Financial Accounting Journal Entries For Fair Value And Equity Methods Homework Help
- September 24, 2017
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- Category: Accounting QA
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1.Presented below are two independent situations.
Situation 1
Hatcher Cosmetics acquired 10% of the 221,000 shares of common stock of Ramirez Fashion at a total cost of $15 per share on March 18, 2012. On June 30, Ramirez declared and paid a $77,800 cash dividend. On December 31, Ramirez reported net income of $127,900 for the year. At December 31, the market price of Ramirez Fashion was $16 per share. The securities are classified as available-for-sale.
Situation 2
Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal’s 34,000 outstanding shares of common stock at a total cost of $11 per share on January 1, 2012. On June 15, Nadal declared and paid a cash dividend of $37,000. On December 31, Nadal reported a net income of $93,500 for the year
Instruction:
Prepare all necessary journal entries in 2012 for each situation.
2. Journalies the following
1)Cash received from ram. 10000
2) Building and machinery 25000 purchased for. 10000
3)A creditor sohan(bal 50000) became 10% is received from his estate.
4) old newspaper sold 2000
5) cash purchases. 6000
3.Record the following transactions in the cash book with cash and bank column (Three Column Cash Book).
2009 | Rs | ||
May | 1 | Cash balance | 500 |
Bank balance | 1,000 | ||
2 | Deposited into Bank | 10,000 | |
3 | Cash received from sale of shares | 50,000 | |
4 | Purchases by credit | 15,000 | |
5 | Purchases by cheque | 5,000 | |
6 | Received cheque from Anand | 9,900 | |
Discount allowed | 100 | ||
7 | Paid Vijay by cheque | 1,500 | |
8 | Withdrew from Bank for office use | 10,000 | |
9 | Anand’s cheque deposited in the Bank | ||
10 | Paid to Ajay by cheque Rs 1,980 in full settlement of his account Rs 2,000 | ||
11 | Drawn from Bank | 500 | |
12 | Cash withdrawn for personal use | 1,000 |
4.Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions
1. the company issues the ordinary shares in exchange for 25000 euro cash
2. purchased 400$ of supplies on credit.
3. purchased equipment for euro10000, paying euro 3000 in cash and signed a 30 day, euro 7000, note payable.
4. real estate commissions billed to client amount to euro 4000.
5. paid euro 700 in cash for the current month’s rent.
6. paid euro 200 cash on account for supplies purchased in transaction 2.
7. received a bill for euro 600 for advertising for current month.
8. paid euro 2200 cash for salaries.
9. the company paid dividends of euro 1200.
10. received a check for euro 3000 from a client in payment on account for commission billed in transaction.
At September 1, the statement of financial position accounts for Stanley’s Restaurant were as follows:
Accounts Payable $ 0 Land $33,000
Accounts Receivable 11,600 Share Capital-Ordinary ?
Buildings 68,000 Notes Payable 48,000
Cash 10,000 Supplies 6,600
Equipment 18,700
Instructions
Prepare a statement of financial position at September 3, 2017.
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5.Journalise the following transactions in the books of Mr. Vas.
1. Vas started his business with cash Rs 1,00,000.
2. Purchased goods from Star and Co for cash Rs 20,000.
3. Bought office furniture for cash Rs 7,500.
4. Bought from Kumar, goods on credit for Rs 30,000.
5. goods to Ravi for Rs 5,000 against a cheque.
6. Purchased machinery from Biswas and Co. for Rs 1,00,000 out of which Rs 40,000 was paid by cheque.
7. Paid office rent Rs 6,000.
8. Received from Shekar Rs 4,850 in full settlement of his account for Rs 5,000.
9. Salary to a salesman paid by cheque Rs 9,000.
10. Received as commission Rs 350.
11. Withdrawn cash from bank Rs 6,000 for personal use.
12. Cash deposited into Bank Rs 10,000.
13. Received on sale of investments Rs 37,000.
14. Bank paid directly insurance premium Rs 1,100 for Vas.
15. Paid Rs 300 for repair to furniture.
16. Wages paid for erection of machinery Rs 600.
17. Purchase of a computer on credit from Aditya and Co for Rs 40,000.
18. Issued a cheque in favour of Aditya and Co for the purchase of a computer.
19. Paid rent by cheque Rs 2,900.
20. Paid electricity bill Rs 700 for the month.
21. Paid for stationery Rs 250.
22. Bank collected interest on our investments Rs 1,200.
23. Bought shares in XY Ltd. for Rs 20,000.
24. Received Rs 15,000 from Devi by cheque.
25. Paid Devi’s cheque into Bank for Rs 15,000.
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