Statement of owner's equity Billie Soares owns and operates Organic Products Company. Financial information related to Organic Products Company for the month ended June 30, 20Y9, is as follows: Billie Soares, capital, June 1, 20Y9 Net income for June Withdrawals by Billie Soares in June Additional investment by Billie Soares in June $ 1,870,000 118,000 28,000 40,000 a. Prepare a statement of owner's equity for the month ended June 30, 20Y9. If an amount box does not require an entry, leave it blank. Organic Products Company Statement of Owner's Equity For the Month Ended June 30, 20Y9 Line Item Description Amount 147

Statement of owner's equity Billie Soares owns and operates Organic Products Company. Financial information related to Organic Products Company for the month ended June 30, 20Y9, is as follows: Billie Soares, capital, June 1, 20Y9 Net income for June Withdrawals by Billie Soares in June Additional investment by Billie Soares in June $ 1,870,000 118,000 28,000 40,000 a. Prepare a statement of owner's equity for the month ended June 30, 20Y9. If an amount box does not require an entry, leave it blank. Organic Products Company Statement of Owner's Equity For the Month Ended June 30, 20Y9 Line Item Description Amount 147

Name: Statement of owner's equityBillie Soares owns and operates Organic Pr
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Statement of owner's equityBillie Soares owns and operates Organic Products Company. Financial information related to Organic Products Company for the month ended June 30,20Y9, is as follows:Billie Soares, capital, June 1, 20Y9Net income for JuneWit

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.2: Distribution Of Net Income And Owners’ Equity Statements

