University:
University of Miami
Course:
ACC 211 | Principles of Financial Accounting
Academic year:

2022
Views:

276

Pages:

23
Author:

9LunarLullaby

Formulas CH #1 Nill CH#2 Nill CH#3 Nill CH#4 Nill CH#5 1 Net receivables Total receivables-discount Allowed. 2 Tax Payable to Gout output tax-Input tax- Exclusive of tax - cost x Rate 1000 Inclusive of tax = Cost Rate 100trate. CH#6 1 Revenue Gross profit Cost of sales.. 2 Cost of Sales = op+P-consing 3 Gress profit Revenue-Cost of sales. 4 Net Sales Sales-saves return. 5 Net purchases purchase-purchase retum. CH#7 1 Straight line method 2 yage dep dep x100 Cost Cost of Asset-Residual valter useful life. 3 Carrying amount: Cost-Accumulated depriciation. 4 Cassying amount of revalued figure - Revalued fig-depcharge. CH#10 Expense To pay xx To Pay & - Paid (less paid) -paid (Extra Paid) Accreed Prepaid Incame To receive To receive... received Dow Yeceived more Accrued Prepaid To Be shown in P Payl receive + Accrued -Prepast (xxx) closing receivables opening receivates + Credit Sales - Cash received Irrecoverable delt w/o FXX (xxx) Closing receivables. Allearance for receivables. opening Aluse +Inc.in Allowance -dec. for Allowance (x2) closing Alowance xx In SOPP Closing receivables ana -Closing Allowance (+) CH#12 1 Treatment of Contingent liability. Pexcentage Occurence Todo Asset More than 95%. virtually certain liability Asset 52% to 95% probable liability As notes 5% to 50% possible As notes Ignore less than 5% Remote Ignore Ignare CH#13 If Issued at premium 1 Cash received by Issue of shares = Issue pricex no of shares 2 share capital no. of shares & nominal valve. 3 share premium No. of Sharex diff Issue price and nominas f issued at bonus. 4 Share premiam = Existing sp - No.of sharesx Nominal ralus 5 Shore Capital No.of shares issued & nominal value. Dividend paid Retained earning-amount paid as dividend 7 -year end poetics for tax of last year -Ours pemision of last year les Tax to pay CH#14 1 Mistake in receivables ledges conted we Bal bid (ds) Receivables ledger & Ale Adjustment Adjustment decrease im receivable (increasein) Bol cid (de) Jo hana Chahiye. 2 Mistake in payabies ledger contrat me Payables leaga control le Adjustment o Bal bld xa (DecinPayable) Adjustment Increasein (payable Mistake in Individual ledger Bal given in Adjustment +/-xxx Bal cider) XXA Correct bal To hona chahiye Johona Chahiye CH#15 Jisme humari gatti he wah Ce mein adjust hoga. Bal ble dr CB Bat bif cr Faayeda Jisme humari galti thi Bal Cid(Cr) Nuksan Jisme humari gasts thi Bal ad(dr) KAA Bal bld Bal bld xxx Jisme humari galti na ho Woh BS mein Adjust hoga Bal Per BS Faayeda Nuksan Rev. Bal. per CB. (xxx) TAX Xxx DY CH#16 Right entry Jo honi thi Error a TB Still Balance wrong entry Rectified entry Jo ab baten ge To ki hai Rules (for rectified entry) Jo Cheez sahi Jaga cani Chahiye usse sabi Jaga Likhenge. To hum ne galti ki hai usse reverse kar den ge. ↓ Jo alreday Sahi jaga hat uska kuch nahin karen ge. ERROR where T8 does not bal Right entry wrong entry Rectified entry. 45 or Postage 5 Dr Postage 50 Do Suspence Postage 45 Cash 5 creash 5 3 openting profes +All income - All experte Conca Profit CH #17 SOPEL 1 Reverse Sale Sale return 2 Cos = opening inventory #leur-pur. return) - Closing inventory. 3 GP Revenue - Cos 4 PBT-GP- Administrative expense 5 Profit for year = PBT Tax 6 Total Comprehensive income = profit + revaluation surplus. 7 (W1) Cost of Sale opening inventory + purchase -Purchase return - Closing inventory = Cost of Sale 8 (drutarate experte. wages Rent Moter exponte Insurance Bank Interest + Torre Convexable dent Dece In Allessance. + light and heat + dep Income tax Tax on profit for year + under provision. - over provision Tax Pagatte 10 on Depriciation on Property + on plant + on Equipment = Total depriciation 9 Carring amount Cost of PPE (Thall -(Total) Aceu dep = Carring Ammount- 11 NB Non CA Total NCA Total Value - Acordep 12 (6) Recenables Receivables -incin Irrecoverable dent - Allowance for receivable - Recenables to PEL 13 (wit) Allowance for receivahe Opening Alloasance - Closing Allowance = Allowance to PEL SOFP NCA PPF (Carring amount of all Asset) (w4) CA Inventory (closing) (y) Closing w - Aflosing Receivables (opery receivable - Albwance) (w7) - Prepayment (From 2) Cash at bank (From 2) Equity ordinary share capital (openinge share issued) Revaluation Surplus (Revalued figinQ-() Retained earring. (Opening RE + Profit for year) Share premiam (opening + Issued) CL Income Tax liability (W3) Trade payables. (From 2) Accrued exp fangina)