QUESTION 3Vivy and Siti are partners sharing profits and losses in the ratio 1:3 respectively. It was agreedbetween them that each partner is to receive:an interest on capital 5% per annum.an interest on loan 8% per annum.an interest on drawings 5% per annum.Vivy is entitled for a monthly salary of RM1,000 while Siti will receive a monthly salaryof RM2,000.i.i.ii.iv.The accounting year end of the business is 30 June every year. The following is the Statement ofProfit and Loss as at 30 June 2021.RMRMSales170,000Less: Cost of SalesInventories at 1 July 20205,500Purchases28,900Inventories at 30 June 2021(10,600)(23,800)Gross Profit146,200Less: ExpensesSalaries8,000Interest on bank loan750Utilities4,500Rent1,000General Expenses3,075(17,325)NET PROFIT128,875 Additional information:1.Below are the opening balances of other accounts:RMRMCapital Account:Current Account:Vivy35,000 Vivy1,200Siti40,000 Siti1,500On 1 October 2020, Vivy gave loan of RM2,000 to the business.3.Drawings made by the partners were as follows:Vivy2,000 (taken on 10 September 2020)Siti1,000 (taken on 21 April 2021)Required:Prepare a Statement of Profit or Loss and the Statement of Appropriation for the year ended30 June 2021.a.b.Prepare partners' Current accounts in columnar form.Note 1: Calculate to the nearest RM2.

A partnership is a kind of business structure in which two or more people agree to carry out…

1. Below are the opening balances of other accounts: RM RM Capital Account: Current Account: Vivy 35,000 Vivy 1,200 Siti 40,000 Siti 1,500 On 1 October 2020, Vivy gave loan of RM2,000 to the business. 3. Drawings made by the partners were as follows: Vivy 2,000 (taken on 10 September 2020) Siti 1,000 (taken on 21 April 2021) Required: Prepare a Statement of Profit or Loss and the Statement of Appropriation for the year ended 30 June 2021. a. b. Prepare partners' Current accounts in columnar form. Note 1: Calculate to the nearest RM 2.

1. Below are the opening balances of other accounts: RM RM Capital Account: Current Account: Vivy 35,000 Vivy 1,200 Siti 40,000 Siti 1,500 On 1 October 2020, Vivy gave loan of RM2,000 to the business. 3. Drawings made by the partners were as follows: Vivy 2,000 (taken on 10 September 2020) Siti 1,000 (taken on 21 April 2021) Required: Prepare a Statement of Profit or Loss and the Statement of Appropriation for the year ended 30 June 2021. a. b. Prepare partners' Current accounts in columnar form. Note 1: Calculate to the nearest RM 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following balances are extracted from the records of VKS Corporation as of December 31, 2021:· Commercial savings account, DVD- P1,500,000· Commercial checking account, DVD- P1,800,000· Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000· Cash fund for retirement of long-term debt- P2,000,000· Petty cash fund- P20,000· I.O.U. from an officer- P50,000· Bank overdraft, BPI- P450,000· Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000· Check received from customer dated January 2, 2022- P175,000· Maintaining balance at DVD to ensure future credit availability- P200,000· Currency and coin on hand not yet deposited - P25,000 How much will be reported as cash and cash equivalents on December 31, 2021?
Galubhai
On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $277,500. The interest rate charged by the bank was 4.50%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. Loan proceeds
Please help with this question from my textbook : Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings) Information as well as format needed is attached
Upon checking, the book of Meraki on December 31, 2020 is composed of the following:· Cash on Hand- P50,000· Demand Deposit- P200,000· Time Deposit, 30 days- P100,000· DAIF Check of customer- P4,000· Money market placement (due June 30, 2021)- P150000· Savings Deposit in a closed bank- P10000· IOU from employee- P2000· Pension Fund- P300000· Petty Cash Fund- P1000· Customer’s Check dated January 1, 2022- P5000· Customer’s Check outstanding for 18 months- P4000· Unused credit line- P50000 Additional information: a. P20,000 check was recorded as payment in December 31, 2020 but is mailed on January 5, 2021 to the suppliers. b. On December 31, 2020 a check dated January 15, 2021 of P10,000 in payment of accounts payable was recorded and mailed. c. While the Cash Receipt Journal is open until January 15, 2021, an amount of P40,000 was collected and recorded on December 31, 2020. d. The company uses the calendar year.…
What are the forms and characteristics of hedge accounting Bank B granted on 1.10.20X1 to company D a loan of €200,000 for 10 years with a fixed interest rate of 3%. The loan will be serviced with equal semi-annual installments plus interest that will be paid every 31/3 and 30/09 of each year, while bank B prepares interim financial statements. Wanted:Make the journal entries for the years 20X1-20X2 for company B(for calculations use a period of 90 days for each quarter and 360 days for the year)
Please help with all answer
Lang Warehouses borrowed $157,000 from a bank and signed a note requiring 2 annual payments of $85,034 beginning one year from the date of the agreement. (EV of $1, PV of $1. EVA of $1. PVA of $1. ÉVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Determine the interest rate implicit in this agreement. (Do not round intermediate calculations. Round interest rate to 1 decimal place.) Solve for i Present value: Annuity payment
Consider the following balance sheet for Northern Highland Credit Union (NHCU) before answering parts (i) through (v). Assets ($ million) $ Liabilities ($ million) $ Cash 30 Overnight interbank borrowing (7.00%) 160 T-notes 2 month (7.05%) 60 2-year CD (5%) 20 T-notes 3 months (7.25%) 80 7 year fixed rate Subordinated debt (8.55%) 150 T-notes two-year (7.50%) 60 Equity 25 T-notes 10-year (8.96%) 100 Corporate bonds (>5 years to maturity) 25 Total assets 355 Total liabilities and Equity 355 What is the repricing (funding) gap over the 0-to-6 months maturity bucket?
Prepare journal entries to record the following transactions involving short-term debt investments.
1. kgogo Trading has the following account balances as at 30 June 2019. RM 200,000 6,000 Account Receivable Provision for doubtful debt On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)
What is the correct answer and show the solution.