3) The following is the Balance Sheet of Amutha and Rama sharing profits 3:2, as on 31.3.2015. Balance Sheet Liabilities Amount Assets Amount Sundry creditors Bills Payable Capital Account: Amutha 40,000 Bank 10,000 30,000 20,000 40,000 Land & Buildings |70,000 80,000 20,000 Sundry debtors Stock Machinery 70,000 Rama 30,000 170,000 170,000 -th On 1.4.2015 they decided to admit Latha into the partnership for 1/5" of the future profits on the following terms: (a) Latha shall bring in a capital of R.O 30,000 and R.O 4,000 as her share of goodwill. (b) Goodwill of the firm being valued at R.O 20,000 (c) Land and buildings be appreciated by 10% (d) Stock is depreciated by R.O 3,000 and provision for outstanding liability is created at R.O 2,000. Required: Prepare the Revaluation account, Capital accounts, Bank account and the Balance Sheet of the reconstituted partnership.

3) The following is the Balance Sheet of Amutha and Rama sharing profits 3:2, as on 31.3.2015. Balance Sheet Liabilities Amount Assets Amount Sundry creditors Bills Payable Capital Account: Amutha 40,000 Bank 10,000 30,000 20,000 40,000 Land & Buildings |70,000 80,000 20,000 Sundry debtors Stock Machinery 70,000 Rama 30,000 170,000 170,000 -th On 1.4.2015 they decided to admit Latha into the partnership for 1/5" of the future profits on the following terms: (a) Latha shall bring in a capital of R.O 30,000 and R.O 4,000 as her share of goodwill. (b) Goodwill of the firm being valued at R.O 20,000 (c) Land and buildings be appreciated by 10% (d) Stock is depreciated by R.O 3,000 and provision for outstanding liability is created at R.O 2,000. Required: Prepare the Revaluation account, Capital accounts, Bank account and the Balance Sheet of the reconstituted partnership.

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Description: 3) The following is the Balance Sheet of Amutha and Rama sharingprofits 3:2, as on 31.3.2015.Balance SheetLiabilitiesAmountAssetsAmountSundry creditorsBills PayableCapital Account:Amutha| 40,00080,00020,000Bank10,00030,00020,00040,00070,000Sundry de

