10:16* * * || 65%•Unit 3 - Partnership accounts tutorial sheet.pdf - Sai←2. Max and Ruby are partners in a business sharing profit and loss in the ratio 3:1. Their trialbalance as at December 31, 2015 was as follows:SalesOffice salariesOffice expensesMortgage interestDiscount allowed.PurchasesStock at January 1, 2015BankCreditorsDebtorsFixturesProv. for depreciation on fixturesBuilding10% MortgageCapital - MaxRubyCurrent account - Max- RubyDrawings - MaxMotor vehicleDiscount receivedCommission received- Rubym.iv.V.|||$25,0009,4008,0003,230245,50070,00024,00022,000100,0007,5003,5008,50010,50050,000587,130OS295,50042,18022,3506,60080,00060,00060,000The following additional information is also available:i. Stock at December 31, 2015 is $120,000ii. Interest on capital is to be paid at 5%Interest on drawings is to be charged at 5%Commission received is prepaid by $2,500Provide for depreciation of fixtures 10% using the reducing balance method, andmotor vehicle at 10% using the straight-line method.vi. Ruby is to be paid a salary of $10,0008,00012,500587,130Prepare Max and Ruby's statement of profit or loss and appropriation account, theircurrent accounts, and the statement of financial position extract showing equity only.<23

2. Max and Ruby are partners in a business sharing profit and loss in the ratio 3:1. Their trial balance as at December 31, 2015 was as follows: Sales Office salaries Office expenses Mortgage interest Discount allowed Purchases Stock at January 1, 2015 Bank Creditors Debtors Fixtures Prov. for depreciation on fixtures Building 10% Mortgage Capital - Max -Ruby Current account - Max - Ruby Drawings - Max - Ruby Motor vehicle Discount received Commission received 25,000 9,400 8,000 3,230 vi. 245,500 70,000 24,000 22,000 100,000 7,500 3,500 8,500 10,500 50,000 587,130 The following additional information is also available: i. Stock at December 31, 2015 is $120,000 Interest on capital is to be paid at 5% ii. iii. iv. Interest on drawings is to be charged at 5% Commission received is prepaid by $2,500 v. 295,500 42,180 22,350 6,600 80,000 60,000 60,000 8,000 12,500 587,130 Provide for depreciation of fixtures 10% using the reducing balance method, and motor vehicle at 10% using the straight-line method. Ruby is to be paid a salary of $10,000 Prepare Max and Ruby's statement of profit or loss and appropriation account, their current accounts, and the statement of financial position extract showing equity only.

2. Max and Ruby are partners in a business sharing profit and loss in the ratio 3:1. Their trial balance as at December 31, 2015 was as follows: Sales Office salaries Office expenses Mortgage interest Discount allowed Purchases Stock at January 1, 2015 Bank Creditors Debtors Fixtures Prov. for depreciation on fixtures Building 10% Mortgage Capital - Max -Ruby Current account - Max - Ruby Drawings - Max - Ruby Motor vehicle Discount received Commission received 25,000 9,400 8,000 3,230 vi. 245,500 70,000 24,000 22,000 100,000 7,500 3,500 8,500 10,500 50,000 587,130 The following additional information is also available: i. Stock at December 31, 2015 is $120,000 Interest on capital is to be paid at 5% ii. iii. iv. Interest on drawings is to be charged at 5% Commission received is prepaid by $2,500 v. 295,500 42,180 22,350 6,600 80,000 60,000 60,000 8,000 12,500 587,130 Provide for depreciation of fixtures 10% using the reducing balance method, and motor vehicle at 10% using the straight-line method. Ruby is to be paid a salary of $10,000 Prepare Max and Ruby's statement of profit or loss and appropriation account, their current accounts, and the statement of financial position extract showing equity only.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
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