Refer to the Exhibit.
Soffit plc is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. Based on an aged receivables schedule, it is estimated that an allowance for receivables of $125,820 is required.
In addition, a specific allowance for receivables of $18,640 is also required for two customers who are experiencing cash flow difficulties. There are also two customers who have gone into receivership while owing the company $6,300. The current allowance for receivables is $156,000.
Which is the correct entry to be made to the accounts to record these transactions?
Which of the following are likely examples of accrued expenses:
The prime cost of goods manufactured is the total of:
Refer to the Exhibit.
A company has the following transactions for an accounting period:
Closing inventory at the end of the period was $3,200 and gross profit was $16,400.
The opening inventory was therefore
Refer to the Exhibit.
A company operates a FIFO system of inventory valuation. The following information is available for the month of April:
The closing value of inventory at the end of the month of April is
Which of the following is an example of where the historic cost convention should be applied?
At 1 January 20X8 JKL has share capital of $500,000 and share premium $270,000. The nominal value of each equity share is 50 cents On 31 July 20X8 JKL made a 1 for 4 bonus issue.
What is the balance on share premium following the bonus issue of shares? Give your answer to the nearest $'000
AB sold a machine for $15,000 The machine had originally cost $160,000 and al the dale of disposal had a carrying value of $26,000.
The journal entry lo record this disposal is:
A)
B)
C)
D)
Below are a list of entries from FG's accounts, from the most recent accounting period:
Petty Cash £150 DR
Returns Outwards £310 CR
Purchases £820 DR
Sales £250 CR
FG started the period with a bank balance of £405 DR. The total bank account at the end of period was £1,065 DR
Which of the above items has been omitted from the bank account total?
A trader commenced business with capital of $20,000. At the end of the financial year he had receivables of $10,000, payables of $6,000, inventory of $12,000, cash of $4,000 and non-current assets costing $16,000.
The profit/loss for the period was:
