Accountancy
Which of the following is not an item in the the profit and loss appropriation account
Interest on capital
Interest on partners loan
Salary paid to partner
Interest on drawings
Homework Answers
Instructions: You are required to set up a partnership where involve at least THREE (3) partners....
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
Instructions: You are required to set up a partnership where involve at least THREE (3) partners....
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
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...
1. When a partner sells 40% of his interest to an outsider at a selling price...
1. When a partner sells 40% of his interest to an outsider at a selling price that is higher than 40% , A total partnership capitalization is not affected. B. the selling price becomes the new partner's capital balance. C. the new partner will have the same capital balance as the old (selling) partner. D. total partnership capitalization is increased by the amount paid by the new partner. 2. From the following statements, which is NOT TRUE of the division...
Eyes and Mouth started an accounting firm on January 1, 2018. Each partner brought GHC15,000 but...
Eyes and Mouth started an accounting firm on January 1, 2018. Each partner brought GHC15,000 but Eyes made an additional payment of GHC10,000 to the firm. The profit for the first year was GHC8,500, and during the course of the year each partner had taken GHC2,400 from the firm for personal use. Requirement One: Prepare i. The partners appropriation account for the first year (January 1 to December, 2018) ii. Partners current accounts for the first year (January 1 to...
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 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...
The partnership agreement of Walt, Henry and Victoria provides that profits and losses are to be...
The partnership agreement of Walt, Henry and Victoria provides that profits and losses are to be divided among the partners as follows: Walt is to receive a salary allocation of $10,000 for managing the partnership business. Partners are to receive 10% interest on their average partner capital balances during the year. Note: Drawings are excluded from the computation of average partner capital. Remaining profits/losses are to be divided as follows: Walt, 30%; Henry, 30%; and Victoria, 40%. Walt had a...
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
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. When a partner sells 40% of his interest to an outsider at a selling price that is higher than 40% , A total partnership capitalization is not affected. B. the selling price becomes the new partner's capital balance. C. the new partner will have the same capital balance as the old (selling) partner. D. total partnership capitalization is increased by the amount paid by the new partner. 2. From the following statements, which is NOT TRUE of the division...
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