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![Income /(Loss) Sharing Plan Senuli Jenuli Venuli Total 68,000 18,000 50,000 [Rs. 300000 x 8%) 24,000 (Rs. 200000 x 8%] 16,000](http://img.homeworklib.com/questions/8b11b7b0-70c2-11ea-9ab4-0750765343b6.png?x-oss-process=image/resize,w_560)
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10. Jenuli, Senul and Venuli, with capital balances as at 1 April 2017 of Rs 300.000,...
The information below relates to “NOT partnership business” for the year ended 31st December, 2019 Nyamekye...
The information below relates
to “NOT partnership business” for the year ended 31st December,
2019 Nyamekye Oliver Twist GH¢’000 GH¢’000 GH¢’000 Capital
Introduced 20,000 30,000 40,000 Drawings 10,000 15,000 20,000 i.
Nyamekye is entitled to a salaries amounted to GH¢ 9,350,000 per
annum, sharing Profit or loss on the basis of capital contributed.
ii. Net profit for the period ended 31st December, 2019 was GH¢
38,500,000. Interest on drawings and Capital are 5% and 10% per
annum respectively. All expenses...
HA DISTRIBUTORS Statement of Changes in Equity for the year ended 29 February 2017 CAPITAL ACCOUNTS...
HA DISTRIBUTORS Statement of Changes in Equity for the year ended 29 February 2017 CAPITAL ACCOUNTS Handy Balance on 01 March 2016 Changes in capital Balance on 28 February 2017 Andy QUESTION 5 PARTNERSHIPS (20 Marks) The following information was extracted from the accounting records of H.A.Distributors, a partnership owned by partners, HANDY and ANDY. Total Required: Prepare the Statement of changes in Equity for the year ended 28 February 2017 Use the format given below. Copy in your answer...
The information below relates to “NOT partnership business” for the year ended 31st December, 2019 Nyamekye...
The information below relates to “NOT partnership business” for the year ended 31st December, 2019 Nyamekye Oliver Twist GH¢’000 GH¢’000 GH¢’000 Capital Introduced 20,000 30,000 40,000 Drawings 10,000 15,000 20,000 i. Nyamekye is entitled to a salaries amounted to GH¢ 9,350,000 per annum, sharing Profit or loss on the basis of capital contributed. ii. Net profit for the period ended 31st December, 2019 was GH¢ 38,500,000. Interest on drawings and Capital are 5% and 10% per annum respectively. All expenses...
1. a) A B and C are partners sharing profit and losses in the ratio of...
1. a) A B and C are partners sharing profit and losses in the ratio of 2:2:1 respectively. For the year ended 31st December 2002 their Capital accounts remained fixed at the following: A 600,000 B 400,000 C 200,000 They have agreed to give each other 10% per annum interest on capital accounts. In addition partnership salaries of sh 300,000 for B and sh 100,000 for C are to be charged. The net profit of the partnership before...
Questiion 3 Sima and Shuly are in partnership trading as Shuma Trading, The following information relates to the partnership: Extract of balances as at 31 May 2018: Capital: Sima (1 June 2017) Cap...
Questiion 3
Sima and Shuly are in partnership trading as Shuma Trading, The following information relates to the partnership: Extract of balances as at 31 May 2018: Capital: Sima (1 June 2017) Capital: Shuly (1 June 2017) Current Account: Sima Current Account Shuly (Cr) Drawings: Sima 320 000 280 000 85 000 74 000 15 000 Continued on the next page 23 FAC1601/101/3/2019 Drawings: Shuly Bank (Dr) Land and Vehicles at cost (1 June 2017) Equipment at cost (1 June...
QUESTION 2 PARTNERSHIPS (8 MARKS) 2. Donal and David have been in business as a partnership...
QUESTION 2 PARTNERSHIPS (8 MARKS) 2. Donal and David have been in business as a partnership for a number of years sharing profits in the ratio of 4:1 and entitled to annual salaries of R20 000 and R12 000 respectively. Interest on capital allowed is 3% per annum. Donal and David each take drawings from the partnership of R500 per month. The partnership accounts are prepared annually to 31 December. On 1 July 2013, Damian was admitted as a partner...
Problem 2 Land M are partners in Elem Co. each contributing $50,000 towards their capital. On...
Problem 2 Land M are partners in Elem Co. each contributing $50,000 towards their capital. On March 31, 2018 the business reported the following: Sales turnover of $900,000 Cost of goods sold $400,000 Operating Expenses $200,000 1. Land M are to be paid a salary of $3,000 and $2,000 salary per month respectively. 2. Both the partners are to receive interest on capital @6% per annum. 3. Mis to receive a bonus of $30,000 if sales exceeded $600,000 in any...
QUESTION THREE a. Mr. Evans Otabil has been in business for a number of years. In...
