QUESTION 2Dream Pond & Dam is a registered VAT (value added tax at 15%) vendor that specialises in exoticKoi fish, feeds and health products for fish- and fish ponds. You are provided with someinformation that relates to the part-time business partners, Dillan and Damian for the financialyear end at 30 September 2020.Balances on 30 September 2020:DebitCreditLand & buildingsCapital: DillanCapital: DamianTrade & other receivablesTrade & other payablesCurrent account: DillanCurrent account: DamianDrawings: DillanDrawings: DamianBankProfit & loss (Net profit)550 800208 330291 66025 87018 5307 50012 29043 92037 00015 450752 125Additional information:1. The partnership's agreement of Dream Pond & Dam stipulates the following:• Partners will share profits in the ratio 1:2.• Although the Covid19 pandemic influenced the business profits, the partners willsustain their original 10% per annum interest on capital.Each partner is entitled to a salary of R125 000 per year.After fulfilling the partnership agreement stipulations, the partners also agreed totransfer 10% of the remaining profit into the general reserve account and only then,partners will share the remaining profit.2. The bookkeeper but did not take the following information into consideration:Dream Pond & Dam received an amount of R1 125 from B Barry on 15 August2020. The amount was written off on 1 December 2019 and entered into therecords, but the cash received was never recorded in the books.• Damian increased his capital contribution in the business by R85 000 cash on1 March 2020, and the cash contribution was correctly recorded.• Dream Pond & Dam was notified that Mika Moaner (a debtor, who owes an amountof R820 excluding VAT), has disappeared and his account should be written off asirrecoverable.• A rental contract was signed on 31 August 2019 for a part of the building, and ismonthly paid in advance on the first day of the month. The monthly amount ofR18 700 (excluding VAT) was paid from 1 September 2019 and the total amountof R243 100 was recorded as income in the records on 30 September 2020.• The municipality account for water & electricity was emailed to Dream Pond & Damon 28 September 2020. The amount of R5 700 (VAT inclusive) has not yet beenrecorded.• The special insurance policy for the security cameras amounts R690 (VATexclusive) per month, and was included in the insurance expense although thepayment was for October 2020.ACFS 122 Level B Test 3 November 2020Page 4 ofTotalSub-totalREQUIREDPrepare the appropriation section of the Statement of profit or lossand other comprehensive income for Dream Pond & Dam for theyear ended 30 September 2020.Show all calculations.Calculate the balances of the current accounts of the partners,Dillan and Damian for the year ended 30 September 2020.2.12.2 Question4is a non-profit Charity organisstionMahikeng aud was established in doln. The aganisatiyears,Big bother• At 31 December 2019, 14 memberswereyette pay their membership fees far the 2019threehas grown Substantially orer theTThepastfinancial year. They had been memb ersorganization own its onn building with 'aBrutherfully equipped kitchen The bookkeeper of Big Brtherequested your help with the Compilation gFF themembership fees account aud with the Statemententdfull andyearthepay2020 financial year.vere expected ttheirfeesduringThe fillowing Ts extracted from the organizetion's31December 2019the yearincome and expenditure pr2019of31 DecemberThe following information nasmembership fees per member, annum fotcashbookonyou:membership feesTuck Shop Sales (Eash only')Tuck Shop purchases CcásMew Stove bought for kitchenSalanesgiven2120CO0financialperRIO 1002018anly)year1350 0002019 financial yearƏ020 financialR13 40019 500RIT 0O0the club dunng the750 C00yearwho join or leaveSundry 6xpensesInterest incomeTuck Shop inuentory.Tuck Shop inventory-31 December 2018 R84 aUTuck Shop Invenfry-31December 2019other information.RSQ 000, Included in salanes above , relates tsalanes pr January d020Members3410 0940year are euly required te pay membership fees fr000theythetheportion ofyearthat vwere membekS-The registes of members contains the pellowinginformation:The numb et OF members on 31 December 2019tledR96 000members on 31 December 2019 ttalled500of these members had been members Ptthe full yeak, 120 had jonedhad joined on 1 December 2014• Membership fees incleases on 180 members who had been members frå•370Required?4-1. Plepare the membershipyear ended 31 December 20194-ə. Plepare the StatementExpenditire pr Big orother pr the yearEnded 31 December 2019, Ignore cempstativesjomedIJuly 209 audl 9oonfee account for theevery yeatYong,Show all calcubetosandOF Incomeperiod, tesignedas february 2d9.e At 31 December 2019, 15 members had paldfulltheirimembership fee for the 2019 finandialyear.They had been membeksand Pald their fees dunng the 2019 fnacial yearforthe full year

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Sub- Total REQUIRED total Prepare the appropriation section of the Statement of profit or loss and other comprehensive income for Dream Pond & Dam for the year ended 30 September 2020. Show all calculations. Calculate the balances of the current accounts of the partners Dillan and Damian for the year ended 30 September 2020. 2.1 2.2

Sub- Total REQUIRED total Prepare the appropriation section of the Statement of profit or loss and other comprehensive income for Dream Pond & Dam for the year ended 30 September 2020. Show all calculations. Calculate the balances of the current accounts of the partners Dillan and Damian for the year ended 30 September 2020. 2.1 2.2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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pter 15, 16, and 17 Saved p%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q Help Save & E payments. Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment In 2024, Isaac had $621 million in sales of this type. Scheduled collections for these sales are as follows: 2024 $ 61 million 2025 121 million 2026 131 million 2027 152 million 2028 156 million $ 621 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Note: Round your answer to the nearest whole million. Ignoring operating expenses and additional sales in 2025, what deferred tax liability would Isaac report in its year-end 2025 balance sheet? here to search Multiple Choice # $ 3 4 5 E R W 27 DOLL 9:29 PM Construction on…
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Subject : Accounting
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gener a rullu neverve rullu TULOA Revenues Property taxes Intergovernmental Miscellaneous Total revenues Expenditures Current Personnel services Supplies Capital outlay Debt service Principal Interest Total expenditures Excess of revenues over expenditures Other financing sources (uses): Issuance of debt Transfers from other funds Transfers to other funds Total other financing sources (uses) Fund balance beginning of year Excess of revenues and other sources over (under) expenditures and other uses Fund balance end of year Additional information: $ 284,000 29,700 4,800 $ 20,100 318,500 20,100 $ 284,000 49,800 4,800 338,600 145,500 22,500 14,100 159,600 22,500 115,000 115,000 5,000 7,800 5,000 7,800 $ 295,800 $ 14,100 $ 309,900 22,700 6,000 28,700 38,400 38,400 7,700 7,700 (7,700) (7,700) 30,700 7,700 38,400 53,400 13,700 67,100 24,200 8,200 32,400 $ 77,600 $ 21,900 $ 99,500 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis…