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S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Particulars 28,980 Capital Accounts 1,350,000 61,200 41,580 Commission Received 171,000 Sundry Creditors 10,800 Sales 57,600 SHP K 104,400 61,200 57,600 21,600 113,400 2,340,000

S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Particulars 28,980 Capital Accounts 1,350,000 61,200 41,580 Commission Received 171,000 Sundry Creditors 10,800 Sales 57,600 SHP K 104,400 61,200 57,600 21,600 113,400 2,340,000

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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Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Furniture Telephone Opening stock of Raw Material Carriage inwards Salaries (Including sales manager salary) Repairs to Buildings Bad debts Carriage Outwards Vehicle Drawings Vehicle running expenses Travelling expenses Advertising Expenses Plant and Machinery S K P Particulars 28,980 Capital Accounts Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses Outstanding Telephone expenses Depreciation on Vehicle 1,350,000 61,200 41,580 Commission Received 171,000 Sundry Creditors 10,800 Sales 57,600 28,800 2,700 106,200 432,000 64,800 3,600 14,400 16,200 23,400 43,200 39,600 37,800 19,800 25,200 32,940 86,400 S K P 2,698,200 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 104,400 61,200 57,600 21,600 113,400 2,340,000 2,698,200 21,600 36,000 28,800 25,200 151,560 3,240 900 20% 12.50% 10.00% 2.50% 5.00%
Transcribed Image Text:Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Furniture Telephone Opening stock of Raw Material Carriage inwards Salaries (Including sales manager salary) Repairs to Buildings Bad debts Carriage Outwards Vehicle Drawings Vehicle running expenses Travelling expenses Advertising Expenses Plant and Machinery S K P Particulars 28,980 Capital Accounts Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses Outstanding Telephone expenses Depreciation on Vehicle 1,350,000 61,200 41,580 Commission Received 171,000 Sundry Creditors 10,800 Sales 57,600 28,800 2,700 106,200 432,000 64,800 3,600 14,400 16,200 23,400 43,200 39,600 37,800 19,800 25,200 32,940 86,400 S K P 2,698,200 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 104,400 61,200 57,600 21,600 113,400 2,340,000 2,698,200 21,600 36,000 28,800 25,200 151,560 3,240 900 20% 12.50% 10.00% 2.50% 5.00%
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