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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.
1. If market interest rates are higher than the rate offered on the bonds being sold, they will be sold at: A. a premium. B. a discount. C. face value. D. a loss.
The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
Company A has only been in existence for two full years as a public company. Prior to this, it was a segment of large multinational and was spun off as stand-alone, public company.
A user buys a new transponder for $20. What debit and credit entries would need to be made?
Assume that the following are independent situations recently reported in the Wall Street Journal. 1. National Electric 8% bonds, maturing January 28, 2013, were issued at 112.16.
#c
Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
what is Prepaid expense ?
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