Answer all questions that is a to d Show all working Mintah and Hudah are in partnership, sharing profits and losses in the ratio 3:2.Their financial position as at 31s* December 2018 is as follows:GHCGHCGHCNon-current Assets:Freehold Premises: cost30,000Fixtures and Fittings: Cost5,000Depreciation4,0001,000Motor Vehicle: Cost4,000Depreciation1,0003,00034,000Current Assets:Receivables20,000Cash at Hand60020,600Total Assets54,600Capital and Liabilities:Capital accountsMintah20,000Hudah2,50022,500Current accounts:Mintah3,000Hudah5003,500Non-current Liabilities:Loan: Mintah16,000Current liabilities:Payables12,600Total liabilities54,600 Linda Co. is incorporated for the purpose of taking over the business. It is toacquire the Freehold Premises at a valuation of Ghc40,000 and the other assets(with the exception of cash and motor vehicles) at carrying amount. Thesevalues are to be introduced to Linda Co. books. The current liabilities are alsotaken over by the new company.The purchase consideration of Ghc60,000 is to be settled by 30,000 Ghc1ordinary shares in Linda Co. and cash of Ghc30,000 obtained by a bankoverdraft. Hudah is to take over both cars at a valuation of Ghc2,500 and thepartners have agreed to divide the shares in their profit and loss sharing ratio.Mintah's loan is to be repaid in cash by the partnership.a) Prepare the Capital Accountb) Prepare the Realization Accountc) Prepare Linda Co. Accountd) Prepare the Bank Account

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Mintah and Hudah are in partnership, sharing profits and losses in the ratio 3:2. Their financial position as at 31* December 2018 is as follows: GHC GHC GHC Non-current Assets: Freehold Premises: cost 30,000 Fixtures and Fittings: Cost 5,000 Depreciation 4,000 1,000 Motor Vehicle: Cost 4,000 Depreciation 1,000 3,000 34,000 Current Assets: Receivables 20,000 Cash at Hand 600 20,600 Total Assets 54,600 Capital and Liabilities: Capital accounts Mintah 20,000 Hudah 2,500 22,500 Current accounts: Mintah 3,000 Hudah 500 3,500 Non-current Liabilities: Loan: Mintah 16,000 Current liabilities: Payables 12,600 Total liabilities 54,600

Mintah and Hudah are in partnership, sharing profits and losses in the ratio 3:2. Their financial position as at 31* December 2018 is as follows: GHC GHC GHC Non-current Assets: Freehold Premises: cost 30,000 Fixtures and Fittings: Cost 5,000 Depreciation 4,000 1,000 Motor Vehicle: Cost 4,000 Depreciation 1,000 3,000 34,000 Current Assets: Receivables 20,000 Cash at Hand 600 20,600 Total Assets 54,600 Capital and Liabilities: Capital accounts Mintah 20,000 Hudah 2,500 22,500 Current accounts: Mintah 3,000 Hudah 500 3,500 Non-current Liabilities: Loan: Mintah 16,000 Current liabilities: Payables 12,600 Total liabilities 54,600

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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