University | National University of Singapore (NUS) |
Posted on: 12th May 2023
Finance Accounting Assignment, NUS, Singapore Lin has been in business as a retailer and the following balances were extracted from his books on 31 December 1998
Question 1
Lin has been in business as a retailer and the following balances were extracted from his books on 31 December 1998.
You are required to prepare the Trading, Profit, and Loss Accounts for the half year ended 31 December 1998 and a Balance Sheet as of that date showing as much detail as possible and taking into account the following:
- The closing stock was valued at $2,089;
- Lin had withdrawn for his own personal use, $100 from the sales receipts every month. This has not been taken into account;
- A provision of 5% of debtors is to be created;
- of the $452 for insurance, $68 was the insurance premium for Lin’s own private dwelling; (v) It was estimated that $37 was owed for lighting.
Stuck with a lot of homework assignments and feeling stressed ? Take professional academic assistance & Get 100% Plagiarism free papers
Question 2
Wang is a sole trader.
Draw up the Trade, Profit, and Loss Accounts and the Balance Sheet for Wang from the following Trial Balance after making the following adjustments:
- Depreciation at the rate of 10% to be written off plant and machinery and building;
- Wang had taken goods from stock to the value of S80 for his own use and no entries had been made in the books;
- Rates, amounting to S60 had been paid for half year ended 31 March 1999;
- A Provision for Bad Debts of 5% of debtors to be written off;
- Part of the building was sublet out on 1 October 1998 at an annual rent of $1,600; rent has not been collected yet.
Hire a Professional Essay & Assignment Writer for completing your Academic Assessments
Answer
Recent Solved Questions
- Imagine that you are currently working for a precision medicine startup: Machine Learning Paper Review in Precision Medicine, Written Assignment 1, NUS, Singapore
- Go Business offers PSG solutions for enterprises in Singapore: Collective Intelligence and Entrepreneurship, Assignment 1, JCU, Singapore
- Design an ontology based on- Accidents can be categorised as chemical, electrical, fire, kinetic or liquid: Collective Intelligence and Entrepreneurship, Assignment 1, JCU, Singapore
- Project Control Monitoring, Assignment, HU, Singapore: Deliberate Project MONITORING AND CONTROL or PMC Identification
- DSM500: Final Project Report, Coursework 2, UOL, Singapore
- DSM080: Financial Markets, Assignment, UOL, Singapore: A grapefruit juice futures contract is for 15,000 pounds of frozen grapefruit juice
- DSM080: Financial Markets, Assignment, UOL, Singapore: The share price of a certain stock today is $42.50, and five-month European style call options with a strike price of $45 currently sell for $4.25.
- DSM080: Financial Markets, Assignment, UOL, Singapore: A trader who is working in the gold markets is able to borrow money at the interest rate of 7% per annum
- DSM080 Financial Markets, Assignment, UOL, Singapore: A dollar-based American corporation has decided that it will have to pay 6 million UK pounds in three months
- Principle of Finance Assignment, UCD, Singapore: National Gaming Inc. (National) operates the weekly lottery in the country
UP TO 15 % DISCOUNT