GH¢ GH¢ GH¢ SAT LTD 58,000 4,000 12,000 12,000 30,000 NAN LTY 55,000 12,000 8,000 35,000 BUSH LTD 65,000 15,000 20,000 30,000 DAT LTD 56,000 8,000
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The debtors ageing analysis for HARUNA limited is as shown below
HARUNA LIMITED
DEBTORS AGE ANALYSIS SHEET
AS AT 31/12/2013
|
TOTAL |
Equal or less than 3 months |
>3 months < than 6 months |
6 months to 1 year |
>1 year than 2 years |
Trade debtors |
GH¢ |
GH¢ |
GH¢ |
GH¢ |
GH¢ |
SAT LTD |
58,000 |
4,000 |
12,000 |
12,000 |
30,000 |
NAN LTY |
55,000 |
12,000 |
8,000 |
|
35,000 |
BUSH LTD |
65,000 |
|
15,000 |
20,000 |
30,000 |
DAT LTD |
56,000 |
8,000 |
|
8,000 |
40,000 |
TOTAL |
234,000 |
24,000 |
35,000 |
40,000 |
135,000 |
After a review of the debtors ageing analysis it was agreed as follows
|
Total |
Equal or less than 3 months |
>3 months <than 6 months |
6 months to 1 year |
>1 year less than 2 years |
Debt to be written off |
|
|
|
|
|
SAT LTD |
4,000 |
|
|
2,000 |
2,000 |
NAN LTY |
8,000 |
|
2,000 |
|
6,000 |
Specific provisions to be made |
|||||
NAN LTY |
5,000 |
|
|
|
5,000 |
DAT LTD |
5,000 |
|
5,000 |
|
|
- A 10% general provision should be made on all outstanding balances.
- Balance on the provision for
bad debts accounts as at 1/1/2013 was GH¢15,000
Required
i) Determine the Provision for Bad Debts to be charged to the
ii). Prepare the
current assets as at 31/12/2013.
iii). Prepare the Debtors age analysis schedule after the adjustments.
Step by step
Solved in 4 steps with 1 images
- The debtors ageing analysis for HARUNA limited is as shown below HARUNA LIMITED DEBTORS AGE ANALYSIS SHEET AS AT 31/12/2013 TOTAL Equal or less than 3 months >3 months < than 6 months 6 months to 1 year >1 year than 2 years Trade debtors GH¢ GH¢ GH¢ GH¢ GH¢ SAT LTD 58,000 4,000 12,000 12,000 30,000 NAN LTY 55,000 12,000 8,000 35,000 BUSH LTD 65,000 15,000 20,000 30,000 DAT LTD 56,000 8,000 8,000 40,000 TOTAL 234,000 24,000 35,000 40,000 135,000 After a review of the debtors ageing analysis it was agreed as follows Total Equal or less than 3 months >3 months <than 6 months 6 months to 1 year >1 year less than 2 years Debt to be written off SAT LTD 4,000 2,000 2,000 NAN LTY 8,000 2,000 6,000 Specific provisions to be made NAN LTY 5,000 5,000 DAT LTD 5,000…The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…TANO LIMITED - DEBTORS AGE ANAYLSIS SHEET AS AT 31/12 2013 Total 2 years and above More than 1yr Less than 2 yrs 6 months to 1yr More than3mth s, less than 6 mths 3 month and below Debtors GH₵ GH₵ GH₵ GH₵ GH₵ GH₵ AAB LTD 10,000 2,000 1,000 7,000 CCD LTD 60,000 5,000 4,000 20,000 21,000 10,000 QART LTD 50,000 5,000 45,000 HASON LTD 40,000 5,000 30,000 5,000 RATMAN LTD 20,000 5,000 15,000 WHENT LTD 70,000 8,000 30,000 32,000 POMOTY LTY 80,000 5,000 8,000 67,000 RANCH LTD 90,000 3,000 8,000 30,000…
- Particulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15 Calculate the debt-equity ratio & commentSuppose the Crane Ltd's 2020 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities NT$3,536.0 31,408.0 3,016.0 16,640.0 Compute the following values. Interest expense Income taxes Net income NT$520.0 (a) Debt to assets ratio. (Round to O decimal places, e.g. 62%.) 1,976.0 4,590.0 (b) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) % timesAA Sdn Bhd provides for doubtful debts at 3% of outstanding debtors at his year end of 31December. The following balances of debtors are:Debtors RMDecember 31, 2018 18,700December 31, 2019 21,400December 31, 2020 19,600 The following bad debts had been written off: Date written off RMDecember 31, 2018 169December 31, 2019 143December 31, 2020 66 Required:(a) Prepare for each of the years ended 31 December 2018, 31 December 2019 and 31December 2020 the:(i) Bad Debts Account (ii) Allowance for Doubtful Debts Account (b) Prepare the statement of financial position extracts for each of the years at 31December 2018, 2019 and 2020.
