Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create these financial statements for me will all the steps 3.5.4 The information below was extracted from the accounting records of Kiveshnie Traders, a partnership

image text in transcribed

image text in transcribed

image text in transcribed

Create these financial statements for me will all the steps

3.5.4 The information below was extracted from the accounting records of Kiveshnie Traders, a partnership with Kivesh and Niemand as partners. Required Use the given information for Kiveshnie Traders to prepare the: Statement of Comprehensive Income for the year ended 28 February 20.15 . Statement of Changes in Equity for the year ended 28 February 20.15. Kiveshnie Traders 1. According to physical stocktaking the following inventories were on hand on 28 February 20.15: Merchandise R128 500 Consumable stores R300 2. The loan at Vin Bank is an unsecured loan granted on 01 February 20.14 and will be repaid in 10 equal annual repayments commencing on 01 April 20.15. Interest has been paid in advance. 3. A debtor who owed R700 disappeared without trace. Her account must now be written off. 4. Provide for outstanding interest on fixed deposit. Two fixed deposit accounts were opened on 01 June 20.14. One of the fixed deposits, R9000, matures on 31 May 20.15. The other matures on 31 May 20.16. 5. Provide for depreciation on equipment at 20% p.a. using the diminishing balance method. 6. The water and electricity account for February 20.15 has not yet been paid, R1 300 . 7. Rent has been received up to 31 March 20.15 . 8. The partnership agreement provides for the following which must be taken into account: 8.1 A salary of R9 000 is allowed to each partner monthly. 8.2 Interest on capital at 15% p.a. is allowed on the capital balances. Note that on 01 September 20.14 Niemand increased his capital by R60 000 while Kivesh decreased her capital by R48 000. These capital changes have been recorded. 8.3 Kivesh is to receive a bonus of R15000. 8.4 Interest on the partners' drawings is charged on the daily balances. The amounts for each partner for the year are as follows: Kivesh R4000 Niemand R6 400 8.5 The remaining profit (loss) is shared in the ratio 3:2 between Kivesh and Niemand respectively

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Social Media A Governance And Risk Guide

Authors: Peter R. Scott, J. Mike Jacka

1st Edition

1118061756, 978-1118061756

More Books

Students also viewed these Accounting questions