Assignment Question(s): (Marks 5)
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)
|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 @ $350|
Using FIFO and Average Cost Method-
a)Find out the value of Ending Inventory after each transaction.
b)Find out the value of cost of goods sold after each sales.
Note: You can round off the values for the calculations under average cost method.
Q3. What formats are used to prepare Statement of Financial Position? Prepare a Statement of Financial Position of MNT Company for the year ended 31st December, 2015 in a proper format from the following list of accounts: (2 Marks)
|List of Accounts||Amount ($)|
|Long Term Investments||51,000|
|Short term investments||27,000|
|Cash and cash equivalents||26,500|
|Bonds (Liabilities due January 31, 2025)||233,750|
|Deposits received from customers||3,200|
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