- how do i prepare the proft and loss account and the balanc esheet extract for the following depreciates at 5%. so year 2017 provison for bad debt would be $350 2018 is $425 and 2019 is $400Carla Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020. Amortized cost $50,300 Fair value 40,600 Expected credit losses 12,200 (a) What is the amount of the credit loss that Carla should report on this available-for-sale security at December 31, 2020? Amount of the credit loss $What do the following data, taken from a comparative balance sheet, indicate about the company’s ability to borrow additional long-term debt in thecurrent year as compared to the preceding year? Current Year Preceding YearFixed assets (net) $1,260,000 $1,360,000Total long-term liabilities 300,000 400,000
- Subject :- ADVANCED FINANCIAL ACCOUNTING (FIN611) Question # 2:XYZ Limited has the following loans outstanding as at December 31, 2020. Calculate the Capitalization RateLoan – A @ 8% (taken at January 01, 2020) Rs. 600,000Loan – B @ 5% (taken at July 01, 2020) Rs.400,000Loan – C @ 9% (taken at September, 01 2020) Rs.300,000The company spent following amounts on construction of an asset.March 01, 2020. Rs. 500,000August 01, 2020. Rs. 400,000December 1, 2020 Rs. 400,000 Note:- Solve these question and please explain in detail in such a way that i will get full marks.PROBLEM 8:Tomas Co. has the following balance sheet as of December 31, 2021.Current assets 180,000.00Fixed assets 120,000.00Total assets 300,000.00Accounts payable 40,000.00Accrued liabilities 20,000.00Notes payable 50,000.00Other Long-term debt 75,000.00Total Equity 115,000.00Total liabilities and equity 300,000.00 In 2021, Tomas Co. reported sales of P1,500,0000, net income of P30,000, and dividends of P18,000. The company expected its sales to increase by 20% by next year and its retention ratio will remain at 40%. Assume that Tomas Co. is operating at full capacity and it uses the AFN approach in determining the amount of external financing needed.How much is the sales for 2022? Using Problem 8, how much is the increase in retained earnings for the purpose of computing the AFN? Using Problem 8, how much external funds needed for the year 2022?The trial balance of BCB Limited as at 31 December 2020 appeared as follows: Dr Cr Share capital 120,000 617,100 Sales revenue Purchases 223,500 You are provided with the following information. Returns inwards 4,800 Returns outwards Provision for doubtful 1. 5,500 The provision for doubtful debts is to be adjusted 50.as to represent 8% of trade receivables. 2,000 debts 2. Bad Debt of £1,200 to be written off. Bank 45,000 Inventory 46,000 3. Equipment's are to be depreciated by 20% using Motor Vehicles at Cost 75,000 the straight-line method. Motor Vehicles- Accumulated Depreciation 27,000 4. Motor vehicles are to be depreciated by 20% using the reducing balance method. Equipment at cost Equipment - Accumulated Depreciation Trade Payables 290,500 36,200 5. Outstanding bills for the period: Electricity - £725 6. 24,000 Insurance has been paid up until 31 March 2021. Trade Receivables 36,000 7. The closing inventory was valued at £39,000. 10% loan 40,000 10% loan interest 2,000 91,500…