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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.
Payback Period and Net Present Value XYZ Software, Inc., has the following mutually exclusive projects. Year Project A Project B
Q. Show danger of high financial gearing? A additional danger of high financial gearing is that a company may move into a loss-making position as a result of high interest paym
Form No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved b
Q. The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What i
In this type of system store balances are recorded and computed after all receipt and issue. The main focus of this system is to make obtainable details regarding the quantity and
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Q. Explain briefly the role of computers in accounting? Computers can be used as accounting machines and perform all the functions which accounting machines perform. Some of th
The company selected a suitable site and commissioned a survey and valuation report, for which the fee was £1,500. On the basis of the report the site was acquired for £90,000. Sol
Illustration of Retirement of a partner A, B and C have been trading as equal partners having capital contributions of £500,000 and £400,000 and £300,000 respectively as at 1st
Division of the trust The safeguards consist in the division of the trust funds into portions. Before this division takes place, the investments are revalued in order to deter
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