COMPANIES ACCOUNTING-1

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Q.1) what is dissolution of partnership and dissolution of firms?

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Q.2) what are circumstances which causes the dissolution?

Q.3) what is realization account?

Q.4) write the meaning of amalgamation of companies?

Q.5) what is reconstruction of companies?

Q.6) what is internal reconstruction?

Q.7)Product cost 250 SAR at the beginning of the year, and the same collection of products costs 280 SAR at the end of year. What is annual rate of inflation?

Q.8) Sorocaba company is located highly inflationary county and in accordance prepare financial statement on general purchasing power (inflation-adjusted) to change in general price index(GPI)

GPICostTransactionsDate
10020,000Purchase machine XJanuary 15, year1
11055,000Purchase machine YMerch 20, year 1
130130,000Purchase machine ZOctober 10, year 1
140December 31, year 1
160Sold machine XJanuary 4, year 2
180December 31, year 2

Required:

Determine the amount that would be reported as machinery and equipment in accordance with IAS 29 on December 31, year 1 and December 31, year 2, balance sheets:

Q.9) Current assets 200,000

Fixed assets 180,000

Liabilities 90,000

Equity 290,000

The price for cozzi’s net assets is 500,000. The fixed assets have a fair value of 220,000 and the liabilities have a fair value of 110,000. what the amount of goodwill to be recorded in the purchase ?

Q.10) Mohammad purchase Osama Company which has following balance sheets as of purchase date

Current assets 190,000

Fixed assets 180,000

Liabilities 90,000

Equity 290,000

The price paid for Osama company net assets is 600,000 .the current assets have a fair value of 190,000 and fixed assets have a fair value of 240,000

  1. Prepare the necessary journal entries if Mohammad dissolves Osama Company so it is no longer separate legal entity
  2. Assume instead Osama Company will retain separate legal incorporation and maintain its own accounting system.

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