1 $5.390 $3,756 January 31, Year 1 $5.552 $3. 881 $5.768 $3.925 April 30, Year 2 inanols on
- DPWH had the following transactions related to a construction project of school building worth P28,000,000 during the year 2021:January 25. Payment of mobilization fee equivalent to 15% of the contract price.March 10. Received 1st progress billing from the contractor equivalent to 40% completion of contract price.March 25. Paid the amount due to the contractor for the 1st progress billing. Deductions are: Recoupment of advances based on % of completion (deducted upon payment) Retention, 5% of the billings Withholding taxes (EWT & Final VAT) The entry to recognize the payment of mobilization fee includes a: a. Debit to Advances to Contractors, P4,200,000 b. Debit to Advances to Officers and Employees, P4,200,000 c. Debit to Accounts Receivable, P4,200,000 d. Debit to Advances to SDO, P4,200,000On 1 January 2020 a company purchased some plant. The invoice showed Cost of plant £61,000 Delivery of factory £850 One-year warranty covering breakdown during 2020 £700 Import duty £3,250 Installation fees £2,000 Modifications costing £3,150 were necessary to enable the plant to be installed. What amount should be capitalised for the plant in the company's accounting records?10. SSD, Inc. is preparing its financial statements for the year ended December 31, 2023. Accounts payable amounted to P560,000 before any necessary year-end adjustment related to the following: On December 31, 2023, SSD has a P80,000 debit balance in its accounts payable to Ross, a supplier, resulting from a P100,000 payment for goods to be manufactured to SSD’s specifications. SSD has an existing obligation to Ross which amounted to P20,000. Such an amount represents the value of goods just acquired by SSD from Ross. Previous experiences of SSD reveal that it pays all its trade obligations with an available discount on the last day of the discount period. A check with control number 189 in the amount of P100,000 was written to a vendor and recorded on December 25, 2023. The checks were mailed following the day it was written. However, when the bank statement arrived on January 2, 2024, it was found out by SSD that such a check has not yet been presented for encashment. SSD performs…
