Martini Ltd is organised into three divisions

Martini Ltd is organised into three divisions: Metro, Regional and Rural. Data for these divisions for the 2020 financial year end were as follows:

	Metro	Regional	Rural
Production and sales in units	52,500	36,000	35,000
Average selling price per unit	$28	$24	$22
Average variable manufacturing cost per unit	$12	$10	$8
Average variable selling cost per unit	$5	$3.50	$3
Fixed expenses controlled by division managers	$325,000	$250,000	$220,000
Fixed expenses allocated to the divisions	$200,000	$180,000	$140,000
Common fixed expenses: $160,000

 

Required:
Prepare a profit statement that highlights the performance of the three divisions and the performance of three divisional managers

ABC, Jamuna River, Sunflower and Nile

Question 1 ABC Ltd was registered on 30 June 2019. The next day, the directors issued a prospectus inviting applicants for 400000 ordinary shares with an issue price of $2. The shares were payable in full on application. By 31 July, the company had received 500000 applications, together with the  application monies. The directors allotted 400000 shares on 1 August and returned the money for additional applications. Required:  Prepare general journal entries to record the above data. Enter the above data into ledgers. Question 2 Jamuna River Ltd purchased a parcel of assets and liabilities comprising a business directly from Lyneham Pty Ltd. The parcel, measured at net fair values, consisted of:  Balance of Accounts:       Plant                               …

Sandox, Beacon, Kakadu, Diana Wonder, Greyhound and Safeway Inc.

Question 1 Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table: Accounts Debit ($) Credit ($) Cash 8,524 Accounts Receivable 7,000 Supplies 15,000 Prepaid Insurance 300 Insurance Expense 600 Equipment 27,000 Accumulated Depreciation 12,000 Other Assets 5,100 Wages Payable 1,500 Accounts Payable 7,500 Income Tax Payable 3,150 Share Capital (3000 shares outstanding all year) 16,000 Retained Profit 10,300 Sales Revenue 95,000 COGS 32,900 Wages Expense 18,000 Supplies Expense 25,680 Income Tax Expense 5,346 Total 145,450 145,450   Required: Prepare an Income Statement for Sandox Retail for the financial year 2019-2020. Prepare a Balance Sheet as of 30 June 2020. Prepare the closing journals for Sandox Retail.   Question 2 Beacon Limited had the following…

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Taylor Ltd, a supplier of music records and equipment, agreed to acquire the business of a rival company, Speedy Ltd, taking over all assets and liabilities as at 1 June 2020.   The price agreed on was $175,000, payable $150,000 in cash and the balance by the issue to the selling company of 25,000 fully paid shares in Taylor Ltd, these shares having a fair value of $1.00 per share.   The trial balances of the two companies as at 1 June 2020 were as follows.     Taylor Speedy   Dr Cr Dr Cr Share capital       1,200,000         300,000 Retained earnings          420,000       184,000   Accounts payable            97,000         325,000 Cash         …

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Master Ltd acquired its shares in Chef Ltd at 1 January 2022

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Helena, Adam Ltd, Mason Ltd and Megamart Ltd

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An investor age 35 deposits $10000

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