Homework Answers
net profit: trading account
closing stock: trading account, balance sheet
Rent: profit and loss
Furniture: balance sheet
Sales and sales return: trading account
Purchases: trading account
Opening stock:trading account
Gross profit: trading account
Capital and drawings: balance sheet
Bills payable: balance sheet
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Complete the following table, indicating with a tick () where each iterrm appears Income statement Balance...
From the following information in Trial balance prepare Trading, Profit and Loss Account and Balance Sheet...
From the following information in Trial balance prepare Trading, Profit and Loss Account and Balance Sheet of the company as on 31st December 2020. Particulars Dr. Amount (Dhs) Cr. Amount (Dhs) Capital Purchases Purchase Returns Sales Sales Returns Opening Stock Cash in Hand Salaries Rent Commission received Drawings Wages General Expenses Creditors Debtors Machinery Furniture Land and Building Bank Loan 200,000 50,000 90,000 65,000 35,000 30,000 20,000 50,000 15,000 100,000 65,000 50,000 170,000 300,000 10,000 310,000 20,000 145,000 155,000...
Financial Accounting Partnership Question No. 06 ossoluton Colors partnership, owned by three partners Rose, Pink and...
Financial Accounting
Partnership Question No. 06 ossoluton Colors partnership, owned by three partners Rose, Pink and White reported the following post-closing trial balance. Colors' Partnership Post-Closing trail Balance as at 31.03.2019 Account Title Building Ace. Depreciation - Building Furniture and Fittings Acc. Depreciation - Furniture and Fittings Inventory Debtors Cash at Bank Capital - Rose Capital - Pink Capital - White Creditors (Rs.) (Rs.) Debit Credit 500,000 60.000 275,000 55.000 350,000 200.000 150,000 300,000 280,000 420,000 360,000 1,475,000 1,475,000 Additional...
Prepare Trading , Profit And loss and Balance Sheet Particulars Dr. Amount (Dhs) Cr. Amount (Dhs)...
Prepare Trading , Profit And loss and Balance Sheet
Particulars Dr. Amount (Dhs) Cr. Amount (Dhs) 300,000 Capital 200,000 Purchases Purchase Returns 10,000 310,000 Sales Sales Retums Opening Stock Cash in Hand 50,000 90,000 65,000 35,000 30,000 Salaries Rent 20,000 20,000 50,000 15,000 Commission received Drawings Wages General Expenses Creditors Debtors Machinery Furniture Land and Building Bank Loan 145,000 100,000 65,000 50,000 170,000 155,000 940,000 940,000 • Closing Stock is 320,000 dhs
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...
Q1. From the following information in Trial balance of the Mohammed LLC as on 31 December...
Q1. From the following information in Trial balance of the Mohammed LLC as on 31 December 2019, you are required to prepare: a. Profit and Loss Account b. Balance Sheet Associate of Science Degree in Bus Associate of Science Degree in Information Technology (MIT) Trial Balance for the year ended 31 December 2019 Dr.Amount Dhs) 180,000 Cr. Amount (Dhs) 240.000 15,000 325,000 35,000 80,000 35,000 40,000 35,000 40,000 Particulars Capital Purchases Purchase Returns Sales Sales Returns Opening Stock Cash in...
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...
partnership and share profits and losses in the proportion of three-fifth and two-fifth The following is...
partnership and share profits and losses in the proportion of three-fifth and two-fifth The following is the Balance Sheet at 31st March, 2018, of A and B who are in ATION 60. ADMISSION OF A PARTNER respectively. Liabilities Creditors Bills Payable Provision for Doubtful Debts Capital Accounts: B under: Assets 15,000 Freehold Premises 10,000 4,500 4,310 Machinery and Plant 900 4,000 Furniture 12,500 Stock 24,000 22,500 Debtors 9,000 4.250 33,000 Investments 1,660 Cash 56,310 56,310 They admit Cinto partnership from...
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They...
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They had no partnership agreement. Their statement of financial position at 30 September 2015 showed the following information. Non-current assets Net current assets 230 000 60 000 290 000 Capital accounts Jack Lewis 200 000 70 000 270 000 Current accounts Jack Lewis Opening balance Share of profit Drawings Closing balance 31 000 15 000 (21 000) 25 000 17 000 15 000 (37 000)...
write in a table 6. Following is the trial balance of Pure Gold Enterprise as at...
write in a table
6. Following is the trial balance of Pure Gold Enterprise as at 30 June 20X7: Debit RM Credit Sales Purchases Sales returns Purchase returns Beginning Inventory Provision for bad debts Wages and salaries Insurance Expense Telephone charges Equipment at cost Van Debtors and creditors Bad debts Capital Bank Drawings 400,000 350,000 5,000 6,200 100,000 800 . 30,000 6,000 1,000 40,000 30,000 9,800 200 7,000 179,000 3,000 18,000 593,000 593,000 Additional Information: 1. Inventory as at 30...
