Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year

Question:

Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year ended 31 December 2005.

image text in transcribed

Required: Prepare the relevant trading, profit and loss and appropriation account, and balance sheet extracts.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780470058985

1st Edition

Authors: Michael J. Jones

See More Books

Question Posted: Jun 24, 2024 02:04 AM

See More Questions

Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year ended 31 December 2012. Required: Prepare the relevant income statement and statement of financial...
only question 2.. plz help me.. im offering all my credits. i swear... Faculty of Business, Economics & Accounting Department of Accounting and Finance HELP Bachelor of Business (Hons) Year 3...
Consider the following information: Rate of Return if State Occurs State of Economy Boom :57 Bust of Economy .66 .34 Probability of State Stock A .09 .13 Stock B Stock C .03 .19 .24 -.04 a. What is...
Table P-23 contains Southwest Airlines' quarterly income before extraordinary items ($MM) for the years 1988-1999. a. Plot the income data as a time series and describe any patterns that exist. b. Is...
Short interest is a measure of the aggregate short positions on a stock. Check an online brokerage or other financial service for the short interest on several stocks of your choice. Can you guess...
Can countries control the export of their rare natural resources? LO.1
On April 26, 1990, Quantum Chemical Corporation declared a 2 percent stock dividend. After the stock dividend, the number of shares outstanding increased to approximately 27.54 million. Assume that...
A manufacturing company has developed a fuel efficient machine for cleaning carpet because it delivers carpet cleaner so rapidly. Of interest is a random variable Y, the amount in gallons per minute...
Fredrics is considering a project that will require $29,000 in net working capital and $87,000 in fixed assets. The project is expected to produce annual sales of $75,000 with associated costs of...
J- Waite and p- Watchers trial balance as at 30 November 2005 is set out below. 1. Closing stock is 15,000. 2. Salaries are 18,000 for Waite and 16,000 for Watcher. 3. There is 300 owing for rent. 4....
State whether the following are true or false. If false, explain why. (a) Drawings are an expense recorded in the partners trading, profit and loss and appropriation account. (b) Partners current...
Frank and Maureen Fantazzi invested 8,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited 1,000 on each of her birthdays until she was 18...
According to a recent study, 21% of American college students graduate with no student loan debt. Suppose we obtain a random sample of 106 American college students and record whether or not they...
Differentiate the following with respect to x: a. y=5x+2x + x + 15 b. y=4x+3x - 4x - 10 c. y = 3Sin(5x) d. y = 3Cos(3x) e. y=10e -25x f. y = log(6x)
Question 2. The rate of drug destruction by the kidneys is proportional to the amount of the drug in the body. The constant of proportionality is denoted by K. At time t the quantity of the drug in...
5. 6. -1 (4a) U u X2 1 X2 -2 x -1 -2 12 (4b) U -2 2 Y y 16 x2 X2 3 1 (4c) U u - x 2 Y y -8 Y y -20 5 x X2 2 Find the state space models of the three systems shown in Fig. 4a, Fig. 4b, and Fig. 4c,...
Given the following data for Mehring Company, compute total manufacturing costs, prepare a cost of goods manufactured statement, and compute cost of goods sold. Direct materials used $230,000...
Dinkle Company prepares monthly cash budgets. Relevant data from operating budgets for 2012 are: All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first...
7. Baladna wants to analyze process that includes delivery by suppliers, production inside the company, transportation to to its customers and information systems. Then it also wants to find out...
For anOld Country Links, Incorporated, produces sausages in three production departments Mixing , Casing and Curing, and Packaging. In the Mixing Department, meats are prepared, ground and mixed with...
A manufacturing firm uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs, based on machine hours required. At the beginning of 2 0 1 9 , the firm expected to...
An investor wants to purchase a zero coupon bond from Timberlake Industries today. The bond will mature in exactly 5.00 years with a redemption value of $1,000. The investor wants a 12.00% annual...

Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year

Question:

Net profit before appropriation: 100,000 Capital accounts: Tom 8,000 Profit sharing ratio: 3 Tom, 1 Thumb Salaries: Tom 10,000, Thumb 30,000 Thumb 6,000 Current accounts: Tom 3,000 cr Drawings: Tom 25,000, Thumb 30,000 Thumb 1,000 dr

Step by Step Answer:

Financial Accounting

Students also viewed these Business questions