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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 Furniture Telephone Opening stock of Raw Material Carriage inwards Particulars 25,760 Capital Accounts 1,200,000 54,400 36,960 Commission Received. 152,000 Sundry Creditors 9,600 Sales 51,200 25,600 2,400 94,400 384,000 SHP 92,800 54,400 51,200 19,200 100,800 2,080,000

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 Furniture Telephone Opening stock of Raw Material Carriage inwards Particulars 25,760 Capital Accounts 1,200,000 54,400 36,960 Commission Received. 152,000 Sundry Creditors 9,600 Sales 51,200 25,600 2,400 94,400 384,000 SHP 92,800 54,400 51,200 19,200 100,800 2,080,000

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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5:55 :3 Corporate Accounting 1 A... [Depreciation on venicie Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. Q2 Creditors Bills Payable General Reserves Capital Accounts The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) A B с Creditors Bills Payable General Reserve Capital Accounts Furniture is to be written down by Stock is to be depreciated by Land and Buildings is to be appreciated by Assets 100,000 Cash at Bank Stock They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Goodwill already appears in the books X Y Z A 40,000 50,000 Debtors 200,000 Furniture 175,000 Land and Buildings 125,000 690,000 .... Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted. Amount (RO) 80,000 40,000 60,000 Debtors LESS Provision. 160,000 RO 2000 120,000 Vehicle 80,000 Machinery 540,000 It was agreed among the partners Goodwill of the firm to be valued at Vehicle is to be depreciated by Stock is to be depreciated by Machinery is to be appreciated by 03 X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as follows Liabilities Provision for Doubtful debts to be increased by Outstanding expenses to be brought into account a Done 20% 12.50% 10.00% 2.50% 5.00% Assets Cash at Bank Stock Amount (RO) 75,000 125,000 150,000 40,000 300,000 690,000 125,000 105,000 100,000 12.50% 7.50% 15.0% Amount (RO) 20,000 60,000 80,000 100,000 280,000 540,000 Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z. 96,000 4,000 7,600 17.5% 12.5% 7.5% L
Transcribed Image Text:5:55 :3 Corporate Accounting 1 A... [Depreciation on venicie Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. Q2 Creditors Bills Payable General Reserves Capital Accounts The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) A B с Creditors Bills Payable General Reserve Capital Accounts Furniture is to be written down by Stock is to be depreciated by Land and Buildings is to be appreciated by Assets 100,000 Cash at Bank Stock They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Goodwill already appears in the books X Y Z A 40,000 50,000 Debtors 200,000 Furniture 175,000 Land and Buildings 125,000 690,000 .... Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted. Amount (RO) 80,000 40,000 60,000 Debtors LESS Provision. 160,000 RO 2000 120,000 Vehicle 80,000 Machinery 540,000 It was agreed among the partners Goodwill of the firm to be valued at Vehicle is to be depreciated by Stock is to be depreciated by Machinery is to be appreciated by 03 X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as follows Liabilities Provision for Doubtful debts to be increased by Outstanding expenses to be brought into account a Done 20% 12.50% 10.00% 2.50% 5.00% Assets Cash at Bank Stock Amount (RO) 75,000 125,000 150,000 40,000 300,000 690,000 125,000 105,000 100,000 12.50% 7.50% 15.0% Amount (RO) 20,000 60,000 80,000 100,000 280,000 540,000 Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z. 96,000 4,000 7,600 17.5% 12.5% 7.5% L
5:55 1:3 Corporate Accounting 1 A... 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 Partner S's salary Partner K's salary Lurice A's salary rafticis saiary Partner P's salary Closing stock was Closing stock was Outstanding Office expenses valued at Outstanding Telephone expenses Depreciation on Vehicle A Particulars 25,760 Capital Accounts Depreciation on Plant and Machinery Depreciation on Furniture 1,200,000 54,400 36,960 Commission Received 152,000 Sundry Creditors 9,600 Sales 51,200 25,600 2,400 94,400 384,000 57.600 3,200 12.800 14,400 20,800 38,400 35,200 33,600 17,600 22,400 29,280 76.800 2,398,400 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information all? Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. Q2 S K P Annata (A) Done 92,800 54,400 51,200 19,200 100,800 2,080,000 2,398,400 19,200 32,000 25,600 22,400 134,720 2,880 2,000 The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Tiahilition mount (DOL a 800 OUU 20% 12.50% 10.00% 2.50% 5.00% Amount (BOL (D.
Transcribed Image Text:5:55 1:3 Corporate Accounting 1 A... 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 Partner S's salary Partner K's salary Lurice A's salary rafticis saiary Partner P's salary Closing stock was Closing stock was Outstanding Office expenses valued at Outstanding Telephone expenses Depreciation on Vehicle A Particulars 25,760 Capital Accounts Depreciation on Plant and Machinery Depreciation on Furniture 1,200,000 54,400 36,960 Commission Received 152,000 Sundry Creditors 9,600 Sales 51,200 25,600 2,400 94,400 384,000 57.600 3,200 12.800 14,400 20,800 38,400 35,200 33,600 17,600 22,400 29,280 76.800 2,398,400 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information all? Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. Q2 S K P Annata (A) Done 92,800 54,400 51,200 19,200 100,800 2,080,000 2,398,400 19,200 32,000 25,600 22,400 134,720 2,880 2,000 The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Tiahilition mount (DOL a 800 OUU 20% 12.50% 10.00% 2.50% 5.00% Amount (BOL (D.
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