The following trial balance was extracted from the books of SOS。(PVT) on 16th June, 2018. ZMW Ca...
The following trial balance was extracted from the books of SOS。(PVT) on 16th June, 2018. ZMW Capital Returns outwards-raw materials Sales Returns outwards Vehicles Rent receivable Trade payables Issued share capital- ordinary shares Issued share capital-preference shares Share premium Opening stock of raw material Opening stock of work in progress Purchases-raw materials Dividend paid Direct expenses Retained earnings at 1/6/18 Inventory 13,500 250 22,050, 413 475 200 638 4,125 725 450 780 660 150 1,970 240 975 825 Purchases 6,263...
Financial Accounting
Partnership Question No. 06 ossoluton Colors partnership, owned by three partners Rose, Pink and White reported the following post-closing trial balance. Colors' Partnership Post-Closing trail Balance as at 31.03.2019 Account Title Building Ace. Depreciation - Building Furniture and Fittings Acc. Depreciation - Furniture and Fittings Inventory Debtors Cash at Bank Capital - Rose Capital - Pink Capital - White Creditors (Rs.) (Rs.) Debit Credit 500,000 60.000 275,000 55.000 350,000 200.000 150,000 300,000 280,000 420,000 360,000 1,475,000 1,475,000 Additional...
Prepare Trading , Profit And loss and Balance Sheet
Particulars Dr. Amount (Dhs) Cr. Amount (Dhs) 300,000 Capital 200,000 Purchases Purchase Returns 10,000 310,000 Sales Sales Retums Opening Stock Cash in Hand 50,000 90,000 65,000 35,000 30,000 Salaries Rent 20,000 20,000 50,000 15,000 Commission received Drawings Wages General Expenses Creditors Debtors Machinery Furniture Land and Building Bank Loan 145,000 100,000 65,000 50,000 170,000 155,000 940,000 940,000 • Closing Stock is 320,000 dhs
Q1. From the following information in Trial balance of the Mohammed LLC as on 31 December 2019, you are required to prepare: a. Profit and Loss Account b. Balance Sheet Associate of Science Degree in Bus Associate of Science Degree in Information Technology (MIT) Trial Balance for the year ended 31 December 2019 Dr.Amount Dhs) 180,000 Cr. Amount (Dhs) 240.000 15,000 325,000 35,000 80,000 35,000 40,000 35,000 40,000 Particulars Capital Purchases Purchase Returns Sales Sales Returns Opening Stock Cash in...
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...
partnership and share profits and losses in the proportion of three-fifth and two-fifth The following is the Balance Sheet at 31st March, 2018, of A and B who are in ATION 60. ADMISSION OF A PARTNER respectively. Liabilities Creditors Bills Payable Provision for Doubtful Debts Capital Accounts: B under: Assets 15,000 Freehold Premises 10,000 4,500 4,310 Machinery and Plant 900 4,000 Furniture 12,500 Stock 24,000 22,500 Debtors 9,000 4.250 33,000 Investments 1,660 Cash 56,310 56,310 They admit Cinto partnership from...
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They had no partnership agreement. Their statement of financial position at 30 September 2015 showed the following information. Non-current assets Net current assets 230 000 60 000 290 000 Capital accounts Jack Lewis 200 000 70 000 270 000 Current accounts Jack Lewis Opening balance Share of profit Drawings Closing balance 31 000 15 000 (21 000) 25 000 17 000 15 000 (37 000)...
write in a table
6. Following is the trial balance of Pure Gold Enterprise as at 30 June 20X7: Debit RM Credit Sales Purchases Sales returns Purchase returns Beginning Inventory Provision for bad debts Wages and salaries Insurance Expense Telephone charges Equipment at cost Van Debtors and creditors Bad debts Capital Bank Drawings 400,000 350,000 5,000 6,200 100,000 800 . 30,000 6,000 1,000 40,000 30,000 9,800 200 7,000 179,000 3,000 18,000 593,000 593,000 Additional Information: 1. Inventory as at 30...
The following trial balance was extracted from the books of SOS。(PVT) on 16th June, 2018. ZMW Capital Returns outwards-raw materials Sales Returns outwards Vehicles Rent receivable Trade payables Issued share capital- ordinary shares Issued share capital-preference shares Share premium Opening stock of raw material Opening stock of work in progress Purchases-raw materials Dividend paid Direct expenses Retained earnings at 1/6/18 Inventory 13,500 250 22,050, 413 475 200 638 4,125 725 450 780 660 150 1,970 240 975 825 Purchases 6,263...
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