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In taking out a Trial balance, abookkeeper finds that he is out Rs.1600 excess debit. Beingdesirous of closing his books, he places the difference to a newlyopened suspense account. In the next period, he discovers thefollowing discrepancies.
a) An item of sale for Rs.11800 wasposted to the Sales A/c as Rs. 19000.
b) The total of the sales returnsbook has been added Rs.200 short.
c) An amount of Rs. 7400 receivedfrom a customer has been credited to his account as Rs.14600.
d) Rs.300000 paid for purchase ofbuilding has been charged to the ordinary purchase account.
e) A sum of Rs.19000 written off frombuilding A/c as depreciation has not posted to depreciationA/c.
f) An amount receivedfrom a debtor of Rs.19400 has been debited to his account asRs.15800.
Required: Given rectifying entries and prepares a suspense account.
Identify the following activities as unit level (U), batch level (B), or facility level (F), which would indicate how each activity is incurred relative to production.
You are required to write a report to your boss to help her understand these terms trial balance, cash book, general journal, books of prime entry effects of transactions and accounting equation.
The two questions listed below are from the 15 edition, Wilson. Accounting for government and nonprofit entities.
Suppose the two firms act as perfect competitors and try to out compete each other and do not collude, what would be the optimal industry price and output?
discuss ways in which the company you researched could best use job costing information to design and implement a job costing system
Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
Calculate the net present value of the project. (For all net present value calculations, if the net present value is negative, show the amount in (parenthesis). Round all answers to 0 decimal places.)
Print it Green, Inc. is a manufacturer of recycled printing supplies. The company began operations on 10/1/2008 and is dedicated to producing sustainable green printing products. Print it Green, Inc. provides recycled laser toner cartridges, recyc..
A firm lends $10,000 for 5-years with no stated interest rate. The market rate of interest at the time would have been 5%. What is the journal entry that should be made a. at the time the money is loaned and b. at the end of the first year of the ..
What is activity-based costing, and why is this approach to cost assignments superior to the traditional method of using a plantwide overhead cost rate? Does activity-based costing necessarily result in lower product costs? Defend your answer.
Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are some of the limitations of the Equity Method? (T..
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