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Gmail Sta changes in equity Bo COSMETIC EXTRACT OF FINANCIAL INFORMATION AT 28 FEBRUARY 20.2: R 2 400 156 000 792 500 6 200 llowance for credit losses nventory Purchases nterest expense on long-term loan Office equipment at cost Gross profit for the year Profit for the year Accumulated depreciation: Office equipment (1 March 20.1) and and buildings rade receivables control 95 500 2 400 000 635 400 14 100 955 000 90 300 546 000 620 500 42 000 Capital: Bhele (1 March 20.1) Cr capital: Omhle (1 March 20.1) Cr Current account: Bhele (1 March 20.1) Cr Current account: Omhle (1 March 20.1) Dr ong-term loan from Bhele Cell Styles 52 800 63 400 Terms of the partnership agreement:

Gmail Sta changes in equity Bo COSMETIC EXTRACT OF FINANCIAL INFORMATION AT 28 FEBRUARY 20.2: R 2 400 156 000 792 500 6 200 llowance for credit losses nventory Purchases nterest expense on long-term loan Office equipment at cost Gross profit for the year Profit for the year Accumulated depreciation: Office equipment (1 March 20.1) and and buildings rade receivables control 95 500 2 400 000 635 400 14 100 955 000 90 300 546 000 620 500 42 000 Capital: Bhele (1 March 20.1) Cr capital: Omhle (1 March 20.1) Cr Current account: Bhele (1 March 20.1) Cr Current account: Omhle (1 March 20.1) Dr ong-term loan from Bhele Cell Styles 52 800 63 400 Terms of the partnership agreement:

FINANCIAL ACCOUNTING
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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6/7/2021 Gmail - Statement of changes in equity Part 2 of 4 - Statement of changes in equity Question 1 of 10 2.5 Points The information below relates to questions 1- 10: Bhele and Omhle are the partners of BO Cosmetic and the following information is presented to assist in the preparation of the financial statements for the year ended 28 February 20.2. 2. Year-end adjustments: 2.1 The long-term loan from Omhle bears interest at a rate of 10% per annum payable on 15 July every year. The capital amount of the loan will be repaid in full on 29 February 20.3. 2.2 Only 75% of the partner's salaries were paid to the partners, whilst only 50% of the partner's bonuses were paid during the year. On 28 February 20.2 Omhle made an additional contribution of a vehicle valued at R154 000 and office furniture 2.3. valued at R50 000. This transaction has not been recorded. No other capital contributions were made during the year. https://mail.google.com/mail/w/0?ui=2&ik=326f724a96&view=lg&permmsgid=msg-a%3Ar9168435091063383476&ser=1 1/9 6/7/2021 Gmail - Statement of changes in equity BO COSMETIC EXTRACT OF FINANCIAL INFORMATION AT 28 FEBRUARY 20.2: R 2 400 156 000 792 500 6 200 95 500 Allowance for credit losses inventory Purchases Interest expense on long-term loan Office equipment at cost Gross profit for the year Profit for the year Accumulated depreciation: Office equipment (1 March 20.1) Land and buildings Trade receivables control Capital: Bhele (1 March 20.1) Cr Capital: Omhle (1 March 20.1) Cr Current account: Bhele (1 March 20.1) Cr Current account: Omhle (1 March 20.1) Dr Long-term loan from Bhele 2 400 000 635 400 100 955 000 90 300 546 000 620 500 42 000 52 800 63 400 Cell Styles 1. Terms of the partnership agreement: 1.1 Interest charged per annum on the balances of the partners' capital accounts. 1.2 Interest charged per annum on the opening balances of the partners' current accounts. 1.3. Partner's monthly salaries are as follows 1.3.1. Bhele salary 1.3.2. Omhle salary 1.4. Bhele and Omhle share profits in the ratio of 4:6 respectively. 1.4. A bonus equal to 1% of the gross profit is allocated to the partner's according to their profit-sharing ratio. 5% 7% 20 000 25 000 QUESTION 1 Which one of the following alternatives represents the correct total capital contribution amount of: Bhele to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? O A. 879 360 O B. 799 410 https://mail.google.com/mail/u/0?ui=2&ik=3261724a96&view=lg&permmsgid=msg-a%3Ar9168435091063383476&ser=1 2/9 6/7/2021 Gmail - Statement of changes in equity C. 546 000 O D. 726 730 O E. 600 600 O F. 660 660 Reset Selection Question 2 of 10 2,5 Points QUESTION 2
Transcribed Image Text:6/7/2021 Gmail - Statement of changes in equity Part 2 of 4 - Statement of changes in equity Question 1 of 10 2.5 Points The information below relates to questions 1- 10: Bhele and Omhle are the partners of BO Cosmetic and the following information is presented to assist in the preparation of the financial statements for the year ended 28 February 20.2. 2. Year-end adjustments: 2.1 The long-term loan from Omhle bears interest at a rate of 10% per annum payable on 15 July every year. The capital amount of the loan will be repaid in full on 29 February 20.3. 