Q: Strayway PLC sells two planes to Elliott & Elliott Budget Airlines PLC
Strayway PLC sells two planes to Elliott & Elliott Budget Airlines PLC for 5 million euros each payable in two years’ time on presentation of an accepted bill of exchange to be presented through Lloyd...
See AnswerQ: Penrith European Car Sales plc sells a new car with ‘free’
Penrith European Car Sales plc sells a new car with ‘free’ 5,000 kilometre and 20,000 kilometre services for a combined price of €41,500. The cost of the car from the manufacturer is €30,000. The two...
See AnswerQ: Facts: Henry Falk subscribes to an online monthly gardening magazine
Facts: Henry Falk subscribes to an online monthly gardening magazine and selects the option of a three-year subscription from the following options: One issue ……………………………..………..€12 Twelve issues …………...
See AnswerQ: TYV is a manufacturing entity and produces a range of products in
TYV is a manufacturing entity and produces a range of products in several factories. TYVâs trial balance at 30 September 2014 is shown below Notes: (i) On 1 October 2013 two of TYV...
See AnswerQ: You have been given the task, by one of the partners
You have been given the task, by one of the partners of the firm of accountants for which you work, of assisting in the preparation of a trend statement for a client, Mercury. Mercury has been in exis...
See AnswerQ: Assume the same facts as in Question 4(b) but
Assume the same facts as in Question 4(b) but add the presence of a 7.5% value added tax on the sales and a 1% transaction cost paid to the supplier of credit card transactions. Required: (a) Show th...
See AnswerQ: Five G Telephones enters into telephone contracts on the following terms and
Five G Telephones enters into telephone contracts on the following terms and options: Xyz mobile phones …………………………………..€1,000 Basic Y phones ……………………………………………€200 Basic connection service options:...
See AnswerQ: The following are criticisms made of the IASB’s 2015 exposure draft proposing
The following are criticisms made of the IASB’s 2015 exposure draft proposing updates to its Conceptual Framework. 1 The framework does not consider the meaning of the term ‘true and fair view’ despit...
See AnswerQ: Assume the facts as per Question 6 with the following additional costs
Assume the facts as per Question 6 with the following additional costs: There is a five euro cost to add a customer to the phone system and those who buy the phone outright do not default on payments...
See AnswerQ: Assume that in Question 3 you had also been told that cars
Assume that in Question 3 you had also been told that cars without the inclusion of free services are typically sold by other sales outlets for €40,000. Required: Re-do the entries for the sale and t...
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