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- Q.1.3 During the previous financial year, a competitor began litigation against Isomin Ltd (4) regarding a dispute over a design. On 10 April 2021, a judge decided that Isomin Ltd should pay the competitor R45 000 without leave to appeal. Isomin Ltd had treated this matter as a contingent liability in the 31 March 2020 financials.On hne 11, 2019. Majoie Co aquiral all of the oomn sck of Goblem Crmpey which became die of Mast C Culdes ed e w e of finncial pobon at the te of the puition Golden Compy Statement of Finecial Poion Assets Plant asses (rt) aventory Roceivables Cash Total aets 31,250,000 370,000 750,000 350.000 $2.720.000 Banuty and Laabihtes Share captal edunary Retaned earmum Accounts payable $1,015.000 1,000,000 675.000 Toal equity and liahulities $2.720.000 An apprainal ndicated that the faur value of dhe inventory was $175,000 and the fair value of the plant assets wan $1,450.000 The agreed purchase prce wa 53,000 000, sod tn amount was paid in cash to the previous owniers of Galden Company Required: a. Prepare the entry to record the purchase of Golden Company o Assume Ihat the carrying amount of Golden Company division's net assets, including goodwill is $2,800,000. The recoverable amount ot the division is estimated to bo $ 3,200,000. Propare the journal entry to record the impairment loss (If…gnment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress%3Dfalse Clark Exploration Corporation was organized and began operations on October 1, 2020. It incurs $41,000 in legal fees to obtain the corporate charter. The corporation elects to expense its organizational costs over the shortest allowable period. What amount will Clark report for organizational expenses for 2020? Oa. $4,100 Ob. $5,000 Oc. $5,600 Od. $2,050 Oe. $41,000 Previous Next
- Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…Q - 7,8Ee 211.
- [6:00 pm, 28/04/2021] +92 302 2797988: Q.No.2 What journal entries Punjab Corporation is made in the following cases. Also, prepare a balance sheet for each. You are also required to pass the journal entries following cases with total debentures are 4221 (total no. of debentures) and $100 each 6% debenture. (a) A company issued $ 500,000 6% debenture at par redeemable at par. (b) A company issued $ 500,000 6% debenture at 10% discount redeemable at par. (c) A company issued $ 500,000 6% debenture at 5% premium redeemable at par. (d) A company issued $ 500,000 6% debenture at par redeemable at 10% premium. (e) A company issued $ 500,000 6% debenture at 10% discount redeemable at 5% premium.Q.1.3 During the previous financial year, a competitor began litigation against Isomin Ltd regarding a dispute over a design. On 10 April 2021, a judge decided that Isomin Ltd should pay the competitor R45 000 without leave to appeal. Isomin Ltd had treated this matter as a contingent liability in the 31 March 2020 financials. For each of the events described above, discuss whether an adjusting or non‐adjusting event occurred. In order to get the mark allocated you will need to justify why you believe the event is either an adjusting or non‐adjusting event.Where the events are adjusting, describe the adjustment that must be made as well as the amount and where the events are non‐adjusting, discuss whether any disclosure needs to be made in the notes to the financial statements. Justify your answers.Use the following data to determine the total dollar amount of assets to be classified as current assets. Cash and cash equivalents Accounts receivable Inventory Prepaid insurance Stock investments Land Buildings Less: Accumulated depreciation Marigold Corp. Balance Sheet December 31, 2022 $226000 $67000 86500 149000 83000 193000 199500 (53500) 172500 Accounts payable Salaries and wages payable Bonds payable Total liabilities Common stock Retained earnings $126000 11100 161500 $298600 $309400 475500