Using straight line method, what would be the annual depreciation charge for the second year of usage?
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What is the depreciable amount of the machine?
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Annual rent payable is 500,000. Rent prepaid at 1 January, 2016 was 80,000 and rent accrued at 31December 2016 was 60,000. How much was paid in respect of rent in 2016
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A customer owing 200,000 was allowed to pay 180,000 in full settlement of his indebtedness. This results in a
A. Decrease in liability, increase in asset and increase in capital
B. Decrease in asset, decrease in capital and decrease in liability Receivables/Cash/Capital
C. Decrease Receivables, increase cash and decrease capital
D. Decrease in capital, decrease in asset and increase in liability
Answer: C
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Which accounting concept does not agree with making allowance for discount receivable?
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The fact that allowances are made against doubtful debts upholds the concept of
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From the following information, calculate the cash paid by trade receivables during the year. Receivables at the beginning of the year 350,000; Receivables at close of the year 500,000; Credit sales for the year 510,000
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When a debt thought to be irrecoverable and written off is subsequently recovered, which additional entry is required to complete the two entries given below? I. Debit Personal Account/Credit Irrecoverable Debts Recovered Account II. Debit Cash/Bank Account/Credit Personal Account
A. Debit Income statement/Credit irrecoverable debts recovered account
B. Debit Statement of Profit or Loss/Credit Cash/Bank account
C. Debit irrecoverable debts recovered account/Credit Statement of Profit or Loss account
D. Debit irrecoverable debts recovered account/Credit personal account
Answer: C
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A trader had trade receivables of 50,000 at the end of his accounting period. Trade receivables at the beginning of the period was 60,000. His policy is to make allowance for doubtful debts at the rate of 5%. State the change in value of the allowance for doubtful debts at the end of the current accounting period.
A. 500 decrease in allowance
B. 500 increase in allowance
C. 2,500 decrease in allowance
D. 2,500 increase in allowance
Answer: A
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At the end of the first year of trading, a trader's receivables amounted to 5,000. This excludes 180 debts found to be irrecoverable. At the same date, it was estimated that 70 of the 5,000 would still turn out to be irrecoverable debts. Determine the net realisable value of receivables at the end of the first year of trading.
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