Question

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Answer 1

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 Sold