Record necessary Journal entries in the following cases (a) Creditors worth Rs 85,000 accepted Rs 40,000 as cash and investment worth Rs 43,000, in full settlement of their claim (b) creditors were Rs 16,000 They accepted Machinery valued at Rs 18,000 in settlement of their claim (c) Creditors wer...

Explanation Creditors Ac Dr 85000 To Cash ...

Record necessary Journal entries in the following cases: (a) Creditors worth Rs. 85,000 accepted Rs. 40,000...

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

See More Books

Posted Date: Jan 04, 2021 11:11 PM

See More Questions

In 2007, Yorkshire Company purchased land and a building at a cost of $700,000, of which $150,000 was allocated to the land and $550,000 was allocated to the building. As of December 31, 2011, the...
The Donut Stop purchased land and a building for $ 2 million. To maximize the companys tax deduction for depreciation, management allocated only 10% of the purchase price to land and 90% of the...
A company purchases land and a building on the land. The land is appraised at $80,000, and the building at $120,000. If the cost of the property is $190,000 in total, then the portion of the cost...
You are given the following information concerning Parrothead Enterprises: Calculate the company?s WACC. Debt: 13,000 6.4 percent coupon bonds outstanding, with 15 years to maturity and a quoted...
This chapter introduces the idea of opportunity cost. a. What is meant by opportunity cost? How are the opportunity costs of various choices compared? b. What is the opportunity cost of taking a year...
Let Z be a standard normal random variable. Use Appendix Table A.1 to find the numerical value for each of the following probabilities. Show each of your answers as an area under fZ(z). (a) P(0 Z ...
Explain the meaning of the following terms in variables sampling: (a) precision, (b) reliability, and (c) variability.
Gorman Company manufactures drinking glasses. One unit is a package of eight glasses, which sells for $35. Gorman projects sales for April will be 5,500 packages, with sales increasing by 450...
Cost of Capital and Valuation Basics This module explains the basics of valuation and demonstrates the application of the dividend discount model. If possible, estimate the value of equity and a...
Read the Workplace Policies and Procedures Example - Pinkies Pizza and Pasta A: You witness a fellow staff member cough into his hand. The staff member then picks up pre-made sandwiches (without...
A risk assessment ranks or doesn't rank the risks. If you are the CISO, do you prefer ranking or not ranking the risks? Specify reasons to support your answer.
What should companies be particularly aware of when investing in developing countries?
What type of incentives do governments offer in order to attract foreign companies and why do they provide such offers?
Some cultures are not comfortable saying no to their leader. Find examples and explain why this is so. Conversely, which cultures find it easier to say no?
Figure G-22 is a photograph of an outcrop in the Transantarctic Range of Antarctica. The view shows a cross section of beds of coarse conglomerate and finer-grained conglomerate. The arrow points to...
What is organic growth? What are the other options for international growth?
f(x) = x + 4, find f-1(x).
Bonus shares can be issued out of revenue reserves. True/False?
Allendorf Company used $45,000 in cash to purchase land on the west side of Hatu Lake. a. List the accounts impacted by the transaction. b. For each account, indicate whether the transaction...
Ted Smyth manages an electronics store. He suspects that some employees are stealing items from inventory. Determine the cost of the missing inventory. Th e following information is available from...
Honeytone Corporation had the following transactions: 1. Purchased a new building, paying $15,000 cash and issuing a note for $80,000. 2. Purchased $12,000 of inventory on account. 3. Sold inventory...
On 1 January 2024, a company receives gross debenture interest of 1,600 from another UK company and pays net debenture interest of 8,640 to individuals. Explain the corporation tax treatment of each...
Visit Transparency Internationals website and check to see how the CPI Index for countries listed in Exhibits 5.4 and 5.6 has changed. After searching TIs databank, explain why the changes have...
Identify the accounting periods relating to the following periods of account: (a) year to 30 November 2023 (b) 1 October 2022 to 31 July 2023 (c) 1 January 2024 to 31 January 2024 (d) 33 months to 31...

Record necessary Journal entries in the following cases: (a) Creditors worth Rs. 85,000 accepted Rs. 40,000...

Question:

Expert Answer:

Explanation Creditors Ac Dr 85000 To Cash ... View the full answer

Accounting concepts and applications

Students also viewed these accounting questions