notes payable journal entries Financial accounting-ii Receivables Pokhara University (PU) 2017 Fall Q. No. 15 Civil Company issued 9 months promissory note on 1st November, 2015 for cash. The interest rate on the note was 12% p.a. The amount of note was Rs. 100,000. Required: Prepare all necessary journal entries on issue, year end and …
Aging account receivable method Financial Accounting-ii – Receivables Pokhara University (PU) 2017 Fall Q. No. 13 Apple Company distributes Cell phones. It sells on credit to retail shops and extents term of 2/5/ net 60. For accounts that are not overdue, Apple has found that 98% probability of collection. For accounts up to one month …
Notes payable journal entry Financial Accounting-ii – Receivable Pokhara University (PU) 2016 Spring Q. No. 15 On magh 1, 2072 Pokhara Trading House borrowed Rs. 10,00,000 from the Nepal Investment Bank. This House signed a 6 month, 9% promissory note for the entire amount. It uses a calendar year end. Required: What adjustments would be …
Financial Accounting-II – Receivables Under the account receivable method Pokhara University (PU) 2016 Spring Q. No. 11 During the year 2016, Bishal corporation made total sales Rs. 15,00,000 of which 80% are on credit. Company collected cash of Rs. 12,40,000 from the open account in that year in the year 2015 it has also wrote …
Financial Accounting-II – Receivables Under the Percentage of account receivable method Pokhara University (PU) 2016 Fall Q. No. 12 During the year of 2011 K and K Company made total sales of Rs. 3,00,000 of which 90% are on credit. The Company collected cash Rs. 170,000 from the open account in that year. In the …
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Financial Accounting-II – Receivables Net credit sales method and accounts receivable method PU BBA | BBA-BI | BBA-TT 2nd Semester PU 2014 Spring Q. No. 13 Trade Link (P) Ltd is the only wholesale distributor of tracking material in Western region. It has policy of making sales on 30-day credit terms. Its’ annual sales are …
Financial Accounting-II – Receivables Net credit sales method and accounts receivable method PU BBA | BBA-BI | BBA-TT 2nd Semester PU 2015 Spring Q. No. 12 At the beginning of 2015, Ralf Co’s accounts receivable balance was Rs. 140,000 and the balance in the allowance for doubtful debt accounts was Rs. 2350 (Cr.). The company’s …
Financial Accounting-II – Receivables Net credit sales method and accounts receivable method PU BBA | BBA-BI | BBA-TT 2nd Semester PU 2015 Fall Q. No. 13 At the beginning of 2014, Cubs Corp. account receivable balance was Rs. 25,000 and the allowance for doubtful debt was Rs. 8,000 (Cr.). During the year sales made Rs. …
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Financial Accounting-II – Receivables Net credit sales method and accounts receivable method PU BBA | BBA-BI | BBA-TT 2nd Semester PU 2015 Fall (Old) Q. No. 3a At the beginning of 2014, Global Company’s accounts receivable balance was Rs. 50,000 and balance in allowance for Doubtful Accounts was Rs. 2,000 (Cr.). Globe’s sales in 2014 …
Financial Accounting-II – Receivables Credit sales method and accounts receivable method PU BBA | BBA-BI | BBA-TT 2nd Semester PU 2012 Fall Q. No. 2b The account of Himal Company as of December 31, 2003, show account receivables, Rs. 1,70,000; Allowance for uncollectible accounts, Rs. 950 (credit balance); Credit sales, Rs. 9,85,000 and sales return …
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