Final Accounts SectionAppropriation account2011FebCurrent Account:D. DiriF32011108 000 Feb28GJCurrent Account:T. Tash28Profit and Loss GJGJ72 000180 000ACTIVITY 1.72aS Traders commenced business on I July 2010 with partners: D. Rayatola andS. Dlamini.O 000Required:1 Prepare the necessary closing transfer entries in the General Journal on 30June 2011.O 002. Prepare the relevant accounts in the General Ledger.1. D. Rayatola and S. Dlamini contributed R500 000 and R250 000 capitalrespectively to start the business.O 00Information:2. During the financial year the partners' drawings amounted to:D. Rayatola: R120 000S. Dlamini: R84 000+ 0003. The Profit and Loss account showed a net profit of R270 000 for the yearending 30 June 2011.4. The partnership agreement stipulates that profits/losses must be shared inthe ratio of 2:1.7 000Unit 5 Financial Accoum

Partnership is a form of business in which two or more than two partners invest money, run business…

DS Traders commenced business on 1 July 2010 with partners: D. Rayatola and S. Dlamini. Required: 1 Prepare the necessary closing transfer entries in the General Journal on 30 June 2011. 2. Prepare the relevant accounts in the General Ledger. Information: 1. D. Rayatola and S. Dlamini contributed R500 000 and R250 000 capital respectively to start the business. 2. During the financial year the partners' drawings amounted to: D. Rayatola: R120 000 S. Dlamini: R84 000 3. The Profit and Loss account showed a net profit of R270 000 for the year ending 30 June 2011. 4. The partnership agreement stipulates that profits/losses must be shared in the ratio of 2:1.

DS Traders commenced business on 1 July 2010 with partners: D. Rayatola and S. Dlamini. Required: 1 Prepare the necessary closing transfer entries in the General Journal on 30 June 2011. 2. Prepare the relevant accounts in the General Ledger. Information: 1. D. Rayatola and S. Dlamini contributed R500 000 and R250 000 capital respectively to start the business. 2. During the financial year the partners' drawings amounted to: D. Rayatola: R120 000 S. Dlamini: R84 000 3. The Profit and Loss account showed a net profit of R270 000 for the year ending 30 June 2011. 4. The partnership agreement stipulates that profits/losses must be shared in the ratio of 2:1.

