$9$:$07$ PM Sat Mar $15$

$41\%$

IFACC Group Assignment AY $2024-25$ Sem $2\_1$fe$6$a$2$a$17$b$36614290$ec$719$c$74818444$

Home

Insert

Draw

Layout

Review

View

References

Times New Roman

READ ONLY $-$ This is an older file format. To make changes, make a copy of the file in the new format.

Upgrade a copy

QUESTION $1-50$ MARKS TOTAL

Kanate Ltd has presented you with the following balances for the year ended December $31,2024$:

$\backslash$table$[[,,$$$],[$Creditors$,,22,500],[$Sales Revenue,,$1,148,200],[$Land at cost$,550,000,],[$Building at cost$,570,000,],[$Furniture and fittings at cost$,85,000,],[$Bank$,,9,500],[$Provision for Depreciation,,$],[$Buildings$,,120,000],[$Furniture and fittings,,$15,000],[$Discounts$,5,700,5,800],[$Retained Earnings at I Jan $2024,14,800,],[$Provision for bad debts,,$2,200],[$Goodwill$,400,000,],[$Cash$,16,400,],[$Inventory at $1$ Jan $2024,48,000,],[$Rent Received $($from Salibo Ltd$),,45,000],[$Rent$,7\mathrm{.}900,],[$Wages and Salaries,$122,000,],[$Insurance$,16,300,],[$Carriage Inwards,$2,300,],[$Returns$,8,500,12,000],[$Commission received,,$5,200],[8\%$ Mortgage,,$100,000],[$Other Operating Expenses,$2,500,],[$Debtors$,45,000,],[$Purchases$,340,000,],[$Debenture Interest,$1,200,],[$Mortgage Interest,$4,600,],[$Baddebt$,4,700,],[7\%$ Debentures,,$150,000],[4\%$ Preference Shares @ $$0\mathrm{.}5,,130,000],[$Ordinary Shares@ $00\mathrm{.}75,,375,000],[$General Reserves,,$109,000],[$Interim ordinary dividends paid,$4,500,],[,2,249,400,2,249,400]]$

The following additional information is available:

At December $31,2024$ closing inventory was $$52,000$

The Accountant has determined that the estimate for the provision for bad debts at December $31,2024$ is $10\%$ of debtors.

OUESTION $1-50$ MARKS TOTAL

Kanate Ltd has presented you with the following balances for the year ended December $31,2024$:

$\backslash$table$[[,$$$,$$$],[$Creditors$,,22,500],[$Sales Revenue,,$1,148,200],[$Land at cost$,550,000,],[$Building at cost$,570,000,],[$Furniture and fittings at cost$,85,000,],[$Bank$,,9,500],[$Provision for Depreciation$],[$Buildings$,,120,000],[$Furniture and fittings,,$15,000],[$Discounts$,5,700,5,800],[$Retained Earnings at $1$ Jan $2024,14,800,],[$Provision for bad debts,,$2,200],[$Goodwill$,400,000,],[$Cash$,16,400,],[$Inventory at I Jan $2024,48,000,],[$Rent Received $($from Salibo Ltd$),,45,000],[$Rent$,7,900,],[$Wages and Salaries,$122,000,],[$Insurance$,16,300,],[$Carriage Inwards,$2,300,],[$Returns$,8,500,12\mathrm{.}000],[$Commission received,,$5,200],[8\%$ Mortgage,,$100,000],[$Other Operating Expenses,$2,500,],[$Debtors$,45,000,],[$Purchases$,340,000,],[$Debenture Interest,$1\mathrm{.}200,],[$Mortgage Interest,$4,600,],[$Bad debt.,$4,700,],[7\%$ Debentures,,$150,000],[4\%$ Preference Shares a S$0\mathrm{.}5,,130,000],[$Ordinary Shares @ $$0\mathrm{.}75,,375,000],[$General Reserves,,$109,000],[$Interim ordinary dividends paid,$4,500,],[2\mathrm{.}249,400,2,249,400]]$

The following additional information is available:

At December $31,2024$ closing inventory was $$52,000$

The Accountant has determined that the estimate for the provision for bad debts at December $31,2024$ is $10\%$ of debtors.

At the end of the period it was discovered that one employee was owed $$3,000$ in salaries while another was overpaid by $$5,000.$ Additionally insurance prepaid was $$1,300$

The following appropriation of the expenses must be made

$\backslash$table$[[,$Admin,Selling

$9$:$07$ PM Sat Mar $15$

$41\%$

IFACC Group Assignment AY $2024-25$ Sem $2\_1$fe$6$a$2$a$17$b$36614290$ec$719$c$74818444$

Home

Insert

Draw

Layout

Review

View

References

Times New Roman

READ ONLY $-$ This is an older file format. To make changes, make a copy of the file in the new format.

