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Show the rectification entries for the following: (10 marks)
a. The Sales account is undercast by Rs.15,000
b. Goods returned by the customer Mr.X of Rs.5650 has been posted in the Return Inward Account as Rs.5560 and in Mr.X a/c as Rs.6,550.
c. Salary paid Rs.6,000 has been posted to Rent account
d. Cash received from Ram posted to Shyam account Rs.7,000
e. Cash received from Jadu Rs.8,640 has been posted to the debit of Madhu's a/c
Accounting concepts The word 'Accounting Concept' is used to denote necessary assumptions and ideas which are basic to accounting practice. The variety of accounting concepts i
Adjusting Entries Clapton Guitar Company entered into the following transactions during 2013. [The transactions were properly recorded in permanent (balance sheet) accounts unless
1. Kinetics is considering a project that has a NINV of $874,000 and generates net cash flows of $170,000 per year for 12 years. What is the NPV of this project if Kinetics' cost o
Gomez incurred $350,000 of research and development costs to develop a product for which a patent was granted on January 2, 2008. Legal fees and other costs associated with the reg
A Company policy calls for keeping safety-stock equal to 25% the forecasted demand for that month. The company currently has a work force of 12 people. It takes a worker 3 hours
i. Explain carefully what is meant by a price earnings ratio. ii Utilising a valuation model identify and briefly discuss the theoretical determinants of the ratio. iii
Calculate the NPV and ARR The manager of XYZ Ltd has identified a market for a new product that she estimates can be sold for $12 per unit. Research indicates that the busines
Q. Net present value evaluation of proposed investment? WORKINGS Fixed costs = 4·50 × 100000 = $450000 per year Annual writing down allowance = 3000000/10 = $300000
Silva and Juanita Rodriquez are the owners of Year-Round Landscape, Inc., a small landscape and yard service business in southern California. The business is three years old and ha
Puts - A put is an option to sell a number of shares of stock at a stated price within a definite period. Gain or loss on a put is short or long term depending on holding period of
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