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

Orion, Leanna and Aric were partners sharing profits and losses in the proportion of 2:2:1, following is their Balance Sheet as on 31st March, 2008. Balance Sheet as on 31 March, 2008 Assets Liabilities Capital Accounts: Orion Leanna Aric General Reserve Creditors Orion's Loan A/c Bills payable Amount $ Machinery 30,000 Stock 10,000 Debtors 10,000 Loss: R.D.D. 3,000 Investment 20,000 Profit and Loss A/c 4,000 Bank 7,000 84,000 27,500 1,500 2) Dissolution expenses were $ 1,500. 3) Goodwill of the firm realised $ 12,000 Pass the necessary Journal entries in the books of the firm. Amount $ 25,000 10,000 26,000 12,000 9,000 2,000 84,000 On the above date the partners decided to dissolve the firm: 1) Assets were realised: Machinery $ 22,500, Stock $9,000, Investment $ 10,500, Debtors $ 22,500.
Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Sunray Traders, a partnership business with Sunny and Raymond as partners. Extract from the ledger of Sunray Traders as at 28 February 2022 CREDIT DEBIT R Capital: Sunny 1 000 000 Capital: Raymond 600 000 Current alc Sumy (01 March 2021) 60 000 Current alc Raymond (01 March 2021) 40 000 Drawings: Sunny 300 000 Drawings Raymond 400 000 The following must be taken into account: (a) The Statement of Comprehensive Income refected a net profit of R900 000 for the year ended 28 February 2022 (b) The partnership agreement provided for interest on capital at 12% p.a on the balances on the capital accounts. Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased his capital contribution by R200 000 on 01 September 2021. The capital changes have been recorded. (c) The partrers are entided…
Item No. 14 is based on the following information: Capri and Corn had capital balances of P 20,000 and P 40,000, respectively on Jänuary 1, 200B. On July 1, Capri made an additional investment of P 12,000 and on August 1, Corn withdrew P 12,000 of his capital. On December 31, the partners' drawing accounts showed debit balances of P 5,000 and P 3,000 for Capri and Corn, respectively. The profit during the year was
Current Attempt in Progress For Pharoah Co., beginning capital balances on January 1, 2022, are Nancy Payne $23,300 and Ann Dody $22,500. During the year, drawings were Payne $7,600 and Dody $5,700. Net income was $31,800, and the partners share income equally. (a) (b) Prepare the owners' equity section of the balance sheet at December 31, 2022. eTextbook and Media PHAROAH CO. Partial Balance Sheet December 31, 2022
Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…
Yes, Please consider usman as posada.
Tasneem and Nazreen were friends with simlar hobbles. They formed a partnershlp with a written partnership agreement to trade in pastry and related products as Tasnaz's Pastry. Required: Prepare the statement of changes In equity for Tasnaz's Pastry for the year ended 30 June 2021. You may elminate the Total column but must include an appropriation column. Show all workings. Round off all calculations to the nearest Rand.
The information given below was extracted from the accounting records of Veco Traders, a partnershipbusiness with Bobby and Vincent.Required:Prepare the Statement of Changes in Equity as at: 28 February 2021.INFORMATIONBalances in the ledger 28 February 2019Debit CreditCapital: Bobby 500 000Capital: Vincent 300 000Current account: Bobby (1 Mar 2020) 20 000Current account: Vincent (1 Mar 2020) 15 000Drawings: Bobby 250 000Drawings: Vincent 200 000Additional information1.The net profit according to the Profit and Loss account amounted to R500 000 on 28February 2021.2.The partnership agreement made provision for the following:1.Interest on capital must be provided at 15% per annum on the balances in the capitalAccounts from 1 March 2020 to 31 August 2020. With effect from 1 September 2019 theinterest rate on capital increases to 18% per annum.2.The partners are entitled to the following monthly salaries: Bobby R11 000Vincent R10 0003.Bobby is entitled to a bonus of 15% of the net profit…
Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rate 2,400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties…
At April 30, partners' capital balances in Crane Company are G. Donley $54,080, C. Lamar $49,920, and J. Pinkston $18,720. The income sharing ratios are 5:4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. (a) Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) (1) (2) (3) (4) No. Account Titles and Explanation 1. 2. 3. Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $16,640 in cash. Terrell purchases 33¹/3% of Lamar's ownership interest by paying Lamar $15,600 in cash. Terrell invests $64,480 for a 30% ownership interest, and bonuses are given to the old partners. Terrell invests $43,680 for a 30% ownership Interest, which includes a bonus to the new partner. 4. Debit Credit
Showing your workings, answer the following question. “Carnita and Cornwall are in partnership. The following is their trial balance as at 31 October 2020.” £ £ Capital Accounts: Carnita 400,000 Capital Accounts: Cornwall 500,000 Current Accounts: Carnita (at 1 November 2019) 164,000 Current Accounts: Cornwall (at 1 November 2019) 41,200 Drawings Accounts: Carnita 200,000 Drawings Accounts: Cornwall 160,000 Premises at cost 1,600,000 Vehicles at cost 520,000 Accumulated depreciation on vehicles at 31 October 2020 500,000 Debtors 464,200 Creditors 539,400 Stock at 31 October 2020 268,800 Bank 67,200 Bank loan at 5% 800,000 Net profit for the year 396,000 Accrued expenses 22,000 3,321,400 3,321,400 “You are given additional information as follows: i) Interest is charged on drawings, which has been calculated as: Carnita…