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I understand that for the adjustments, it is irrelevant whether cash is paid or not. Then why explanation is like we buy more, so less cash? Is it because we will add increase in payables that will result in net cash flow for purchases during the year?
Thank you so much. The question is from Kaplan study text: practice question, number 79.
Thank you for helping me figuring out the mistake I made in this question. I think there is a printing mistake in the answer provided. The question is from Kaplan Exam kit. Objective question number: 215.
But the liability of $25000 is for next year. Is not it? Or should we need a clear date of year ending. I couldn’t quite understand it, explain please.
Yeah, I should have specified the doubt in
the question. I don’t have the answer, and the question is from the online group of students.
Should I include the loan (repayable in 4 annual instalments, starting January 2007)= 100,000 when calculating non-current liability as 25000? Since it is the liability start from the next January, I think it should not be included.
So, the amount of non-current liability is:
3250+31050+ 1200 =35,500.
35,500 is not in the options, but the 60,500.It seems finally I’ve got it. We only make general allowance for debts that don’t have specific allowance. In this case, though we made 60% of specific allowance, it means we have made the specific allowance. Since the remaining 40% is considered to be recoverable, we don’t want to include that 40% when calculating general allowance. So, we subtract total of $1600 and calculate general allowance like this: 10%* (62900-2000-1600)
Y co was in financial difficulty and Apple wishes to provide an for allowance for 60% of their balance of $1600.
My understanding for above part:
If the allowance is 60% of the debt, that effectively means the remaining 40% is considered irrecoverable debt. Is that correct?If the NCI is already a shareholder of the subsidiary, then why parent company has to pay full pre-acquisition retained earnings? For example, parent owning 70% in the subsidiary?
Sorry, it has happened mistakenly. I have reposted the question on the FA forum. I hope I can get clear my doubt there.
159 Leddley owns two properties which it rents to tenants. In the year ended 31 December 20X6, it received $280,000 in respect of property 1 and $160,000 in respect of property 2. Balances on the prepaid and accrued income accounts were as follows:
31Dec20*6 31Dec 20*5
Property 1 13,400 Dr 12,300 Cr
Property 2 6,700 Cr 5400 DrWhat amount should be credited to the statement of profit or loss for the year ended 31 December 20X6 in respect of rental income?
Answer was:(ledger account)
Dr Rental income Cr
Balance b/f 5400 Balance b/f 12,300
SOPl 453,600 cash (1+2) 440000
Balance c/f 6700 Balnce c/f 13,400
465,700 465,700
Balance b/f 13400 Balance b/f 6700How does the $6700 come in Dr side of the account instead of Cr side?
How does the $13,400 come in Cr side of the account instead of Dr side?