QUESTION THREE a. Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information 1 June, 2017 31 May, 2018 GHE GHC Inventory 1,019 2.998 Trade Receivables 3.605 Trade payables 1.740 970 Telephone prepaid 200 265 Cash at bank 2,070 The bank statements for the year to 31" May, 2018 are...
Hye all. Previously I've been attach the pictures for the question but it doesn't support. Can...
Hye all. Previously I've been attach the pictures for
the question but it doesn't support. Can someone check this for
me?
(Total: 30 mars) QUESTION 4 Kelly, Kayla and Kathy are partners in Karisma Trading sharing profits or losses in the proportion of 3 1:2 respectively. The partnership agreement states the following 7Kelly and Kathy are entitled to a monthly salary of RM2,500 and RM2,000 Interest on capital is at 5% per annum. Interest on drawings is at 7% per...
The 22. End-of-year financial statements of a partnership Geeta, Henry and Irvin are in partnership sharing...
The 22. End-of-year financial statements of a partnership Geeta, Henry and Irvin are in partnership sharing profits and losse Geeta 20% Henry 40%, Irvin 40%. The following trial balance was extracted from the business's books of account on 31 August 2018 the last day of the partnership's financial year. Trial balance at 31 August 2018 Dr I Cr S000 SOC Accounts payable Accounts receivable Bank overdraft Capital accounts: Geeta Henry Irvin Current accounts: Geeta Henry Irvin Discounts Drawings: Geeta Henry...
The information below relates
to “NOT partnership business” for the year ended 31st December,
2019 Nyamekye Oliver Twist GH¢’000 GH¢’000 GH¢’000 Capital
Introduced 20,000 30,000 40,000 Drawings 10,000 15,000 20,000 i.
Nyamekye is entitled to a salaries amounted to GH¢ 9,350,000 per
annum, sharing Profit or loss on the basis of capital contributed.
ii. Net profit for the period ended 31st December, 2019 was GH¢
38,500,000. Interest on drawings and Capital are 5% and 10% per
annum respectively. All expenses...
HA DISTRIBUTORS Statement of Changes in Equity for the year ended 29 February 2017 CAPITAL ACCOUNTS Handy Balance on 01 March 2016 Changes in capital Balance on 28 February 2017 Andy QUESTION 5 PARTNERSHIPS (20 Marks) The following information was extracted from the accounting records of H.A.Distributors, a partnership owned by partners, HANDY and ANDY. Total Required: Prepare the Statement of changes in Equity for the year ended 28 February 2017 Use the format given below. Copy in your answer...
Questiion 3
Sima and Shuly are in partnership trading as Shuma Trading, The following information relates to the partnership: Extract of balances as at 31 May 2018: Capital: Sima (1 June 2017) Capital: Shuly (1 June 2017) Current Account: Sima Current Account Shuly (Cr) Drawings: Sima 320 000 280 000 85 000 74 000 15 000 Continued on the next page 23 FAC1601/101/3/2019 Drawings: Shuly Bank (Dr) Land and Vehicles at cost (1 June 2017) Equipment at cost (1 June...
Problem 2 Land M are partners in Elem Co. each contributing $50,000 towards their capital. On March 31, 2018 the business reported the following: Sales turnover of $900,000 Cost of goods sold $400,000 Operating Expenses $200,000 1. Land M are to be paid a salary of $3,000 and $2,000 salary per month respectively. 2. Both the partners are to receive interest on capital @6% per annum. 3. Mis to receive a bonus of $30,000 if sales exceeded $600,000 in any...
QUESTION THREE a. Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information 1 June, 2017 31 May, 2018 GHE GHC Inventory 1,019 2.998 Trade Receivables 3.605 Trade payables 1.740 970 Telephone prepaid 200 265 Cash at bank 2,070 The bank statements for the year to 31" May, 2018 are...
Hye all. Previously I've been attach the pictures for
the question but it doesn't support. Can someone check this for
me?
(Total: 30 mars) QUESTION 4 Kelly, Kayla and Kathy are partners in Karisma Trading sharing profits or losses in the proportion of 3 1:2 respectively. The partnership agreement states the following 7Kelly and Kathy are entitled to a monthly salary of RM2,500 and RM2,000 Interest on capital is at 5% per annum. Interest on drawings is at 7% per...
The 22. End-of-year financial statements of a partnership Geeta, Henry and Irvin are in partnership sharing profits and losse Geeta 20% Henry 40%, Irvin 40%. The following trial balance was extracted from the business's books of account on 31 August 2018 the last day of the partnership's financial year. Trial balance at 31 August 2018 Dr I Cr S000 SOC Accounts payable Accounts receivable Bank overdraft Capital accounts: Geeta Henry Irvin Current accounts: Geeta Henry Irvin Discounts Drawings: Geeta Henry...
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