a) Distinguish between piecemeal realization and distribution and maimum possbie loss method. 8 Marka b) Briefly...

 

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a) Distinguish between piecemeal realization and distribution and maimum possbie loss method. 8 Marka b) Briefly describe the important types of royalties (6 Marks) ) On June 1, 2014, Nyamoko purchased goods valued at Kahs 7800 from Mwerma and on the same date she accepted a three month bill for Kahs 7,700 in full settlement of the debt. On the same date it was endorsed by Mwerna to Grace in Tull settlement of a debt of Ksh, 8,000 due from her to Grace. Grace immediately discounted the bill forsKshs 7600, On the due date, the bill was distronoured, and the noting charges incurred by the banker amounted to Kshs. 100: but the bill was taken over by Mwema on dishonor; Le. the bank was paid by Mwema. Required; Journalize the above transactions in the books of Mwema. (10 Marks) d) Briefly explain the following terms: Functional currency. i) ii) Presentation currency. Exchange difference. Foreign operation. ii) (2 Marks Each) iv) a) Distinguish between piecemeal realization and distribution and maimum possbie loss method. 8 Marka b) Briefly describe the important types of royalties (6 Marks) ) On June 1, 2014, Nyamoko purchased goods valued at Kahs 7800 from Mwerma and on the same date she accepted a three month bill for Kahs 7,700 in full settlement of the debt. On the same date it was endorsed by Mwerna to Grace in Tull settlement of a debt of Ksh, 8,000 due from her to Grace. Grace immediately discounted the bill forsKshs 7600, On the due date, the bill was distronoured, and the noting charges incurred by the banker amounted to Kshs. 100: but the bill was taken over by Mwema on dishonor; Le. the bank was paid by Mwema. Required; Journalize the above transactions in the books of Mwema. (10 Marks) d) Briefly explain the following terms: Functional currency. i) ii) Presentation currency. Exchange difference. Foreign operation. ii) (2 Marks Each) iv)

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Solution b Types of royalties are as follows i Copyrights Copyright provides the right to the author or owner of assets like book artwork music compos... View the full answer