Uncollectible Accounts

Assignment Question(s): (Marks 5)

 

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Q1. What are the various methods for Accounting of Uncollectible Accounts? Explain each method with suitable examples. (1.5 Marks) Answer:

Q2. ABC Ltd. is a metal product manufacturing company. The following are the purchases and issues during the month of July, 2019: (1.5 Marks)

Date
July 1 Beginning Inventory 400 units @ $120
July 6 Purchase 250 units @ $150
July 11 Purchase 200 units @ $100
July 17 Sales 600 units @ $300
July 19 Purchase 150 units @ $120
July 21 Purchase 350 units @ $160
July 31 Sales 500 units @ $350

Required:

Using FIFO and Average Cost Method-

a)Find out the value of Ending Inventory after each transaction.

b)Find out the value of cost of goods sold after each sales.

Note: You can round off the values for the calculations under average cost method.

Answer:

 

Q3. What formats are used to prepare Statement of Financial Position? Prepare a Statement of Financial Position of MNT Company for the year ended 31st December, 2015 in a proper format from the following list of accounts: (2 Marks)

 

 

 

List of Accounts Amount ($)
Long Term Investments 51,000
Land 68,500
Buildings 165,000
Equipment 170,000
Goodwill 15,000
Patents 5,500
Inventories 270,000
Account Receivable 90,500
Prepaid Expenses 28,000
Short term investments 27,000
Cash and cash equivalents 26,500
Share Capital-Ordinary 210,000
Share Capital-Preference 220,000
Retained Earnings 93,500
Bonds (Liabilities due January 31, 2025) 233,750
Notes payable 44,000
Account payable 108,350
Salary payable 4,200
Deposits received from customers 3,200

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