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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,...
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...
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...
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...
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...
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...
QUESTION 4 PARTNERSHIPS (20 MARKS) REQUIRED Use the information provided below to prepare the following: 4.1...
QUESTION 4 PARTNERSHIPS (20 MARKS) REQUIRED Use the information provided below to prepare the following: 4.1 Current Accounts section of the Statement of Changes In Equity for the year ended 29 February 2016. Use the following format: (16) EXTRACT OF STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2016 Current Accounts Romeo Juliet Total Balance at 28 February 2015 Net profit for the year Interest on capital Salaries Bonus Profit Share Drawings Balance at 29 February...
QUESTION 4 PARTNERSHIPS (20 MARKS) REQUIRED Use the information provided below to prepare the following: 4.1...
QUESTION 4 PARTNERSHIPS (20 MARKS) REQUIRED Use the information provided below to prepare the following: 4.1 Current Accounts section of the Statement of Changes In Equity for the year ended 29 February 2016. Use the following format: (16) EXTRACT OF STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2016 Current Accounts Romeo Juliet Total Balance at 28 February 2015 Net profit for the year Interest on capital Salaries Bonus Profit Share Drawings Balance at 29 February...
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...
Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the...
Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the year ended 31 December 2019. Retained profit 31 December 2018 Inventory 1 January 2019 Purchases Sales Return inwards Return outwards Carriage inwards Discount received for purchases Directors' remuneration Distribution expenses Administrative expenses Rental income (Commercial shop lot) Debenture interest Interest received on fixed deposit Commission receivable Interim ordinary shares dividends Motor vehicles at cost - Distribution Administration Plant and machinery at cost Wages -...
1 Ques 2Ques 3Ques From the figures given below, calculate goodwill according to capitafization of super...
1 Ques 2Ques 3Ques From the figures given below, calculate goodwill according to capitafization of super profits: Actual Average Profits Rs. 72,000 Normal rate of Return 10% Assets Rs. 9,70,000 Liabilities Rs. 4,00,000 W.X,Y and Z are partners sharing profits and losses in the ratio of 2:2:1:1. They decided to share profits in future in the ratio of 43:2-1. For this purpose goodwill of the firm was valued at Rs. 1,80,000. There was also a reserve of Rs. 60,000 in...
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...
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...
Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the year ended 31 December 2019. Retained profit 31 December 2018 Inventory 1 January 2019 Purchases Sales Return inwards Return outwards Carriage inwards Discount received for purchases Directors' remuneration Distribution expenses Administrative expenses Rental income (Commercial shop lot) Debenture interest Interest received on fixed deposit Commission receivable Interim ordinary shares dividends Motor vehicles at cost - Distribution Administration Plant and machinery at cost Wages -...
1 Ques 2Ques 3Ques From the figures given below, calculate goodwill according to capitafization of super profits: Actual Average Profits Rs. 72,000 Normal rate of Return 10% Assets Rs. 9,70,000 Liabilities Rs. 4,00,000 W.X,Y and Z are partners sharing profits and losses in the ratio of 2:2:1:1. They decided to share profits in future in the ratio of 43:2-1. For this purpose goodwill of the firm was valued at Rs. 1,80,000. There was also a reserve of Rs. 60,000 in...
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