Accountancy
Anand and biju commenced business as partners on1 St January 2003 . Anand contributed Rs 60000 and contributets40, 000 as they share of capital. The partners decided to share profit and losses in the ration of 3:2Biju was entitled to salary of Rs 12000 premium. Partners are entitled to interest on their capitals at 5percent annum. The drawing of Anand and biju for the year ended 31/12/2003 we're Rs 10000,and 8000 respectively. THE PROFIT OF THE FIRM AFTER PROVIDING FOR BIJUS SALARY AND PARTNERS INTEREST ON CAPITAL WAS RS 15000.draw up the capital upons of the partners assuming that capital a/c are maintain according to fluctuating capital methods
Homework Answers
Accounting
A, B, and C were partners sharing profits and losses in the ratio of 2:2:1. C decided to retire on December 31, 2013. The following is the balance sheet of partnership firmBALANCE SHEETDecember 31, 2013LiabilitiesRs.AssetsRs.Sundry Creditors10000Stock of goods10000Reserve account2000Sundry Debtors10000Capital account A24000Bills receivable4000Capital account B16000Bank A/C10000Capital account C12000Land and building300006400064000A and B decided to share profits and losses in the ratio of 3:2 in future. Goodwill is valued at Rs. 10000. Land and building was appreciated by Rs.6000 and stock...
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...
10. Jenuli, Senul and Venuli, with capital balances as at 1 April 2017 of Rs 300.000,...
10. Jenuli, Senul and Venuli, with capital balances as at 1 April 2017 of Rs 300.000, Rs 200,000 and Rs.200,000, are in partnership, sharing profits and losses in the ratio 221 respectively, after allowing Venuli a salary of Rs.1,500 per month, and all partners' interest al 8% per annum on their opening capital account balances. Profit for the year ended 31 March 2016, has been calculated at Rs.68,000. Identify the partnership profit each partner would be entitled to in respect...
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...
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...
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...
QUESTION 4 PARTNERSHIPS The information given below was extracted from the accounting business with Tim and...
QUESTION 4 PARTNERSHIPS The information given below was extracted from the accounting business with Tim and Mol as partners. REQUIRED Prepare the Statement of changes in equ following format (20 MARKS) e accounting records of TiMol Traders, a partnership changes in equity for the year ended 31 December 2018 using the (20) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED Capital Accounts Balance at 1 January 2018 Changes in capital Balance at 31 December 2018 "T FOR THE YEAR...
Financial Accounting Aru Math and Chathura were partners in a firm and in their partnership de...
Financial Accounting
Aru Math and Chathura were partners in a firm and in their partnership de provided that Profits and losses are shared at the ratio of 3:2:1 as between Aruna. Bhathiya and Chathura Partners shall be entitled to 10% interest on capital at the opening balance of each year Aruna, Bhathiya and Chathura are entitled to salary of Rs. 50,000, Rs. 75,000 and Rs. 60.000 respectively. On April 2013 Chathura decided to retire from the partnership and following terms...
solve step by step for my learning and understanding Preparation of cash budget forecast profit and...
solve step by step for my learning and
understanding
Preparation of cash budget forecast profit and loss account and balance sheet for a limited company. Courante Ltd.'s balance sheet at 31 December 19-1 is as follows: Fixed Assets Cost Dep. Net 16000 20000 4000 15000 9000 6000 Freehold premises Plant and machinery 35000 13000 22000 Current Assets Stock Trade debtors Cash at bank Administration expenses prepaid 12000 17000 9500 2400 40900 9000 Less: Current Liabilities Trade creditors Selling and distribution...
On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the...
On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $30,000, $58,000, and $60,000, respectively. Over the next three years, the business reported net income and (loss) as follows: 2017 $ 70,000 2018 42,000 2019 (25,000 ) During this period, each partner withdrew cash of $15,000 per year. Krause invested an additional $5,000 in cash on February 9, 2018. At the time that the partnership was created, the three partners agreed to...
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...
10. Jenuli, Senul and Venuli, with capital balances as at 1 April 2017 of Rs 300.000, Rs 200,000 and Rs.200,000, are in partnership, sharing profits and losses in the ratio 221 respectively, after allowing Venuli a salary of Rs.1,500 per month, and all partners' interest al 8% per annum on their opening capital account balances. Profit for the year ended 31 March 2016, has been calculated at Rs.68,000. Identify the partnership profit each partner would be entitled to in respect...
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...
QUESTION 4 PARTNERSHIPS The information given below was extracted from the accounting business with Tim and Mol as partners. REQUIRED Prepare the Statement of changes in equ following format (20 MARKS) e accounting records of TiMol Traders, a partnership changes in equity for the year ended 31 December 2018 using the (20) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED Capital Accounts Balance at 1 January 2018 Changes in capital Balance at 31 December 2018 "T FOR THE YEAR...
Financial Accounting
Aru Math and Chathura were partners in a firm and in their partnership de provided that Profits and losses are shared at the ratio of 3:2:1 as between Aruna. Bhathiya and Chathura Partners shall be entitled to 10% interest on capital at the opening balance of each year Aruna, Bhathiya and Chathura are entitled to salary of Rs. 50,000, Rs. 75,000 and Rs. 60.000 respectively. On April 2013 Chathura decided to retire from the partnership and following terms...
solve step by step for my learning and
understanding
Preparation of cash budget forecast profit and loss account and balance sheet for a limited company. Courante Ltd.'s balance sheet at 31 December 19-1 is as follows: Fixed Assets Cost Dep. Net 16000 20000 4000 15000 9000 6000 Freehold premises Plant and machinery 35000 13000 22000 Current Assets Stock Trade debtors Cash at bank Administration expenses prepaid 12000 17000 9500 2400 40900 9000 Less: Current Liabilities Trade creditors Selling and distribution...
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