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Homework answers / question archive / Question 1 Marks: 10) The following information is directly from the books of Hamiliton Engineering (Pty) Ltd, For each of the items below: Allocate to the correct components (element) of financial statements

Question 1 Marks: 10) The following information is directly from the books of Hamiliton Engineering (Pty) Ltd, For each of the items below: Allocate to the correct components (element) of financial statements

Accounting

Question 1 Marks: 10) The following information is directly from the books of Hamiliton Engineering (Pty) Ltd, For each of the items below: Allocate to the correct components (element) of financial statements. Also state the full name of the correct financial statement in which the item will be presented. .
Q.1.1 The engine for the new F1 car. (2) Q.1.2 A loan from Le Clere Bank. (2) Q.1.3 Fuel bought for the car. (2) Q.1.4 A debt receivable from Ricardo driving institution. (2) Q.1.5 Sales for the sale of Racing merchandise. (2)

 

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1.The engine the new FI car : It will be taken to Fixed asset side of the Balance sheet of the company. In fixed asset schedule it will come under New improvements and will be added to the value of the asset and depreciation will be charged accordingly.

2.Fuel bought for the car : The fuel used for the bought car will be taken to profit or loss acount or income statement of the comapny in the expense under fuel expenses as an Indirect cost. It will come after Gross profit.

3.A debt receivable from Ricardo driving institution : This will be taken under Current Assets-Receivables.

4.Sales for the sale of racing merchandise : This item will be taken under Income statement in Revenue side as different line item under sale of racing merchandise.

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