Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 25,760 Capital Accounts Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses 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 S K P 2,398,400 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Outstanding Telephone expenses Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 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 2,880 800 20% 12.50% 10.00% 2.50% 5.00%

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 25,760 Capital Accounts Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses 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 S K P 2,398,400 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Outstanding Telephone expenses Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 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 2,880 800 20% 12.50% 10.00% 2.50% 5.00%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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 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 57,600 3,200 12,800 14,400 20,800 38,400 35,200 33,600 17,600 22,400 29,280 76,800 S K P 2,398,400 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information 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 Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 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 2,880 800 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 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 57,600 3,200 12,800 14,400 20,800 38,400 35,200 33,600 17,600 22,400 29,280 76,800 S K P 2,398,400 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information 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 Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 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 2,880 800 20% 12.50% 10.00% 2.50% 5.00%
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Methods of accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS