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  1. W

    Economics, Accounting & Business: Post your doubts here!

    there are 2 formulas to calculate capital employed Formula 1: Fixed asset + working capital Formula 2: Capital + long term liabilities
  2. W

    Economics, Accounting & Business: Post your doubts here!

    me and the answer of your question really depends on the question asked in the data response section
  3. W

    Economics, Accounting & Business: Post your doubts here!

    it was easy, i did a mistake if you see the column received year ended 31 december for 2009, just add all the of them 100 + 2100 + 200 = $2,400 now comes the income and expenditure account. as we can see in 2008 we received $300 advance for year 2009 and in 2009 we received $2,100 for the year...
  4. W

    Economics, Accounting & Business: Post your doubts here!

    it sure is a tough one, is the answer B?
  5. W

    Economics, Accounting & Business: Post your doubts here!

    yes
  6. W

    Economics, Accounting & Business: Post your doubts here!

    here, first we record the goodwill by crediting partner's cap a/c on old ratio and debiting goodwill and in second entry write off the goodwill: goodwill $30,000 Partner cap a/c x: $15,000 y: $15,000 Partner cap a/c...
  7. W

    Economics, Accounting & Business: Post your doubts here!

    mcq no.8: as overdraft should be credit, we will credit the bank account with double the amount. first to cancel the debit entry and second to record the debit entry and debit the suspense account by $200. as purchases are understated by 10, we will debit purchases and credit suspense account...
  8. W

    Economics, Accounting & Business: Post your doubts here!

    50,000 shares * $5 face value = $250,000 Share premium on issue = 50,000 shares * $15 = $750,000 add $250,000 and $750,000 = $1,000,000. cash also increase and on the other had equity increased
  9. W

    Economics, Accounting & Business: Post your doubts here!

    we will ignore debentures over here, as debentures would raise the same amount of cash, the effect will be nullified whereas the shares would introduce $1,000,000. so C is the answer Cost plus percentage means markup added in cost.
  10. W

    Economics, Accounting & Business: Post your doubts here!

    the answer is A
  11. W

    and as there is no account to be debited, we will erase the amount written and record it properly

    and as there is no account to be debited, we will erase the amount written and record it properly
    • wajiman
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  12. W

    debtors are $9,000 less. as we know debit = credit side, debit is less and so not equal to...

    debtors are $9,000 less. as we know debit = credit side, debit is less and so not equal to credit side and hence suspense account will be created of $9,000 on the debit side. we will just credit the suspense account in its book by $9,000 which will nullify the effect of the debit $9,000 suspense...
    • wajiman
    • Profile post comment
  13. W

    debtors are debit balance. as we know that the sales ledger had the right balance, this means...

    debtors are debit balance. as we know that the sales ledger had the right balance, this means this error has occurred while recording from ledgers. our sales figure on the credit side does not have any error where as on the debit side,
    • wajiman
    • Profile post comment
  14. W

    Economics, Accounting & Business: Post your doubts here!

    exactly answer is B, and ppl dont confuse to think the balance b/d was Sales, its actually Debtors b/d balance as sales ledger control account is trade receivable control account
  15. W

    Economics, Accounting & Business: Post your doubts here!

    both formats are acceptable but if u see the markscheme, he has used the second format, so if you can manage the time you can also use the first format
  16. W

    Economics, Accounting & Business: Post your doubts here!

    the second format, not the first one
  17. W

    Economics, Accounting & Business: Post your doubts here!

    i know the answer but for ppl who want to understand
  18. W

    Economics, Accounting & Business: Post your doubts here!

    i know the answer but for ppl who want to understand
  19. W

    Economics, Accounting & Business: Post your doubts here!

    i know the answer but for ppl who want to understand
  20. W

    Economics, Accounting & Business: Post your doubts here!

    Mcq no.6: add credit sales to Goods dispatched to customers in November 2008 and invoiced in December 2008 ( invoiced goods are always sales and cannot be returned once invoiced) less Goods included in sales for November 2008 on a sale or return basis, but only sold in December 2008. Goods on...
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