2.2 Only 75% of the partner's salaries were paid to the partners, whilst only 50% of the partner's bonuses were paid during the year. On 28 February 20.2 Omhle made an additional contribution of a vehicle valued at R154 000 and office furniture 2.3. valued at R50 000. This transaction has not been recorded. No other capital contributions were made during the year. https://mail.google.com/mail/w/0?ui=2&ik=326f724a96&view=lg&permmsgid=msg-a%3Ar9168435091063383476&ser=1 1/9 6/7/2021 Gmail - Statement of changes in equity BO COSMETIC EXTRACT OF FINANCIAL INFORMATION AT 28 FEBRUARY 20.2: R 2 400 156 000 792 500 6 200 95 500 Allowance for credit losses inventory Purchases Interest expense on long-term loan Office equipment at cost Gross profit for the year Profit for the year Accumulated depreciation: Office equipment (1 March 20.1) Land and buildings Trade receivables control Capital: Bhele (1 March 20.1) Cr Capital: Omhle (1 March 20.1) Cr Current account: Bhele (1 March 20.1) Cr Current account: Omhle (1 March 20.1) Dr Long-term loan from Bhele 2 400 000 635 400 100 955 000 90 300 546 000 620 500 42 000 52 800 63 400 Cell Styles 1. Terms of the partnership agreement: 1.1 Interest charged per annum on the balances of the partners' capital accounts. 1.2 Interest charged per annum on the opening balances of the partners' current accounts. 1.3. Partner's monthly salaries are as follows 1.3.1. Bhele salary 1.3.2. Omhle salary 1.4. Bhele and Omhle share profits in the ratio of 4:6 respectively. 1.4. A bonus equal to 1% of the gross profit is allocated to the partner's according to their profit-sharing ratio. 5% 7% 20 000 25 000 QUESTION 1 Which one of the following alternatives represents the correct total capital contribution amount of: Bhele to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? O A. 879 360 O B. 799 410 https://mail.google.com/mail/u/0?ui=2&ik=3261724a96&view=lg&permmsgid=msg-a%3Ar9168435091063383476&ser=1 2/9 6/7/2021 Gmail - Statement of changes in equity C. 546 000 O D. 726 730 O E. 600 600 O F. 660 660 Reset Selection Question 2 of 10 2,5 Points QUESTION 2
QUESTION 2 Which one of the following alternatives represents the correct total capital contribution amount of: Omhle to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? O A. 1 112 490 O B. 954 810 O C. 1 029 900 O D. 1 203 340 O E. 886 550 O F. 824 500 Reset Selection Question 3 of 10 2.5 Points https://mail.google.com/mail/u/0?ui=2&ik=3261724a96&view=lg&permmsgid=msg-a%3A19168435091063383476&ser=1 3/9 6/7/2021 Gmail - Statement of changes in equity QUESTION 3 Which one of the following alternatives represents the correct interest on current account: Omhle amount to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? A. (8 505) В. (6 185) О с.(4 217) D. (3 696) O E. (5 111) O F. (2 904) Reset Selection Question 4 of 10 2,5 Points QUESTION 4 Which one of the following alternatives represents the correct interest on current account: Bhele amount to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? O A. 2 940 O B. 6 767 O C. 4 921 O D. 3 355 https://mail.google.com/mail/u/0?ui=2&ik=3261724a96&view=lg&permmsgid=msg-a%3Ar9168435091063383476&ser=1 4/9 6/7/2021 Gmail - Statement changes in equity O E. 4 066 O F. 2 310 Reset Selection Question 5 of 10 2.5 Points QUESTION 5 Which one of the following alternatives represents the correct salary to partner: Bhele amount to be disclosed in the statement of changes in equity of BŌ Cosmetics for the year ended 28 February 20.2? A. 240 000 О в. 319440 C. 264 000 O D. 386 640 O E. 290 400 O F. 351 480 Reset Selection
Transcribed Image Text:QUESTION 2 Which one of the following alternatives represents the correct total capital contribution amount of: Omhle to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? O A. 1 112 490 O B. 954 810 O C. 1 029 900 O D. 1 203 340 O E. 886 550 O F. 824 500 Reset Selection Question 3 of 10 2.5 Points https://mail.google.com/mail/u/0?ui=2&ik=3261724a96&view=lg&permmsgid=msg-a%3A19168435091063383476&ser=1 3/9 6/7/2021 Gmail - Statement of changes in equity QUESTION 3 Which one of the following alternatives represents the correct interest on current account: Omhle amount to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? A. (8 505) В. (6 185) О с.(4 217) D. (3 696) O E. (5 111) O F. (2 904) Reset Selection Question 4 of 10 2,5 Points QUESTION 4 Which one of the following alternatives represents the correct interest on current account: Bhele amount to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? O A. 2 940 O B. 6 767 O C. 4 921 O D. 3 355 https://mail.google.com/mail/u/0?ui=2&ik=3261724a96&view=lg&permmsgid=msg-a%3Ar9168435091063383476&ser=1 4/9 6/7/2021 Gmail - Statement changes in equity O E. 4 066 O F. 2 310 Reset Selection Question 5 of 10 2.5 Points QUESTION 5 Which one of the following alternatives represents the correct salary to partner: Bhele amount to be disclosed in the statement of changes in equity of BŌ Cosmetics for the year ended 28 February 20.2? A. 240 000 О в. 319440 C. 264 000 O D. 386 640 O E. 290 400 O F. 351 480 Reset Selection
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