Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Part 1
(a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping.
(b) How does profit fit into the accounting equation?
(c) What is the purpose of double entry bookkeeping?
Part 2
Alex Bisset started in business on 1 July 2011. His trial balance as at 30 June 2012 was as follows:
Alex Bisset trial balance as at 30 June 2012
DR CR
£ £
Opening capital 10,000
Capital contributed during the year 6,000
Drawings 3,000
Bank loan 5,000
Non-current assets 20,000
Receivables control 7,250
Cash 4,500
Payables control 6,750
Sales 50,000
Purchases 35,000
Other expenses 8,000
77,750 77,750
Calculate profit earned during the period using both the balance sheet approach and the income statement approach to income determination.
Q. Show the examples of long-term assets? Property, plant, and equipment are assets with helpful lives of more than one year a company acquires them for use in the business r
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Sucked into a wormhole while spending time in outer space, you land in a perfect world where accountants are worshipped and paid extravagantly. As an accountant, you're immediately
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
Concept of Flow of Funds : It refers to the 'Change in Funds' or 'Change in Working Capital'. That is, any increase or decrease in Working Capital. In business, daily, numerous t
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,90
Q. Explain about delivery expense? When shipping goods FOB destination freight prepaid the seller is accountable for and pays the freight bill. For the reason that the seller c
Webster, Inc. began operations at the start of the present year, having a production target of 60,000 units. Real production totalled 60,000 units, and the company sold 95% of its
Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd