Q17 The share of profit of the Co-venturer maintaining all the Joint Venture transactions in his books is _________ Select one: a. debited to Joint Venture Account b. debited to other Co-venturer’s Personal Account c. neither credited nor debited to Joint Venture Account d. debited to Profit & Loss Accoun

Q17 The share of profit of the Co-venturer maintaining all the Joint Venture transactions in his books is _________ Select one: a. debited to Joint Venture Account b. debited to other Co-venturer’s Personal Account c. neither credited nor debited to Joint Venture Account d. debited to Profit & Loss Accoun

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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Question # 03 A and B are partners in a partnership firm. They share profits and losses in the ratio 1:1. Their balance sheet is given below: Balance Sheet Accounts payable A's Capital Cash 45,000 45,000 Other assets 900,000 450,000 B's Capital 450,000 945,000 945.000 They decided to admit C as a new partner for 4 interests in the firm. Required: Give entries in general journal to record admission of C and prepare balance sheet in cach of the following cases separately using Goodwill Method. C invests Rs. 300,000 cash C invests Rs. 270,000 cash C invests Rs. 378,000 cash Case - 1 Case - 2 Case - 3
Question 1 Maxine and Paula are partners who share profits and losses in the ratio 3:1. Their trial balance as at 2018 December 31 was as follows: A. B. i. 11. iii. iv. V. Sales Office salaries Office expenses Mortgage interest Purchases vi. Stock at 2018 January 01 Bank Batik Additional information: Creditors Debtors Fixtures Provision for depreciation on fixtures Building Mortgage 10% Capital - Maxine - Paula Current account - Maxine - Paula Drawings - Maxine - Paula Motor vehicle Commission received $ 25 000 12 630 8.000 245 500 70 000 24 000 22 000 100 000 7 500 3 500 8 500 10 500 50 000 587 130 Stock at 2018 December 31 is $120 000. Interest on capital is to be paid at 5%. Interest on drawings is to be charged at 5%. $ 295 500 42 180 22 350 6 600 80 000 60 000 60 000 20 500 587 130 Commission received is prepaid by $2 500. Provide for depreciation of fixtures 10% using the reducing balance meth d and motor vehicle at 10% using the straight-line method. Paula is to be paid a salary…
QUESTION SIX The following trial balance has been extracted from the books of Gum and Mum as at 31 March 2021; Gum and Mum are in partnership sharing profits and losses in the ratio 3 to 2: Capital accounts: K K Gum 10,000 Mum 5,000 Cash at bank 1,550 Accounts payable 500 Current accounts:…
REVISED IMAGES ATTACHED Why are highlighted items Incorrect? Which Account should be used along with the correct debit or credit amount.
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question 80
Q5 Joint venture account is in the nature of a_____. Select one: a. personal account b. co-account c. nominal account d. real account
h3
27 Statement I: When a partner sells an interest to a new partner at an amount that exceeds the carrying amount of the equity sold, the difference is recognized as a personal gain of the selling partner from the transaction. Statement II: The amount of net assets invested of a new partner into an existing partnership is not always equal to the amount credited to his capital account. O True, true Faise, false Fase, true O True false
Vusi and Vuma are in partnership trading as VV Traders specialising in manufacturing protective wear related to COVID-19. The partners share profits equally. The following information pertains to the business activities of the partnership for the year ended 30 June 20.2: VV TRADERS EXTRACT OF FINANCIAL INFORMATION AS AT 30 JUNE 20.2 Note R Loan to Vusi Land and buildings (at cost) Machinery (at cost) Vehicles (at cost) Accumulated depreciation: Machinery Accumulated depreciation: Vehicles Allowance for credit losses Capital contribution: Vusi Capital contribution: Vuma Allowance for settlement discount granted Long-term loan Inventory Trade receivables control Trade payables control Bank Petty cash Current account: Vusi (1 July 20.1) Current account: Vuma (1 July 20.1) 92 650 462 330 160 690 Cell Styles 201 580 29 220 9 810 3 710 350 280 350 280 8 940 70 850 49 490 97 450 41 530 84 590 1 570 42 840 63 220 Profit before year-end adjustments 170 370 Additional information 1. The…