The profit-sharing ratio is 3:3: 1. Drawings during the year to 30 September were Davies 9,000, Harris

Question:

The profit-sharing ratio is 3:3: 1.

Drawings during the year to 30 September were Davies £9,000, Harris

£7,000 and Lord £1,000. The net profit for the year amounted to

£28,000.

Prepare the appropriation account and the partners' capital and current accounts for the year. LO.1

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Mastering Accounting

ISBN: 9780333511978

1st Edition

Authors: George Bright, Michael Herbert

See More Books

Question Posted: Jul 02, 2024 09:02 AM

See More Questions

Part 2 The Taj, Ula and Valda Partnership commenced trading on 1 April 2015. A summary of business transactions for the year ended 31 March 2016 are as follows: $ Cash Drawings: Taj 15,000 Ula 9,000...
hi there, can get the answers for these questions ASAP thanks 1 Tutorial Questions for Week 2 commencing 6 March 2017 Tutorial Q1 Taj, Ula and Valda formed a partnership under the following terms:...
Describe how you will encourage children to be inspired to pursue their own original ideas, interpretations, and expressions (40 - 80 words).
Calculate e y for the following values of y: (a) y = 1 (b) y = 5 (c) y = -.5 (d) y = -2.5 (e) y = 3.1 (f) y = - I (g) y = .05 (h) y = .32 (i) y = 6.1 (j) y = -5.4
CVF owned 2,000 shares of Jarvis nonvoting common stock with a $225,000 basis. In each of the following cases, determine CVFs recognized gain or loss on the disposition of this stock: a. CVF...
On December 31, 2014, the Stockholders Equity section of Mercedes Corporation was as follows: Common stock, par value $5; authorized 30,000 shares; issued and outstanding, 9,000 shares $ 45,000...
The ANES asks the respondent if she is married, and if she is not and there is another adult living in the household, they ask the respondent if she has a partner. Use the recoded marital status...
In a certain large city, hot dog vendors are perfectly competitive, and face a market price of $1.00 per hot dog. Each hot dog vendor has the following total cost schedule: Number of Hot Dogs per Day...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 19,000 Accounts receivable, net 200,000...
Nicholson and Marriott are in partnership, sharing profits and losses equally. On 31 March 19-9 the following balances were extracted from their books: Capital accounts: Nicholson 24,000 Marriot...
Interest on capital is given at the rate of 5%. LO.1
11 . Why is a dividend consisting of the distribution of additional shares of the common stock of the declaring coiporation not considered income to the recipient stockholders? lp85
The answer above is NOT correct. The value of (2x + 1)(x + x)dx is
Review the resource on organizational theory. Explore the various theories and select one to use for this Discussion. Consider the strengths and limitations of the chosen theory. Compose an analysis...
How do the locations of Australian department store Myer affect the ability of the other factors of the operating model canvas (suppliers, organization, processes, and information/management systems)...
Critical Reading Review: The Exclusion of Latinos from American Media and History Books Read the article. After reading the article, answer the following questions: 1. What purpose do you think the...
1. How does the proposed market segment of residential contracts differ from Smith Electric's current market segment? 2.What does a SWOT analysis tell us about Smith Electric's ability to enter a...
Document for Analysis: Weak Internal Memo Your Task. Study the following memo, which is based on an actual document sent to employees. How can you apply what you learned in this chapter to improving...
Gordon and Lisa estimate that they will need $1,875,000 in 40 years for their retirement years. If they can earn 8 percent annually on their funds, how much do they need to save annually?
Which of the following is not one of the elements of the balanced scorecard? a.cost system b.strategic initiatives c.performance targets d.strategy maps
Yield to Maturity and Call with Semiannual Payments Shares Remaining After Recapitalization Dye Trucking raised $75 million in new debt and used this to buy back stock. After the recap, Dye's stock...
Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzerias owner has determined that the shop...

The profit-sharing ratio is 3:3: 1. Drawings during the year to 30 September were Davies 9,000, Harris

Question:

Step by Step Answer:

Mastering Accounting

Students also viewed these Business questions