Qumiun 1 130 Marks! Leonard and Robert have been trading as partners for some time sharing profits and losses in the ratio 2:].On 29 February 2020 their statement of financial position was as follows: ASSETSNon-current assets:Property Vehicles Furniture Goodwill Current assets:Inventory Accounts receivablesBank Total assets EQUITY AND LIABILITIES:Equity: Capital accounts Leonard Robert Current accountsLeonard Robert Non-current liabilities:Loan Current liabilities:Accounts payablesTotal equity and liabilitig On 1 […]

Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of incometax returns. The firm offers two basic products: the preparation of income tax returns for wage andsalary earners, and the preparation of income tax returns for small businesses. Any clients requiringmore complex services are referred to Snow’s brother Roger, who is a partner in a large firm ofchartered accountants.The […]

DirectionsEach week, you have two discussion prompts. You’re more than welcome to choose either one of them as the primary post and reply to the other thread as secondary posts.Students are required to post 3 posts spread over 3 different days with initial not later than Wednesday and two other by Sunday. The number of words of the initial post should be no less than […]

At 31 July 2019, the assets allocated to eachdivision were as follows:Merlin CGU Hollow CGU Hills CGUBulidings653598366Accumulated(338)(304)(274)depreciationland162241121Machinery239328449Accumulated49)depreciation(257)(248)inventories966380goodwill314023Head office assets15912095In relation to land values, the land relating tothe Merlin and Hills Divisions have carryingamounts less than their fair values as stand-alone assets. The land held by the HollowDivision has a fair value less costs of disposalof $235.Camelot Ltd determined the recoverableamount of each of the cash-generating […]

Cloud 9 – Continuing CasePart 1: Gain an Understanding of the ClientW&S Partners began the planning phase of the Cloud 9 audit. As part of the risk assessment phase for the new audit, the audit team needs to gain an understanding of Cloud 9’s structure and its business environment, determine materiality, and assess inherent risk. This will assist the team in developing an audit strategy […]

The balances below were taken from the books of Level 100 – First Semester Enterprise as at 31/03/20GH¢GH¢Plant & Machinery at cost200,000Depreciation on P/M40,000Motor Vehicles40,000Depreciation on Vehicles16.000Trade Receivables / Payables90,00012,000Opening Inventory60,000Bank 72,000Capital280,000Purchases and Sales220,000400,000Salaries29,000Motor Expenses12,000Rates & Insurance3,000Loan Interest6,000General Expenses16,000748,000748,000You are given the following information:1. Closing stock has been valued at GH¢50,0002. There is a salary of GH¢ 2,000 due to the staff. 3. Motor Expenses a prepayment GH¢200. 4. Depreciate Plant and Machinery is 10% on cost and 25% on reducing Balance for Motor Vehicles.5. Bad […]

QUESTION TWOYETA Lid, a retailer, operating a number of stores, sells a large number of products which itclassifies into three groups.Representative sales and cost data for the three product groups for a year is as follows:Product GroupABCSales RevenueK128,000K440,000K340,000Sales volume (in units of product)100,00090,000200,000Total Variable costsK64,000264,000K187,000Total fixed costs are K340,000 per year.Floor space in each store is the key limiting factor for the business. The proportion […]

This project requires you to evaluate a PC-based accounting system to see how the system handles recording transactions, collecting data, and generating reports and information. The accounting system you use is up to you. Several suggestions are given below.STEP 1. SELECT A SOFTWARE PACKAGE• Sage 50 (http://na.sage.com/us/about-us/education#student)• QuickBooks (http://support.quickbooks.intuit.com/support/ProductUpdates.aspx)• Select some other accounting software to use for the project, such as an accounting software product […]

Global Tronics, Inc., manufactures a variety of printers, scanners, and fax Machines in its two divisions: the Machines Division and the Parts Division. The Parts Division produces electronic Parts that can be used by the Machines Division. All the Parts this division produces can be sold to outside customers; however, from the beginning, nearly 90 percent of its output has been used internally. The current […]

a. The Capital balances of Partners Eliza and Sara are k20, 600 and K14, 400 respectively before Ruth and Tatty are admitted to the Partnership. At admission Ruth purchased One third of Eliza’s interest for k8, 000 and one third of Sara’s interest for k4, 200. Tatty was admitted to the Partnership with an investment of K8, 000. For which she is to receive ownership […]