Question

In: Accounting

You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to...

You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta ,

to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records

Balances as at 31/12/2019

Property, plant and equipment

1455000

Accumulated Depreciation

354438

inventories

523800

Receivables

291000

Pepayments-Rates

11640

Bank

58200

Cash

17460

Creditors

116400

Electricity Accrued

7275

Balances as at 31/12/2020

inventories

986490

Receivables

349200

Pepayments-Rates

13095

Bank overdraft

451050

Cash

17460

Creditors

133860

Electricity Accrued

8730

The records show cash and bank transactions as follow:

Cash Receipts

Balance B/D

17460

Sales

436500

Cash Payments

Deposit into bank

436500

Bank Receipts

Balance B/D

58200

Accounts Receivable

4074000

5% Loan received

873000

Sale proceeds from sale of motor van

238620

Cash banked

436500

Bank Payments

Accounts Payables

3201000

Rates

261900

Electricity

58200

Telephone

43650

Loan Interest

43650

Insurance

29100

Wages and Salaries

582000

Drawings

727500

Property, Plant and Equipment

1164000

Sundry Expenses

20370

ADDITIONAL INFORMATION

The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum

Cost of motor van that was disposed off

291000

Accumulated Depreciation of the motor van that was disposed off

55290

Discount received during the year amounted to

58200

During the year the owner gifted a pair of earings to his daughter worth

58200

Solutions

Expert Solution

For the period ending 31st Dec, 2020

st

<<<<<END>>>>>

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta...
QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records Balances as at 31/12/2019 Property, plant and equipment 235000 Accumulated Depreciation 57246 inventories 84600 Receivables 47000 Pepayments-Rates 1880 Bank 9400 Cash 2820 Creditors 18800 Electricity Accrued 1175 Balances as at 31/12/2020 inventories 159330 Receivables 56400 Pepayments-Rates 2115 Bank...
"Imagine yourself as the owner of a retail company with a shop in the Gulf and...
"Imagine yourself as the owner of a retail company with a shop in the Gulf and a website selling "hair care products" and you have the only company in the Gulf that offers curly hair products that are especially free from harmful chemicals" •Mission Statement Glory curl is dedicated to the beauty and vitality of one of the secrets of the beauty of a woman. Her hair, especially the woman with curly hair, is the focus of our interest in...
It is February 1, 2020 and you have been contacted by the owners of a proposed...
It is February 1, 2020 and you have been contacted by the owners of a proposed new restaurant in Columbus. This restaurant will be located on a piece of land near the Bradley Park area. The restaurant will emphasize fresh Mediterranean cuisine. The restaurant is the idea of two individuals that formerly worked for the Red Lobster’s Restaurant chain. The grand opening will be on April 2, 2020. The restaurant owners are aware of your expertise in small business and...
Magna Magna Corporation uses trucks to transport bottles from the warehouse to different retail outlets. Gasoline...
Magna Magna Corporation uses trucks to transport bottles from the warehouse to different retail outlets. Gasoline costs are $ 0.26 $0.26 per mile driven. Insurance costs are $ 7 comma 000 $7,000 per year. Calculate the total costs and the cost per mile for gasoline and insurance if the truck is driven​ (a) 16 comma 000 16,000 miles per year or​ (b) 35 comma 000 35,000 miles per year. ​(Round the cost per mile answers to the nearest​ cent, $X.XX.)
You have been contacted by the World Health Organization. Because you are a renowned microbiologist, they...
You have been contacted by the World Health Organization. Because you are a renowned microbiologist, they have asked you to join a panel of experts to come up with recommendations to curb the global problem of antibiotic resistance.   Before the meeting, you need to draft a document outlining at least one recommendation in each of the following categories: 1) discovery of new antibiotics, 2) strategies to make ineffective antibiotics effective again, 3) ways to minimize the emergence and spread of...
As an expert in health informatics and health information systems, you have been contacted by a...
As an expert in health informatics and health information systems, you have been contacted by a rural hospital to investigate a programming error. Due to a programming error, 19 members of a large healthcare organization received email messages containing private healthcare information about multiple other members. A root cause analysis showed that organizational issues played a significant role in this security breach. You will discuss how the Risk Analysis and Management processes described are applied to this case. In addition...
You are an economic consultant and have been contacted by an official from a developing country....
You are an economic consultant and have been contacted by an official from a developing country. She tells you that her country’s economy is currently growing at 2% per year. She asks you how long it will take for her country’s economy to double in size; you tell her it will take 35 years. She then asks you what the government can do to shorten the time necessary to double the size of the country’s economy. What should you tell...
For this assignment, imagine you have been contacted by an agency in your community to provide...
For this assignment, imagine you have been contacted by an agency in your community to provide consultation on how they might improve their services to clients. The agency is concerned that clients with serious counseling issues are "falling between the cracks" when they are referred to others in the community for intensive treatment. Furthermore, the brief aftercare they provide is not accessible enough to sufficiently support clients as they re-integrate into the community. 1) Identify a population with mental health...
For this assignment, imagine you have been contacted by an agency in your community to provide...
For this assignment, imagine you have been contacted by an agency in your community to provide consultation on how they might improve their services to clients. The agency is concerned that clients with serious counseling issues are "falling between the cracks" when they are referred to others in the community for intensive treatment. Furthermore, the brief aftercare they provide is not accessible enough to sufficiently support clients as they re-integrate into the community. 1) Identify elderly individuals who are socially...
what are the major principles of the Magna Carta. Why has the Magna Carta been considered...
what are the major principles of the Magna Carta. Why has the Magna Carta been considered such an important historical document? In what manner can the Magna Carta be designated a medieval or a feudal document? How is it modern, if it is?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT