Explain the accounting treatment by PLC Pte Ltd

Assignment Help Accounting Basics
Reference no: EM132532243

Question - The financial statements of PLC Pte Ltd had been completed but not yet released to shareholders. The closing inventory of PLC Pte Ltd amounted to $332,000 as at 31 December 20X1, its financial year-end. This total included two products with the following information:

(i) 150 units of Product A were carried at a cost of $12 each. On 2 January 20X2, they were sold for $9 each, with total selling expenses of $100.

(ii) 300 units of Product B were carried at a cost of $15 each. The products were found to be defective on 31 December 20X1. On 2 January 20X2, remedial work was conducted and cost $700 and shortly after, they were then sold for $20 each. The selling expenses were $250.

Required - Illustrate and explain the accounting treatment by PLC Pte Ltd for the above.

Reference no: EM132532243

Questions Cloud

Do up a bond amortisation table over the five-year period : ABC Ltd amortises bonds by the effective interest method. Do up a bond amortisation table over the five-year period
Solve the impairment loss of the cash-generating unit : Solve the impairment loss of the cash-generating unit as at 31 December 2017 in accordance with IAS 36. Journal entries are not required
Who can change the law in new zealand : Who can change the law in New Zealand and how can they do dis?
Distribution to approximate binomial distribution : Why would you want to use the normal distribution to approximate a binomial distribution? What is continuity correction?
Explain the accounting treatment by PLC Pte Ltd : The financial statements of PLC Pte Ltd had been completed but not yet released to shareholders. Explain the accounting treatment by PLC Pte Ltd
Suggest action management can take to mitigate the risk : Suggest one action management can take to mitigate the risk of fraud occurring when financial statements are being compiled. Provide the suitable example.
Determine how much will have in account at the end : How much will you have in this account at the end of 27 years? Assume that all interest received at the end of the period is reinvested the next period.
Determine the price of the bonds issued by EFG Pte Ltd : On 1 January 20X1, EFG Pte Ltd issues long-term bonds which are due on 31 December 20X5. Determine the price of the bonds issued by EFG Pte Ltd
Discuss the benefit of penetration testing : Discuss the benefit of penetration testing. Explain what that would entail in the organization and what the team could learn from the testing.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd