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hi sir, i ve found this question on the test and it was somehow confusing.
the company has paid insurance $21600 in 2008 covering the year ending august 2009. what amount should appear in the company financial position at 31st dec 2008?
when i work it out i assumed it covers just 4 month in 2008 i.e sep – dec(21600*4/12)=$7200. but it was worked out otherwise as 21600*8/12=14400. which i think its not correct because for month was contained in the year 2008 not 8 monthwhen i worked it out i got $122856.338 for question no 4 of the test i dont know how true it is as it was worked through nearest 000” and i could not get question no 3 answer pls can you work it out for me
Help sir, I will be glad if you could explain this question.
I learnt that bonus issue increases share capital why is the entry now show
Debit reserve and credit share capital. When credit share capital will reduce the share capital. For example, supposing $2500 was gotten after considering the bonus issue,
The double entry is debit reserve or share premium $2500
Credit share capital $2500.Evans co purchased a machine with an estimated useful life of 10 years for $76000 on 30 September 2005. The machine had a residual value of $16000.
What are the ledger entries to record the depreciation charge for the machine in the year ended 30 September 2008?
sir I got confused as I got $6000 was the yearly charge and $18000 for the three years. But my textbook shows: debit deprecation charge$6000 and credit accumulated depreciation$6000. Instead of $18000 as the total of the three years. ThanksPls I need explanation on the best way/method to solve this.
At 31 march 2002 a company had oil to be used for heating costing $8200 and an unpaid heating oil bill for $3600.
At march 2003 the heating oil in hand was 9300 and there was an outstanding heating oil bill of $3200.
Payment made for heating oil during the year ended 31 march 2003 totalled $34600.
Based on these figures, what amount should appear in the company’s statement of profit or loss and other comprehensive income for heating oil for the year?
Thanks.Pls I need explanation on the best way/method to solve this.
At 31 march 2002 a company had oil to be used for heating costing $8200 and an unpaid heating oil bill for $3600.
At march 2003 the heating oil in hand was 9300 and there was an outstanding heating oil bill of $3200.
Payment made for heating oil during the year ended 31 march 2003 totalled $34600.
Based on these figures, what amount should appear in the companyThanks a lot you had saved me from a severe headache I appreciate may you live longer to do more of this.
Please I need help on this as I have work through it but could not understand how they got their answer. A company pays rent quarterly in arrears on 1 January , 1 April, 1 July and 1 October each year. The rent was increased from 90000 to 120000 per year as from 1 October 2002. What rent expense should be included in company’s financial statements for the year ended 31 January 2003? Thanks.
Please I need help on this as I have work through it but could not understand how they got their answer. A company pays rent quarterly in arrears on 1 January , 1 April, 1 July and 1 October each year. The rent was increased from 90000 to 120000 per year as from 1 October 2002. What rent expense should be included in company
Need explanation,Pls test question 3 chapter 4 I could not understand the double entry as I got confused when cash received was credited. Thanks