(iv) (vi) (a) In early November 2022, Yoyo Limited was sued by a customer for the...

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(iv) (vi) (a) In early November 2022, Yoyo Limited was sued by a customer for the malfunction of an electrical appliance causing injuries. The company agreed to pay the compensation of $14 000 in late November 2022 while the insurance company would agree to compensate 80% of the loss in mid-December 2022. No entries were made in the books to record the above. 411200 (b) Dr. comperton / You The suspense account was related to the issue of shares in December 2022. On 15 December 2022, Cr. Insurance received 110 Cash at bank 2800 40 000 ordinary shares were to be issued at $4 each while application for 50 000 shares were received. All monies were properly received on 30 December 2022. The accounting clerk debited the cash at bank account and credited the suspense account with the whole amount. Shares have been allotted to the successful applicants on 31 December 2022. The monies for over-subscription were to be refunded on 5 January 2023. In December 2022, goods with gross amount of $90 000 were purchased on credit, and a 10% trade discount was received. The following accounting entries were made: X= REQUIRED: Purchases Discounts received Trade payables Details 2021 Final dividend declared and paid 2022 Interim dividend declared and paid 2022 Final dividend proposed Dr ($) 99 000 x = DV.OE The accounting clerk recorded dividend as a separate item and the analysis of the dividend account was as follows: 2012 Cr. Cash at bank Cr ($) 9 000 V The dividend payables account consisted of the final dividend for 2022 only. Apr I New 19. 90 000 Prepare the necessary journal entries to correct the above. Narrations are not required. Prepare a statement of financial position as at 31 December 2022. $ 30 000 20 000 45 000 2020 Jul | Old END OF PAPER 2021 2223-F5-FE-Business, Accounting and Financial Studies-2A гр V. Dr. Purchates gouvo Disposal of Old for. Cr. DR 9000 Cr. Cash at Bank 81000 80000 x (13 marks) (7 marks) (Total: 20 marks) 202 = 78 (84000D HOON)) 60000 2000 9000 2022=15300 2022-2677.8 rb DE 30% FF 20% S1 P. 11 (iv) (vi) (a) In early November 2022, Yoyo Limited was sued by a customer for the malfunction of an electrical appliance causing injuries. The company agreed to pay the compensation of $14 000 in late November 2022 while the insurance company would agree to compensate 80% of the loss in mid-December 2022. No entries were made in the books to record the above. 411200 (b) Dr. comperton / You The suspense account was related to the issue of shares in December 2022. On 15 December 2022, Cr. Insurance received 110 Cash at bank 2800 40 000 ordinary shares were to be issued at $4 each while application for 50 000 shares were received. All monies were properly received on 30 December 2022. The accounting clerk debited the cash at bank account and credited the suspense account with the whole amount. Shares have been allotted to the successful applicants on 31 December 2022. The monies for over-subscription were to be refunded on 5 January 2023. In December 2022, goods with gross amount of $90 000 were purchased on credit, and a 10% trade discount was received. The following accounting entries were made: X= REQUIRED: Purchases Discounts received Trade payables Details 2021 Final dividend declared and paid 2022 Interim dividend declared and paid 2022 Final dividend proposed Dr ($) 99 000 x = DV.OE The accounting clerk recorded dividend as a separate item and the analysis of the dividend account was as follows: 2012 Cr. Cash at bank Cr ($) 9 000 V The dividend payables account consisted of the final dividend for 2022 only. Apr I New 19. 90 000 Prepare the necessary journal entries to correct the above. Narrations are not required. Prepare a statement of financial position as at 31 December 2022. $ 30 000 20 000 45 000 2020 Jul | Old END OF PAPER 2021 2223-F5-FE-Business, Accounting and Financial Studies-2A гр V. Dr. Purchates gouvo Disposal of Old for. Cr. DR 9000 Cr. Cash at Bank 81000 80000 x (13 marks) (7 marks) (Total: 20 marks) 202 = 78 (84000D HOON)) 60000 2000 9000 2022=15300 2022-2677.8 rb DE 30% FF 20% S1 P. 11

Answer rating: 100% (QA)

Here are the journal entries to correct the issues 1 Compens... View the full answer