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Differences in Inter company balances
i) Cash in transitWhere one company may have sent cash which is yet to be received by the other company as at the end of the financial period and thus irrespective of the company sending the cash, the following entry will be made; DR. Group cash at bank CR. Group accounts receivable/payables.ii) Goods in transitWhereby one company has sent goods that are yet to be received by the other company as at the end of the financial period and in most cases it is assumed that the goods are sent at an inflated price and thus there is an unrealized profit thereof. The relevant entry will be
DR. Group inventory (with the cost of the goods)DR. Group retained profit (with holding company share of unrealized profit)DR. M.J (with M.J’s share of unrealized profit if it is subsidiary company sending goods) CR Group account receivables /payables.iii) Administration expenses
The holding company may have charged the subsidiary company with its share of administration expenses but this amount is yet to be accrued or accounted for by the subsidiary…
The relevant entry will be;
DR. Group retained profits (with holding company share of admin expenses)DR. M.I (with M.I share of admin expenses) CR. Group accounts receivable/payable.
Right of indemnity If the Official Receiver or trustee has seized or disposed of any property in the possession of the debtor, without notice or claim relating thereto, he is
Assume you invest $150 per month in a stock. Stock prices are as follows: January $10.50, February $9.75, March $9.50, April $11.00, May $10.75, June $9.75, July $9.00, August $8.5
Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee. Determine her gross pay for h
1. You can buy any quantity of cooking oil at $5 per litre and any quantity of flour at $2 per kilo. You have allocated $20 to spend on cooking oil and flour. (a) If you choo
Types of temporary differences There are two main types of temporary differences; 1) Taxable temporary difference : If the carrying amount is more than the tax base then
Liquidity Ratios - These ratios include the Current Ratio and the Quick Ratio or the acid test ratio. Liquidity ratios show the Liquid position of a company in the short term i.e
5 accounting techniques
Received 10,000 contribution from bill london in exchange for common stock What 2 accounts are used
Morningside nursing Home, a not-for-profit corporation, is estimating its corporate cost of capital. Its tax-exempt debt currently requires an interest rate of 6.2 percent and its
Assertion -Implicit or explicit representations by an entity's management which are embodied infinancial statement components and for which AUDITOR obtains and evaluates evidential
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