Upgrade a copy

QUESTION $1-50$ MARKS TOTAL

Kanate Ltd has presented you with the following balances for the year ended December $31,2024$:

$\backslash$table$[[,,$$$],[$Creditors$,,22,500],[$Sales Revenue,,$1,148,200],[$Land at cost$,550,000,],[$Building at cost$,570,000,],[$Furniture and fittings at cost$,85,000,],[$Bank$,,9,500],[$Provision for Depreciation,,$],[$Buildings$,,120,000],[$Furniture and fittings,,$15,000],[$Discounts$,5,700,5,800],[$Retained Earnings at I Jan $2024,14,800,],[$Provision for bad debts,,$2,200],[$Goodwill$,400,000,],[$Cash$,16,400,],[$Inventory at $1$ Jan $2024,48,000,],[$Rent Received $($from Salibo Ltd$),,45,000],[$Rent$,7\mathrm{.}900,],[$Wages and Salaries,$122,000,],[$Insurance$,16,300,],[$Carriage Inwards,$2,300,],[$Returns$,8,500,12,000],[$Commission received,,$5,200],[8\%$ Mortgage,,$100,000],[$Other Operating Expenses,$2,500,],[$Debtors$,45,000,],[$Purchases$,340,000,],[$Debenture Interest,$1,200,],[$Mortgage Interest,$4,600,],[$Baddebt$,4,700,],[7\%$ Debentures,,$150,000],[4\%$ Preference Shares @ $$0\mathrm{.}5,,130,000],[$Ordinary Shares@ $00\mathrm{.}75,,375,000],[$General Reserves,,$109,000],[$Interim ordinary dividends paid,$4,500,],[,2,249,400 Step by Step Solution There are 3 Steps involved in it 1 Expert Approved Answer Step: 1 Unlock Question Has Been Solved by an Expert! Get step-by-step solutions from verified subject matter experts Step: 2 Unlock Step: 3 Unlock Students Have Also Explored These Related Accounting Questions! Q: A company produces two (2) products, "Minx" and "Winx". The following sales forecast for both products was decided on for the financial year January 1, 2015 to December 31, 2015: Details Period1... Q: find dividents paid and proposed and show workings. IFACC Group Assignment AY 2... 5. On June 1, 2023 the company rented some of its effice space to Breezy Ltd. At that date Breezy Lid paid rent... Q: X Cut Calibri (Body) 12 A- A+ 3 Wrap Copy Paste BIU Merge Format Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Update A1 x fx Effective management... Q: 1:26 . LTE 44 9 Physics lab data 10 vx, Object #1 Run # 1 9 8 7 6 x-Velocity, Object # 1 (m/'s) 5 4 W Linear mt + b m = -0.331 + 0.20 N b = 2.10 + 0.13 r = -0.320 1 O -2 -1 0 1 2 3 4 5 6 7 8 Time (s... Q: I have attached the solution for week 5, the full projectand I need help solving week 6? I am struggling with parts of this and could use some help. Thank you Scenario Management has reviewed your... Q: I have attached the solution for week 5, the full projectand I need help solving week 6? I am struggling with parts of this and could use some help. Thank you Scenario Management has reviewed your... Q: Hello there, I need help with Finance homework. Please see attached for details information and instruction for homework. Thanks, Ramsey Inc. 2013 Purchase Order Register March 1, 2013 - March 31,... Q: Hello ther, I need help with my finance case study (Ramsey Co. Case study). Please see the attachments for details and instructions. Thanks, Ramsey Inc. 2013 Purchase Order Register March 1, 2013 -... Q: 1. How do customers come to our website? Have they visited our website many times? Do they buy on the same day or the next day? Do they come from multiple channels? 2. Explain in detail the channel... Q: 1) What is the "Convict Code"? 2) According to the chapter reading this week, has physical violence by incarcerated inmates increased or decreased as compared to earlier years? 3) If a killing occurs... Q: Hello there, I need help with Finance homework assignment. Please see attachment details information and instructions. Thanks, Ramsey Inc. 2013 Purchase Order Register March 1, 2013 - March 31, 2013... Q: Pizza King (PK) and Noble Greek (NG) are competitive pizza chains. PK believes there is a 25% chance that NG will charge $6 per pizza, a 50% chance NG will charge $8 per pizza, and a 25% chance that... Q: Why do persistent programming languages allow transient objects? Might it be simpler to use only persistent objects, with unneeded objects deleted at the end of an execution? Explain your answer. Q: Which fire sprinkler components helps fire fighters, sprinkler system contractors, and building maintenance workers determine the available walter or air pressure at the gauge location? A . Pipes and... Q: Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods... Previous Question Next Question Recommended Textbook More Books Managerial Accounting Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer 13th Edition 978-0073379616, 73379611, 978-0697789938 Ask a Question and Get Instant Help! Services Sitemap Fun Definitions Become Tutor Used Textbooks Discount Textbooks Study Help Categories Recent Questions Expert Questions Campus Wear Sell Your Books Company Info Security Copyrights Privacy Policy Terms & Conditions SolutionInn Fee Scholarship Online Quiz Give Feedback, Get Rewards Get In Touch About Us Contact Us Career Jobs FAQ Student Discount Campus Ambassador Secure Payment Download Our App © 2026 SolutionInn. All Rights Reserved $