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In taking out a trial balance, a bookkeeper finds that he is out Rs 1600 excess debit. Being desirous of closing his books, heplaces the difference to a newly opened suspense account. In the next period he discovers the following discrepancies.
a) An item of sale for Rs. 11800 was posted to the sales a/cas Rs.19000.
b)The total of the sales returns book has been added Rs.200short.
c) An amount of Rs.7400 received from a customer has beencredited to his account as Rs.14600.
d) Rs.300000 paid for purchase building has been charged to theordinary purchase account.
e) A sum of Rs.19000 written off from building a/c asdepreciation has not posted to depreciation a/c.
f) An amount received from a debtor of Rs.19400 has been debtedto his account as Rs.15800.
Required: Given rectifying entries and prepares a suspense account.
What conditions are required for a partner to recognize a loss upon receipt of a distribution from a partnership?
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an ad..
Does the AICPA Code of Professional Conduct discuss the collegial responsibilities of CPA firms?In your opinion,were representatives of either Ernst & Young or Kenneth Leventhal &Company unprofessional in this regard during their congressional tes..
If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on June 30?
Tan Company acquires a new machine (ten-year property) on January 15, 2011, at a cost of $200,000. Tan also acquires another new machine (seven-year property) on November 5, 2011, at a cost of $40,000.
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
Beginning on december 31, 2011, six equal annual withdrawals are to be made. Determine the equal annual withdrawls if $11,000 is invested at 10% interest compounded annually on December 31, 2010
What is the income reported by Regal during 2012 pertaining to the Air investment?
Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other infor..
An alumnus of a small university donated $150,000 to establish a permanent endowment for scholarships. The first scholarships were awarded 5 years after the money was donated.
The following data relate to direct labor costs for the current period:
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