french icse quedtion paper
Answers
Explanation:
our country. The power is divided into a federal Central Government and many state governments which makes the maintenance of the whole political procedure much easier.The cash book of Prasad Associates shows a bank balance of * 10,000 as on 31/03/2022. On comparing the cash book with passbook the following discrepancies were noted, Prepare Bank Reconciliation statement as on 31/03/2022. (a) Cheque deposited in bank but not credited 5,000 (b) Cheque issued but not yet present for payment 2,500 Insurance premium paid by the bank * 1,500 (d) Direct deposit by a customer to the bank 5,000 The cash book of Prasad Associates shows a bank balance of * 10,000 as on 31/03/2022 . On comparing the cash book with passbook the following discrepancies were noted , Prepare Bank Reconciliation statement as on 31/03/2022 . ( a ) Cheque deposited in bank but not credited 5,000 ( b ) Cheque issued but not yet present for payment 2,500 Insurance premium paid by the bank * 1,500 ( d ) Direct deposit by a customer to the bank 5,000
Following are several figures reported for Allister and Barone as of December 31, 2021:
(10 marks)
60
Spacing:
Inda
Allister
Barone
$500,000
$300,000
1,000,000
800,000
Sales
Investment Income not given
500,000
400,000
Cost of goods sold
Operating expenses
230,000
300,000
Inventory
0.00 cm
0.00 cm
Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had 4-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $130,000 to Allister for $180,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.
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Required:
Determine balances for the following items that would appear on Allister's consolidated finandal
statements for 2021:
(a) Inventory (3 marks)
(b) Sales (3 marks)
ANSWER:
(c) Cost of Goods SoldMar 1 Received the following assets from its owner, Tahir: Cash Br, 8,300 Supplies 2,000 Office Equipment 10,000 2 Borrowed Br 5,000 from Dashen Bank 3 Paid Br 1,800 for rent on a building leased for business purposes 3 Purchased welding and other repair machinery for Br 3,600 cash 4 Paid Br 200 for a radio advertisement 8 Sold for Br 200 cash an old office equipment with a recorded cost of Br 200 13 Paid weekly salary Br 1,200 16 Received Br 4,400 from services rendered on cash 20 Paid weekly salary Br 1,200 20 Received Br500 royalties for idle repair machinery it leased to other businesses 20 Delivered service on credit, Br 6,00021 Purchased additional repair machinery on account for Br 2,000 from Sámi-Engineers 23 Received Br 5,000 additional cash investment from its owner 24 Repaid Br 1,000 bank loan and paid Br 100 interest on bank loan 26 Purchased supplies for Br 800 cash 27 Paid Br 100 for customer entertainment and other items27 Paid weekly salary Br 1,200 31 Paid Br 500 for electricity and other utilities consumed during the month 31 Received Br 4,200 cash from credit customers 31 Paid Tahir Br 1,800 for personal uses Required:Journalize the above transactions in a two-column journal Post the journal entries to “T” accounts Prepare and complete a worksheet based on the following additional information Cost of supplies remained unconsumed on Mar 31 is Br 900 The amount paid on Mar 3 is for a three-month rentThe amounts of depreciation for machinery and office equipment are estimated to be Br 560 and Br 1,900 respectivelyUniversal Garage usually pays Br 1,200 for employee's salary every saturday for a six-day work week ended on that day Interest on bank loan accrued but not paid on March 31 total Br 100Prepare financial statements for the month Journalize and post adjusting entries Journalize and post closing entries Prepare post-closing trial balance.