From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan 2019 RO 20000. b. During the year RO 18000 was collected from the Opening Accounts receivables and the remaining was treated as uncollectable. c. Sales during the year was RO 175000 d. Amount collected from current years sales was RO 150000 e. From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables. f. Allowance to be created @ 10% on closing receivables Prepare a) Account of receivables and b) Allowance for Doubtful debts from the above information (5 Marks) From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan 2019 RO 20000. b. During the year RO 18000 was collected from the Opening Accounts receivables and the remaining was treated as uncollectable. c. Sales during the year was RO 175000 d. Amount collected from current years sales was RO 150000 e. From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables. f. Allowance to be created @ 10% on closing receivables Prepare a) Account of receivables and b) Allowance for Doubtful debts from the above information (5 Marks)
Expert Answer:
Answer rating: 100% (QA)
all sales are considered credit sale Accounts of Receivab... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
Students also viewed these accounting questions
-
From the following particulars calculate variable overhead expenditure variance: Actual Variable Overhead expense: $14,250 Budgeted Variable Overhead expense: $17,000 Actual level of Production: 8000...
-
From the following particulars of Rose Mary Company, calculate the total direct materials variance. A) $150 U B) $300 F C) $150 F D) $300 U Total Direct Materials Variance (b) Direct Materials Cost...
-
From the following particulars of Rose Mary Company, calculate the total direct labor variance. Total Direct Materials Variance (b) Direct Materials Cost Variance $300 F Direct Materials Efficiency...
-
Use a linear interpolation to estimate properties of ammonia to fill out the table below P [kPa] T [ C] v [m3/kg] x a) 550 0.75 b) 80 20 c) 10 0.4
-
Hager holds 30 percent of the outstanding shares of Jenkins and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with this investment...
-
The following information is from the unadjusted trial balance for Journeys End Company prepared at October 31, 2023, the end of the fiscal year: Rent and salaries expense are equally divided between...
-
This problem focuses on the determination of sample sizes. Required: a. Given the constraints of a 7 percent desired upper precision limit, and an estimated population occurrence rate of from 1 to 4...
-
Using the data in Problem 4-10, test to see if there is a statistically significant relationship between sales and YouTube views at the 0.05 level of significance. Use the formulas in this chapter...
-
John Crossborder buys 1 share of Telmex at 140 pesos when thevalue of the peso is stated in dollars at $0.35. One yearlater, Telmex is selling for 160 pesos. If after 1 year thevalue of the pesos is...
-
Kidd Company produces two products. Budgeted annual income statements for the two products are provided here: Required a. Based on budgeted sales, determine the relative sales mix between the two...
-
Perform the given row operations: 5 -5 5 71 1 1) 4-4 2) 3) L 94-8 6 -3 -8 4 3 05 01 5 R R 000 -3 9 1 -3 -3 4R3 R3 3 8 3 -1 -5 -6 8 4 -3 1 -41 13R2 + R R -6
-
10. Label and explain in details the following diagram A 12. 1 Give three functions of E. Zinc E B + C D Copper 13. Give an ideal principle of predicting a performance of a fuel cell and give an...
-
If Bob faces a 20% chance of losing $20 or an 80% chance of losing nothing. What is the expected loss and variance?
-
What type of cost does not change with changes in production volume?
-
Following are the ledger balances of Titas Pvt. Ltd. as on the date 31 December, 2022. Prepare the Trial Balance using the following balances. Account Name Tk. Bank Overdraft 40,000 Cash 20,000...
-
Complete a detailed Income Statement using the information from the Trial Balance. Make sure to list out all accounts you use to complete the Income Statement. TRIAL BALANCE AS OF DECEMBER 31, 20XX...
-
Alex has had $ 9 7 8 . 0 8 deducted in Employment Insurance premiums to date. The insurable earnings for the current pay are $ 3 , 7 5 0 . 0 0 . a . . Calculate the employee Employment Insurance (...
-
Evaluate the function at the given value(s) of the independent variable. Simplify the results. (x) = cos 2x (a) (0) (b) (- /4) (c) (/3) (d) ()
-
Company S is an 80% owned subsidiary of Company P. For 2011, Company P reports internally generated income before tax of $100,000. Company S reports an income before tax of $40,000. A 30% tax rate...
-
The trial balances of Panther and Sargo companies of Exercise for December 31, 2012, are presented as follows: Panther Company continues to use the sophisticated equity method. 1. Prepare all the...
-
Rockford, Skeeba, and Tapinski are partners in a business which manufactures specialty railings. Their profit and loss agreement provides for the allocation of profits and losses as follows: 1....
-
Briefly explain the connections between values such as effort optimism, utilitarian individualism, and the American economic system. Throughout this chapter, we have identified culture as something...
-
Do you speak a language other than English as a first language? If so, do you want your children and grandchildren to speak that language? In the United States, the tools of government and education...
-
If English is your first language, did your parents or grandparents speak a different first language? How do you feel about your ability (or lack of ability) in that language? In the United States,...
Study smarter with the SolutionInn App