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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b. Other balances extracted from the books of Barney and Swiper include: Barney Swiper Capital Accounts 60 0 350 Drawings 4 00 Barney (01 October 2014 to 31 March 2015) Swiper (01 January 2015 to 31 March 2015) 12 00 Additional information: The net income for the year ended 31 March 2015 is $82 000. Barney earns an annual salary of $36 000. Interest on capital 1s to be paid at the rate of 5 o per annum. Interest on drawings is to be charged at the rate of 10%% per year. Barney and Swiper share profits and losses in the ratio of 3:2 respectively. Prepare the Profit and Loss Appropriation Account of Barney and Swiper fer the year ended 31 March 2015 Add file ubmit Рage 1
Question # 02A, B and C were partners. They share profit and losses in the ratio of 2:1:2. Their balance sheet was as under:AssetsCash and Bank Accounts Receivable Merchandise InventoryFurniture and FixtureEquities33,000 Accounts Payable 29,000 Notes Payable 26,000 A’s Capital24,000 B’s Capital C’s Capital112,0004,000 8,000 40,00020,000 40,000 112,000The partner decided to dissolve the firm.Required:Given entries in general journal to record the dissolution of the firm considering the following transaction.a) Cash Rs. 25,000 was collected from debtors in full settlement.b) Cash Rs. 72,000 received from the sale of inventory and furniture and fixture.c) Paid off the liabilities in full.d) All the available balance of cash after considering the above transaction distributed among thepartners.
b. Other balances extracted from the books of Barney and Swiper include: Capital Accounts Barney Swiper 60 000 35 000 Drawings Barney (01 October 2014 to 31 March 2015) Swiper (01 January 2015 to 31 March 2015) 4 000 12 000 Additional information: The net income for the year ended 31 March 2015 is $82 000. Barney earns an annual salary of $36 000. Interest on capital 15 to be paid at the rate of 5 o per annum. Interest on drawings is to be charged at the rate of 10%o per year. Barney and Swiper share profits and losses in the ratio of 3:2 respectively. Prepare the Profit and Loss Appropriation Account of Barney and Swiper for the year ended 31 March 2015
Profile Co has the following assets and liabilities: Assets: Cash $100 , account receivable,$150 ; Inventory,$240 ,land $200, plant net of accumulated amortization $300 : liabilities short term bank loan, $60 : accounts payable long term loan mortage loan ,$160 ,profolio co long term assets total was
The following were the balances of the partnership between Crayon and Pencil as at 31 Question 2 December 2009: DR Capital on 2 January 2009 Crayon Pencil CR 30 000 30 000 Current accounts on 1 January 2009 Crayon Pencil 1 500 200 Drawings during the year Crayon Pencil 6 000 4 400 .160 000 Land and building... Equipment... Cash and bank... .15 000 ..20 000 Bank loan.... .90 000 ..1 400 .40 000 Electricity.. Office salaries.... Advertising.. Bad debts.... .30 000 ... 700 Provision for bad debts.. 700 Debtors.... ...6 000 Creditors.... Provision for depreciation: equipment... Stock on 31 December 2009..... Gross profit for the year.... .9 500 ..2 000 .30 000 ..150 000 Additional information available includes: i. The provision for bad debts is to be increased by $50 ii. The amount of advertising includes a payment of $120 for 2004 iii. There is an electricity bill of $145 due iv. Equipment is to be depreciated at 20% on cost per annum v. Interest on capital is allowed at 20% per annum…
Balance Sheet of A, B and C, who are sharing profits and losses in the ratio of 2:2:1, was as follows on 31st March, 2015, the date of dissolution : BALANCE SHEET OF A, B AND C as on March 31,2015 Liabilities 2$ Assets $ 1,20,000 Cash 1,000 Sundry Creditors Bank Loan (with a charge on Stock) 50,000 Stock 60,000 Capitals : Other Assets 1,09,000 30,000 30,000 Goodwill 20,000 Capital : A B C 20,000 2,20,000 2,20,000 Stock realised $ 52,000 and other assets were sold for $ 90,000. Expenses on realisation amounted to $ 3,000. Assuming that all the partners are insolvent, prepare necessary ledger accounts to close the books of the firm.
As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts only): Cash (USD 100) = IDR 14,000 Accounts Receivable (USD 5,000) = IDR 70,000,000 Accounts Payable (USD 2,000) = IDR 28,000,000 Paid-in Capital (IDR 1,000,000) = IDR 13,999,000,000 (according to the deed). If on 28 Feb 2018 the exchange rate of 1 USD = 14,500, -, and the USD balance of each of these accounts has not changed, make a journal for each of these accounts on 28 Feb 2018 Question: The Cash Revaluation Journal is.......a. Dr. Cash 50,000 Cr. Difference in Exchange 50,000b. Dr. Cash 1,450,000 Cr. Loss on Foreign Exchange 50,000 Cr. Cash 1,400,000c. Dr. Loss on Foreign Exchange 50,000 Cr. Cash 50,000d. Dr. Cash 1,400,000 Dr. Difference in Exchange 50,000 Cr. Cash 1,450,000
The following is the balance sheet of A. B and C who shared profits and losses equally as on 31 December 2021 Liabilities Bank overdraft Account payable Reserve fund Capitals A B C Assets Amount 15,000 Bank 1,800 Account receivable 6,000 Investment Inventory 20.000 Furniture 12000 Premises 14.000 Land c) a) A took over the Land at RO15,000 b) C took over computer at book value. The other assets realized as under:- Account receivable: RO 7.500 Furniture: RO 4,500 Investments: RO 13.500 1. Realization Account 2. Partner's capital Account 3. Cash Account 68,800 It was decided to dissolve the partnership firm on the following terms:- Computer Inventory: RO 15,600 Premises: RO 15,750 d) Realization expenses amounted to RO 500. Prepare: - Amount 6.500 8.600 10,000 13,700 5,100 12,900 11,000 1,000 68,800
Using a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…
Other balances extracted from the books of Barney and Swiper include: Barney Swiper 60 000 35 000 Capital Accounts Barnev (01 October 2014 to 31 March 2015) Swiper (01 January 2015 to 31 March 2015) 4 000 12 000 Drawings Additional information. The net income for the vear ended 31 March 2015 1s $82 000 Barney earns an annual salary of $36 000 Interest on capital 1s to be paid at the rate of 5 per annum. Interest on drawings is to be charged at the rate of 10. per year. Barney and Swiper share profits and losses in the ratio of 3:2 respectively Prepare the Profit and Loss Appropriation Account of Barney and SW Imer for the year ended 31 March 2015 E Add file ubmit Page 1 of
The balance sheet for Munoz Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity $ 235,000 762,000 $997,000 $160,000 457,000 617,000 380,000 $997,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) ace Working capital Current ratio Debt to assets ratio
Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…