Prepare the general ledger by using statement format (column) and then record in trial balance as on 30 September 2020.
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Prepare the general ledger by using statement format (column) and then record in
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- Below transaction summaries relate to Jetters Co. as at 30th June 2019.Cash balance as at 1of July 2019 12500Cash receipts from the customers 720000Purchase of land 250000Obtained a bank loan 35000Business cash deposits in the bank account 10000Purchase of 2 vehicles for 20000 eachRepayment of the loan 5000Payments to vendors 562000Bad debt 5000Borrowings from a financial institution 45000Sale of investment 25000Depreciation 24000Payment of operating expenses 115000Payment of income taxes 52000Share capital issued 150000Payments for interest expense 21000Sale of machinery 61000Sale of motor vehicle 15000Prepare the cashflow statement for Jetters Co. for the year ended 30th June 2020.What is double entry for the following transaction: Started business with MK20,0000 in bankBintang Jaya Bhd (BJB) is a new company operated in Bukit Batu. As of 30 November 2020, the company cash account per its general ledger showed the following balance:CASH Balance (RM)30 November 2020 Balance 52,200 The bank statement from Willy Bank Bhd (WBB) on that date showed the balance as at 30 November 2020 was RM51,860. A comparison of details between the company bank statements and cash account revealed the following facts:1. The bank collected a note receivable of RM4,000 for BJB on 15 November 2020.2. The 29 November 2020 receipts amount RM5,400 were deposited in a night depositvault on 30 November 2020. These deposits were recorded by the bank inDecember 2020.3. Checks outstanding on 30 November 2020 totalled RM2,420.4. On 30 November 2020, the bank statement showed a non-sufficient fund (NSF) charge of RM1,360 for a check received by the company from Yusuff Ismail, a customer, on account. Prepare the bank reconciliation as at 30…
- Abakada Incorporated acquired all the assets and liabilities of Egaha Company on January 1, 2018. The consideration are as follows: Cash Equipment Cash contingency Stock contingency Bank loan, at face value The cash payments are distributed to the following payees: Former owners of Egaha Company Lawyers for legal services Actuarial for valuation of Egaha's net assets Bank, transaction costs for the bank loan 2,000,000 500,000 30,000 50,000 1,000,000 Business Combination Page 4 of 5 1,800,000 80,000 50,000 70,000 Answer the following independent questions: 19. If the fair value of net assets of Egaha amounted to Php3,000,000, how much is the goodwill (bargain purchase gain) on business combination? 20. If bargain purchase gain on the acquisition amounted to Php40,000, how much could be the fair value of net assets acquired?One company had the following items in its “cash” account ad of december 31, 2022: Cash on handP150,000 Cash in abnk - unrestricted800,000 Cash restricted for additions to plant (to be disbursed in 2025)600,000 Bank certificates of deposit (acquired 12/25/2022; due in 4/1/2023)250,000 Cash in bank - to be used for payment of 2023 dividends300,000 How much should be reported as cash and cash equivalents as of December 31, 2022?Novak Enterprises owns the following assets at December 31, 2025. Cash in bank-savings account $67,800 Cash on hand Cash refund due from IRS 8,710 Cash to be reported $ 33,800 What amount should be reported as cash? Checking account balance Postdated checks Certificates of deposit (180-day) $22,500 850 94,980
- A summary of the entries in the cash ledger account of Koronadal Gardens for the Month of July 2020 showed the following: • Cash from Accounts Receivable P400,000.00 • Cash Sales P250,000.00 • Dividends Received P100,000.00 • Cash from Issuance of Shares P600,000.00 Payments for Accounts Payable P300,000.00 Payments of Wages P150,000.00 • Purchase of Land P200,000.00 Payment of Dividends P200,000.00 • Purchase of Service Vehicle P450,000.00 • Payment of Taxes P150,000.00 • Payment of Interest P50,000.00The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
- Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 Cash receipts from sales: On 2019 sales $295,000 $160,000 $ 30,000 On 2020 sales –0– 355,000 90,000 On 2021 sales 408,000 Cash payments for expenses: On 2019 expenses 185,000 67,000 25,000 On 2020 expenses 40,000a 160,000 55,000 On 2021 expenses 45,000b 218,000 a Prepayments of 2020 expenses. b Prepayments of 2021 expenses. Instructions a. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. b. Using the data above, prepare abbreviated income statements for the years 2019…The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…The breakdown of the Cash and Cash Equivalents account of C Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…