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The methods of stock valuation are:
1)First-in first-out
2)Last-in first-out
3)Highest in, first out
4)weighted average cost/Average Cost
DonBarare answered the question on July 28, 2019 at 22:19
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The following transactions relate to Munene traders during the month of March 2014.
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March 2 Purchased goods worth ksh. 50000 via cheque
March 3 Sold goods by cash ksh. 10,000
March 13 Bought equipment from Maasai traders of kshs. 80,000 on credit
March 15 Sold goods worth 15,000 to Kemere on credit
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March 21 Took goods worthy ksh. 3000 for personal use
March 25 Took ksh. 10000 from the cash in to the bank account
March 31 Paid salaries via cheque of ksh. 60,000
Required
Pass the necessary journal entries. (8mks)
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Date posted: April 17, 2019. Answers (1)
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2003 May 1 bought a motor vehicle on credit from Motors Ltd for Sh.6, 790.
2003...(Solved)
Show the journal entries necessary to record the following items:
2003 May 1 bought a motor vehicle on credit from Motors Ltd for Sh.6, 790.
2003 May 3 A debt of Sh.34 owing from N Smart was written off as a bad debt.
2003 May 8 Furniture bought by us for Sh.490 was returned to the supplier Wood Offices, as it was unsuitable. Full allowance will be given.
2003 May 12 we are owed Sh.150 by W Hayes. He is declared bankrupt and we received
Sh.39 in full settlement of the debt.
2003 May 14 we take Sh.45 goods out of the business stock without paying for them.
2003 May 28 Some time ago we paid an insurance bill thinking that it was all in respect
Of the business. We now discover that Sh.76 of the amount paid was in fact
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Date posted: December 14, 2018. Answers (1)
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Sh.50, 000 total face...(Solved)
On august 1 2005, airbus Ltd. (a company that records adjusting entries only once per year) issued bonds with the following characteristics:
Sh.50, 000 total face value.
12% stated rate.
16% yield rate.
Interest dates are February 1, May 1, August 1, and November 1.
Bond date is October 31, 2004.
Maturity date is November 1, 2009.
Sh.1, 000 of bond issue costs were incurred.
Required:
1) Provide all entries required for the bond issue through February 1, 2006, for Airbus using the interest method.
2) On June 1, 2007, Airbus retired Sh.20, 000 of bonds at 98 through open market purchase. Provide the entries to update the bond issue and to retire the bonds using the interest method.
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ii) Straight-line method
Date posted: December 12, 2018. Answers (1)
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a) Do you believe that the auditors should be responsible to users other than the shareholders? Give reasons to support your answer.
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c) Why should the auditor be unwilling to take full responsibility for the detection of fraud during the annual audit? Explain.
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c)...(Solved)
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b) Bank balances.
c) Contingent liabilities.
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Audit planning process allows the audit senior to acquire adequate knowledge about the entity. This process ensure an effective control of audit work.
Required:
a) Explain the auditor's planning process when planning for an audit of a new client. b) How does audit planning assist in the conduct of an audit?
c) Explain the following controlling procedures in a well planned audit:
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Required
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Date posted: August 4, 2018. Answers (1)