Problem 1WT

See similar textbooks

Similar questions

Prepare the Statement of Changes in Equity of Camray Traders for the year ended 28 February 2021. The information given below was extracted from the accounting records of Camray Traders, a partnership business with Camy and Raymond as partners. The financial year ends on the last day of February each year. Balances in the ledger on 28 February 2021 Debit Credit R R Capital: Camy 1 200 000 Capital: Raymond 800 000 Current a/c: Camy (01 March 2020) 50 000 Current a/c: Raymond (01 March 2020) 60 000 Drawings: Camy 360 000 Drawings: Raymond 320 000 The following must be taken into account: (a) The net profit according to the statement of comprehensive income amounted to R1 400 000 on 28 February 2021. (b) The partnership agreement made provision for the following: ¦ Interest on capital must be provided at 18% per annum on the balances in the capital accounts. Note: Camy increased her capital by R240 000 on 01 September 2020. Raymond decreased his capital by R120 000 on the same date. The…
Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Sunray Traders, a partnership business with Sunny and Raymond as partners. Extract from the ledger of Sunray Traders as at 28 February 2022 CREDIT DEBIT R R Capital: Sunny 1 000 000 Capital: Raymond 600 000 Current alc: Sunny (01 March 2021) 60 000 Current alc: Raymond (01 March 2021) 40 000 Drawings: Sunny 300 000 Drawings: Raymond 400 000 The following must be taken into account: (a) The Statement of Comprehensive Income reflected a net profit of R900 000 for the year ended 28 February 2022. (b) The partnership agreement provided for interest on capital at 12% p.a. on the balances on the capital accounts. Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased his capital contribution by R200 000 on 01 September 2021. The capital changes have been recorded. (c) The partners are…
Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Sunray Traders, a partnership business with Sunny and Raymond as partners. Extract from the ledger of Sunray Traders as at 28 February 2022 CREDIT DEBIT R Capital: Sunny 1 000 000 Capital: Raymond 600 000 Current alc Sumy (01 March 2021) 60 000 Current alc Raymond (01 March 2021) 40 000 Drawings: Sunny 300 000 Drawings Raymond 400 000 The following must be taken into account: (a) The Statement of Comprehensive Income refected a net profit of R900 000 for the year ended 28 February 2022 (b) The partnership agreement provided for interest on capital at 12% p.a on the balances on the capital accounts. Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased his capital contribution by R200 000 on 01 September 2021. The capital changes have been recorded. (c) The partrers are entided…
Prepare statement of changes in equity for the year ended 28 February 2022
The information given below was extracted from the accounting records of Britar Traders, a partnership business with Brian and Taryn as partners. REQUIRED Use the information provided to prepare the Statement of Changes in Equity for the year ended 29 February 2020. INFORMATION Extract from the ledger of Britar Traders as at 29 February 2020 Debit Credit R R Capital: Brian Capital: Taryn Current alc: Brian (01 March 2019) 900 000 600 000 50 000 Current alc: Taryn (01 March 2019) Drawings: Brian Drawings: Taryn 30 000 350 000 250 000 The following must be taken into account: 1. On 29 February 2020 the Statement of Comprehensive Incomec reflected, amongst others, the following: Sales R1 200 000 Sales returns R50 000 Net profit R700 000 2. The partners earn interest at 12% p.a. on their capital balances. Note: Brian increased his capital balance by R100 000 on 01 September 2019 whilst Taryn decreased her capital balance by R100 000 on the same date. 3. The partners were entitled to the…
Activity No. 5. Dev Xe Company in partner's equity has the following transactions for the year ended December 31, 2020. Prepare a COMPLETE Statement of Changes in Equity. Capital, January 2020, Partner 1 Capital, January 2020, Partner 2 200,000.00 Capital, January 2020, Partner 3 150,000.00 Net Income Investment, Partner 1 Investment, Partner 2 Investment, Partner 3 Withdrawals, Partner 1 75,000.00 50,000.00 100,000.00 20,000.00 40,000.00 37,500.00 Withdrawals, Partner 2 50,000.00 Withdrawals, Partner 3 75,000.00 lyong sagot Activity No. 6. Enumerate accounts that points out different parts of the Statement of Changes in Equity. a. specifically, accounts that Increases the equity - b. specifically, accounts that Decreases the equity
REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sooraya Enterprises/Partnership for the year ended 28 February 2022. INFORMATION Extract from the ledger of Sooraya Enterprises on 28 February 2022 R Capital: Soo 450 000 Capital: Raya 350 000 Current a/c: Soo (01 March 2021) Current a/c: Raya (01 March 2021) Drawings: Soo Drawings: Raya The following must be taken into account: 30 000 CR 25000 DR 220 000 260 000 1. On 28 February 2022 the Profit and Loss account reflected a net profit of R 880 000. 2. Partners are entitled to interest at 12% p.a. on their capital balances. Note: Soo increased her capital contribution by R180 000 on 01 September 2021. The capital increase has been recorded. 3. The partners are entitled to the following monthly salaries for the first 6 months of the financial year: Soo R15 000 Raya R11 000 From 01 September 2021, the partners will be entitled to annual salaries of R144 000 each. 4. Raya is entitled to a bonus…
Prepare the Statement of Changes in Equity of Camray Traders for the year ended 28 February 2021 using template provided The following must be taken into account:(a) The net profit according to the statement of comprehensive income amounted to R1 400 000 on 28 February2021.(b) The partnership agreement made provision for the following:¦ Interest on capital must be provided at 18% per annum on the balances in the capital accounts.Note: Camy increased her capital by R240 000 on 01 September 2020. Raymond decreased his capital byR120 000 on the same date. The capital changes have been recorded.¦ The partners are entitled to the following monthly salaries:Camy R26 000Raymond R25 000Note: The partners’ salaries were increased by 10% with effect from 01 December 2020.¦ Camy and Raymond share the remaining profits or losses equally.
Prepare the Statement of Changes in Equity for the year ended 28 February 2022.INFORMATIONThe information given below was extracted from the accounting records of Sunray Traders, a partnership business withSunny and Raymond as partners.Extract from the ledger of Sunray Traders as at 28 February 2022DEBITCREDITRRCapital: Sunny 1 000 000Capital: Raymond 600 000Current a/c: Sunny (01 March 2021) 60 000Current a/c: Raymond (01 March 2021) 40 000Drawings: Sunny 300 000Drawings: Raymond 400 000The following must be taken into account:(a) The Statement of Comprehensive Income reflected a net profit of R900 000 for the year ended 28 February 2022.(b) The partnership agreement provided for interest on capital at 12% p.a. on the balances on the capital accounts.Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased hiscapital contribution by R200 000 on 01 September 2021. The capital changes have been recorded.(c) The partners are entitled to the…
8) ACCOUNTING PRINCIPLES II course
Make an journal entry and income summary
Hi can you please help me prepare the Statement of Changes in Equity for the year ended 28 February 2021