ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
12th Edition
ISBN: 9781260824292
Author: Christensen
Publisher: MCGRAW-HILL HIGHER EDUCATION
Question
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Chapter 15, Problem 15.5E
To determine

Partnership: The partnership is a popular form of business because it is easy to form and allows several individuals to combine their talents, skills and resources in a particular business. In addition, partnerships allow the sharing of risks for rapidly growing business.

From accounting point of view, partnership requires recognition of several important factors,

  1. From accounting point of view partnership is a separate business entity.
  2. The partnership accounts for their operations using accrual accounting.
  3. Most partnerships are not required to furnish financial statements annually and they are not required to have annual audit of their financial statements.

To match: the given items with the given descriptions and explanations.

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Creditors Sales Revenue 22,500 1,143,700 Land at cost 550,000 Building at cost 570,000 Furniture and fittings at cost 85,000 Bank 14,000 Provision for Depreciation Buildings 120,000 Furniture and fittings 15,000 Discounts 5,700 5,800 Retained Earnings at 1 Oct 2022 14,800 Provision for bad debts 2,200 Goodwill 400,000 Cash 16,400 Inventory at 1 Oct 2022 48,000 Rent Received(from Breezy Ltd) 27,000 Rent 7,900 Wages and Salaries 122,000 Insurance 16,300 Carriage Inwards 2,300 Returns 8,500 12,000 Commission received 5,200 8% Mortgage 100,000 Other Operating Expenses 2,500 Debtors 45,000 Purchases 340,000 Debenture Interest 1,200 Mortgage Interest 4,600 Bad debt 4,700 7% Debentures 150,000 4% Preference Shares @ $0.5 130,000 Ordinary Shares @ $0.75 375,000 General Reserves 127,000 Interim ordinary dividends paid 4,500 2,249,400 2,249,400
I need help with this general accounting problem using proper accounting guidelines.
Can you explain this general accounting question using accurate calculation methods?
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