The following data is assembled from the accounting records of Subhan Industries, Islamabad. a) The company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following data is assembled from the accounting records of Subhan Industries, Islamabad. a) The company borrowed Rs. 500,000 from the bank on November 01, 2019 issuing a Provisory Note which is payable after 03 months with an interest rate of 18% per annum. b) The company paid Rs. 136,000 for a fire insurance policy of stock covering a period of two years beginning from 01 October 2019. The Payment was recorded in prepaid Insurance Account. c) A note receivable of Rs. 600,000 dated 01 September 2019 was received from a customer in payment of his account. This note receivable could be collected after 6 months. d) The company collected an amount of Rs. 27,000 representing rent from the cafeteria contractor alongside the premises for a period of 06 months commencing from 01 August 2019. The amount was credited to the Unearned Rented Revenues. Required: Record necessary adjusting journal entries in the accounts which are closed on 31 December each year. The following data is assembled from the accounting records of Subhan Industries, Islamabad. a) The company borrowed Rs. 500,000 from the bank on November 01, 2019 issuing a Provisory Note which is payable after 03 months with an interest rate of 18% per annum. b) The company paid Rs. 136,000 for a fire insurance policy of stock covering a period of two years beginning from 01 October 2019. The Payment was recorded in prepaid Insurance Account. c) A note receivable of Rs. 600,000 dated 01 September 2019 was received from a customer in payment of his account. This note receivable could be collected after 6 months. d) The company collected an amount of Rs. 27,000 representing rent from the cafeteria contractor alongside the premises for a period of 06 months commencing from 01 August 2019. The amount was credited to the Unearned Rented Revenues. Required: Record necessary adjusting journal entries in the accounts which are closed on 31 December each year.
Expert Answer:
Answer rating: 100% (QA)
A The company borrowed Rs 500000 from the bank on November 01 2019 issuing a Provisory Note ... View the full answer
Related Book For
Introduction to Operations Research
ISBN: 978-1259162985
10th edition
Authors: Frederick S. Hillier, Gerald J. Lieberman
Posted Date:
Students also viewed these finance questions
-
You will need to understand solved problem S4 before answering this question. A muscle - specific gene was cloned and then subjected to promoter bashin. As shown here, six regions, labeled A - F,...
-
You will need to understand solved problem S4 before answering this question .A gene that is normally expressed in pancreatic cell was cloned and then subjected to promoter bashing. As shown here,...
-
You believe you will need to have saved $500,000 by the time you retire in 40 years in order to live comfortably. You also believe that you will inherit $100,000 in 10 years. If the interest rate is...
-
Why is there currently an even greater need for effective employee communications?
-
Consider the following set of observations: You should not assume these data come from a normal distribution. Test the hypothesis that these data come from a distribution with a median less than or...
-
Suppose that X ~ B(12, p) and consider the point estimate = X/14 (a) What is the bias of this point estimate? (b) What is the variance of this point estimate? (c) Show that this point estimate has a...
-
Compare the capital costs and the levelized costs of operation for a \(1000 \mathrm{MW}\) nuclear power plant and a 1000 MW PV system constructed in the Mojave desert in California. The PV system is...
-
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you cant distinguish among them: What...
-
Morganton Company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July,...
-
Compte, Incorporated (a U.S.-based company), establishes a subsidiary in Croatia on January 1, 2023. The following account balances for the year ending December 31, 2024, are stated in kuna (K), the...
-
Your organization is considering investing $200,000 in a new piece of equipment that will allow for the production of a new product line. This product line is anticipated to result in the following...
-
Defend your answer in relate to how you think transformational leadership have a positive relationship in the organization with the organizational culture and innovation propensity in business.
-
1. How would you define small business? 2. Name a company that seems large but might be classified as small because it has relatively little impact on its industry. 3. Define outsourcing, and...
-
Conducting wire is hang horizontally 10.0 meters above the ground and carries current of 100A. a. Find magnitude of magnetic field on the ground. b. Find the ratio between magnetic field in a. and an...
-
How can you measure quality in services (not physical products)? Give two examples of service quality KPI (and their field of application). Which "arrow" (vector) of the Aachen QM model should...
-
Talent International Media (Talent) specialises in production, promotion, and distribution of both domestic and imported films. Recently, Talent plans to be listed on the Shenzhen Stock Exchange...
-
Draw the major organic product formed when the compound shown below undergoes a reaction with LiAlH4. Interactive 3D display mode NH O
-
The graph of the sequence whose general term is an = n - 1 is which of the following? [8.1] A. B. TITTT 3-2-1 23.45 2.3.4
-
Consider the following problem. Maximize Z = 6x1 + 8x2, Subject to and x1 ¥ 0, x2 ¥ 0. (a) Construct the dual problem for this primal problem. 5x1 + 2x, s 20 xi +22 s 10
-
One of Speedy Airlines flights is about to take off from Seattle for a nonstop flight to London. There is some flexibility in choosing the precise route to be taken, depending upon weather...
-
Consider the following gamblers ruin problem. A gambler bets $1 on each play of a game. Each time, he has a probability p of winning and probability q = 1 p of losing the dollar bet. He will continue...
-
Specialists may be required to perform audit tasks that require knowledge or skills outside the auditor's abilities. Examples from the text include an engineer (to verify the stage of completion of...
-
Client-acceptance decisions have become increasingly important. This is mainly due to the increased risk of litigation against audit firms in some countries as a result of being associated with...
-
For each scenario below, describe which of the five general conditions that undermine independence in appearance is most relevant. a. An auditor recommends its audit clients' services to other...
Study smarter with the SolutionInn App