Ouestion The following were the balances of the partnership between Cryn and Pencil an at 3 December 2009 Crayon 600r Aenng do jende 000 OF 000 0E Current accounts on 1 January 2009 Pencil Drawings during the year 000 9 Pencil Land and building. 000 091 000 S1" 000 0 Cash and bank. Bank loan. Electricity Office salaries. Advertising. Bad debts. Provision for bad debts. Debtors. Creditors. Provision for depreciation: equipment. Stock on 31 December 2009. Gross profit for the year. 000 06 00t 000 0F 000 0E 00. 00L 000 9' 9 500 000 Z 000 0E" 0000 Additional information available includes: The provision for bad debts is to be increascd 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 vi. Interest on drawings is 5% per annum vii. Profits and losses are to be shared in the ratio 2:3 between Crayon and Pen Draft the Profit and Loss Appropriation Account for the year ended 31 De B. Write up the Capital and Current Accounts of Crayon and Pencil.

Ouestion The following were the balances of the partnership between Cryn and Pencil an at 3 December 2009 Crayon 600r Aenng do jende 000 OF 000 0E Current accounts on 1 January 2009 Pencil Drawings during the year 000 9 Pencil Land and building. 000 091 000 S1" 000 0 Cash and bank. Bank loan. Electricity Office salaries. Advertising. Bad debts. Provision for bad debts. Debtors. Creditors. Provision for depreciation: equipment. Stock on 31 December 2009. Gross profit for the year. 000 06 00t 000 0F 000 0E 00. 00L 000 9' 9 500 000 Z 000 0E" 0000 Additional information available includes: The provision for bad debts is to be increascd 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 vi. Interest on drawings is 5% per annum vii. Profits and losses are to be shared in the ratio 2:3 between Crayon and Pen Draft the Profit and Loss Appropriation Account for the year ended 31 De B. Write up the Capital and Current Accounts of Crayon and Pencil.

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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Please don't provide answer in image format thank you Terrilson Trading is a company in the business of manufacturing parts for train wagons. Terri and Nilson formed this company in 2015 after they were both retrenched from their employment. The following information pertains to the business activities of the partnership for the year ended 31 August 2022. Extract from the statement of financial position as at 31 August 2022: 2022 2021 R R Land and buildings (at cost) 1,010,600 660,600 Equipment (at cost) 624,900 569,400 Accumulated depreciation: Equipment 175,200 74,400 Long-term loan 283,600 198,200 Members’ contributions 1,276,500 1,080,100 Retained earnings 231,200 79,700 Loans to members 98,100 34,100 Loans from members 118,700 - Distribution to members payable 78,200 108,600 Inventory 59,100 33,200 Dividend receivable 21,600 101,200 Trade payables control 137,000 66,900 Accrued security expenses 7,700 3,400 Current tax payable 62,200 40,000 Accrued rental income 6,200…
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QUESTION 3 Vivy and Siti are partners sharing profits and losses in the ratio 1:3 respectively. It was agreed between them that each partner is to receive: an interest on capital 5% per annum. an interest on loan 8% per annum. an interest on drawings 5% per annum. Vivy is entitled for a monthly salary of RM1,000 while Siti will receive a monthly salary of RM2,000. i. i. ii. iv. The accounting year end of the business is 30 June every year. The following is the Statement of Profit and Loss as at 30 June 2021. RM RM Sales 170,000 Less: Cost of Sales Inventories at 1 July 2020 5,500 Purchases 28,900 Inventories at 30 June 2021 (10,600) (23,800) Gross Profit 146,200 Less: Expenses Salaries 8,000 Interest on bank loan 750 Utilities 4,500 Rent 1,000 General Expenses 3,075 (17,325) NET PROFIT 128,875