Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fika and Husna are in partnership and they share the profits and losses equally. The following is their trial balance as at 30 June 2018.

image text in transcribed
image text in transcribed
Fika and Husna are in partnership and they share the profits and losses equally. The following is their trial balance as at 30 June 2018. Cr (RM) Dr (RM) 50,000 11,000 3,300 16,243 11,150 6771 41,979 123,650 Building (Cost RM75,000) Fixture at cost Provision for depreciation Account receivables Account payable Cash at Bank Stock at 1 July 2017 Sales Purchases Carriage outwards ET 692 Discounts allowed Loan interest Office expenses Salaries and Wages Bad debts Provision for bad debts Loan from bank Capital: Fika Husna Current accounts: Fika Husna Drawing: Fika Husna 85,416 1,288 115 4,000 2,416 18,917 503 400 40,000 35,000 29,500 1,306 298 6,400 5,650 244,604 244,604 Additional Information: a. Closing stock as at 30 June 2018 is RM56,340. b. Expenses to be accrued for Office Expenses is RM96 and Wages is RM200. c. Depreciate for Fixtures is RM770 and Building is RM1000. d. Reduce Provision for bad debts to RM320. e. Partnership salary RM800 to Husna. f. Interest on Drawings for Fika is RM180 and Husna is RM120 g. Interest on capital account balance at 10% Required: i. Prepare a Statement of Profit or Loss for the year ended 30 June 2018. (10 marks) ii. Prepare Statement Profit or Loss Appropriation account for the year ended 30 June 2018. (9 marks) iii. Explain THREE (3) types of partnership. (6 marks)

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

More Books

Students also viewed these Accounting questions

Question

Describe new developments in the design of pay structures. page 475

Answered: 1 week ago