Cury Debit (Rs)

30. The manufacturing company is in the process preparing the income statement and balance
sheet Since you are the chief account officer of that company and you have given the
responsibility of preparing these statements from the unadjusted tnal balance given below
Particulars
Opening stock
47 000
Purchase
350 000
Plant and machinery
5,00,000
Carriage inwards
5,000
Wages
7.000
Salary
21.000
Cash and bank
1.80,000
Sundry debtors
80,000
Investment
1,00,000
Trade mark
10 000
Rent and rates
36,000
Prepaid Insurance
13,000
Furniture
25 000
Share capital
500 000
Sales
6.00.000
Sundry creditors
Bank overdraft
10% Bank loan
Commission
14.000
Total
1,374,000 1,374.000
Additional Information:
i Closing stock Rs 35,000
1 Depreciate plant and machinery by 10% p. a.
Salary paid in advance Rs 3000
iv. Provision for tax 25%
Required:
а. Income statement
b. Balance sheet
С. Current ratio, inventory turnover ratio and debt to total capital ratio
Ans: (a) NI Rs. 102,000 (b) Rs. 896,000 (c) 2.16-1:9.12 9 times: 24.92%
40.000
70,000
1.50 000
​

In order to minimize project risk which step comes after the step of identifying risks

Management discovers that a supervisor at one of its restaurant locations removes excess cash and resets sales totals throughout the day on the point-of-sale (pos) system. at closing, the supervisor deposits cash equal to the recorded sales on the pos system and keeps the rest.the supervisor forwards the close-of-day pos reports from the pos system along with a copy of the bank deposit slip to the company’s revenue accounting department. the revenue accounting department records the sales and the cash for the location in the general ledger and verifies the deposit slip to the bank statement. any differences between sales and deposits are recorded in an over/short account and, if necessary, followed up with the location supervisor. the customer food order checks are serially numbered, and it is the supervisor’s responsibility to see that they are accounted for at the end of each day. customerchecks and the transaction journal tapes from the pos system are kept by the supervisor for 1 week at the location and then destroyed.what control allowed the fraud to occur?

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,500 are payable at the beginning of each year. each is a finance lease for the lessee. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) situation 1 2 3 4 lease term (years) 3 3 3 3 asset’s useful life (years) 3 4 4 6 lessor’s implicit rate (known by lessee) 14 % 14 % 14 % 14 % residual value: guaranteed by lessee 0 $ 5,000 $ 2,500 0 unguaranteed 0 0 $ 2,500 $ 5,000 purchase option: after (years) none 2 3 3 exercise price n/a $ 7,500 $ 1,500 $ 3,500 reasonably certain? n/a no no yes