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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 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 22,540 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 1,050,000 47,600 32,340 Commission Received 133,000 Sundry Creditors 8,400 Sales 44,800 22,400 2,100 82,600 336,000 50,400 2,800 11,200 12,600 18,200 33,600 30,800 29,400 15,400 19,600 25,620 67,200 S K P 2,098,600 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. 81,200 47,600 44,800 16,800 88,200 1,820,000 2,098,600 16,800 28,000 22,400 19,600 117,880 2,520 700 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 22,540 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 1,050,000 47,600 32,340 Commission Received 133,000 Sundry Creditors 8,400 Sales 44,800 22,400 2,100 82,600 336,000 50,400 2,800 11,200 12,600 18,200 33,600 30,800 29,400 15,400 19,600 25,620 67,200 S K P 2,098,600 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. 81,200 47,600 44,800 16,800 88,200 1,820,000 2,098,600 16,800 28,000 22,400 19,600 117,880 2,520 700 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
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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 Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses Outstanding Telephone expenses Particulars 22,540 Capital Accounts 1,050,000 47,600 32,340 Commission Received 133,000 Sundry Creditors 8,400 Sales 44,800 22,400 2,100 82,600 336,000 Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture 2,098,600 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information 50,400 2,800 11,200 12,600 18,200 33,600 30,800 29,400 15,400 19,600 25,620 67,200 S K P Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 81,200 47,600 44,800 16,800 88,200 1,820,000 2,098,600 16,800 28,000 22,400 19,600 117,880 2,520 700 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 Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses Outstanding Telephone expenses Particulars 22,540 Capital Accounts 1,050,000 47,600 32,340 Commission Received 133,000 Sundry Creditors 8,400 Sales 44,800 22,400 2,100 82,600 336,000 Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture 2,098,600 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information 50,400 2,800 11,200 12,600 18,200 33,600 30,800 29,400 15,400 19,600 25,620 67,200 S K P Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 81,200 47,600 44,800 16,800 88,200 1,820,000 2,098,600 16,800 28,000 22,400 19,600 117,880 2,520 700 20% 12.50% 10.00% 2.50% 5.00%
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