Financial Accounting Assignment

 

Assignment 2

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Instructions – PLEASE READ THEM CAREFULLY

  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
  • Assignments submitted through email will not be accepted.
  • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
  • Students must mention question number clearly in their answer.
  • Late submission will NOT be accepted.
  • Avoid plagiarism, the work should be in your own words, All answered must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).
  • Submissions without this cover page will NOT be accepted.

 

Assignment Question(s): Marks 5

Chapters covered 7,8 & 9

 

Q1. Discuss with your own examples the two methods of accounting for receivables and the two methods for estimating bad debts. (Note: Examples must include Journal entry)

 

 

Q2. X Company has the following receivables classified into individually significant and all other receivables.

Individually significant

P Company

Q Company

R Company

S Company

All other receivables

 

$ 65,000

95,000

75,000

35,000

 

 

 

 

270,000

425,000

Total receivables.   695,000

 

X company determines that P’s receivable is impaired by $20,000, and S’s receivable is totally impaired. Both Q’s and R’s receivables are not considered impaired. X company also determines that a composite rate of 2% is appropriate to measure impairment on all other receivables.

Required: Calculate the total impairment on accounts Receivable

 

 

Q3. Rex Company’s record of transactions for the month of September was as follows.

                              Purchase                 Sales
Date Quantity Unit Price Date Units
Sep 1 (Balance on hand) 100 $5.00 Sep 5 300
Sep 4 400 5.10 Sep 12 200
Sep 11 300 5.30 Sep 27 800
Sep 18 200 5.35 Sep 28 150
Sep 26 600 5.60    
Sep 30 200 5.80    
Total     1,800     1,450
  Total units (ending inventory) 350  

Instructions:

Compute the ending inventory at September 30 on each of the following on periodic bases.

  1. FIFO
  2. LIFO
  3. WA

 

Q4. Explain the concept of LCNRV and its applicability to Agricultural Inventory and

Commodity Broker-Traders

 

Q5. Give examples for Gross profit and retail Methods of Estimating Inventory.

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