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: Profits and losses are to be shared between Taj, Ula and Valda in the ratio 2:2:1 respectively. Ula is to be allowed a salary of $30,000 per annum. Interest of 10% is allowed on the capital account balances outstanding as at the beginning of the financial year. No interest is allowed on current accounts. Interest at 10% is charged on drawings for the year irrespective of when the drawings were made. Interest of 15% is allowed on the loan accounts of the partners. The Taj, Ula and Valda Partnership commenced trading on 1 April 2015the trail balance for the year ended 31 March 2016 is provided below: Date Taj, Ula and Valda Partnership Unadjusted Trial balance as at 31 March 2016 Account Details Debit Loan from Ula Accounts Receivable 76,000 Stock 1/4/2015 15,000 Accounts Payable Bank 689,000 Capital Accounts as at 31/3/2016: Taj Ula Valda Fixed Assets 230,000 Sales Purchases 630,000 Sales returns 6,000 Purchases returns Transportation cost related to purchases 12,000 Transportation costs for delivery of good to customers 6,000 Transportation cost payable Purchases discounts Sales discounts 3,000 Drawings: Taj 15,000 Ula 9,000 Valda 3,000 Utilities 36,000 Salaries 60,000 Rental 108,000 Maintenance 27,000 Other expenses 21,000 1 Credit 50,000 60,000 156,000 71,000 40,000 1,530,000 9,000 18,000 12,000 2 Total 1,946,000 1,946,000 The following additional information relates to the financial year end 31 March 2016: Depreciation on fixed assets for the year ended 30/3/2016 is to be provided on a diminishing balance basis at the rate of 10% per annum. Stock as at 31/3/2016: Cost $42,000 and Net Realizable Value $45,000 Rental expense is for 12 months commencing 1/12/2015. Allowance for doubtful debts is to be made at 4% of debtors outstanding as at financial year end. Bad debts to be written off is $6,000 Utilities expenses for the month of March 2016 amounting to $6,000 were only settled in April 2016. Required: Prepare the following for the partnership (Ignore GST and tax implications): (a) Balance day journal adjustments in general journal form for the year ended 31 March 2016. (b) An Adjusted Trail Balance as at 31 March 2016 Tutorial Q2 Prepare the following financial statements for the partnership (a) An Income Statement for the year ended 31 March 2016 (b) A Profit and Loss appropriation statement for the year ended 31 March 2016 Tutorial Q3 Prepare the current accounts of the partners to record all balances and transactions until 31 March 2016 and the Balance Sheet as at 31 March 2016. 2 1 Tutorial Questions for Week 3 commencing 13 March 2017 Tutorial Q4 Use information from Tutorial Q1 - 3 to answer the following questions. On 1st April 2016, Valda decided to retire from the partnership. A new partner, Wade was admitted to the partnership on that date. The following matters are agreed: Non-current assets were revalued to $ 200,000 Bad debts to be written off by an amount of $15,000 Goodwill amounting to $135,000 is to be recorded in the books on the day Valda retires. The partners in the new firm do not wish to maintain a goodwill account and the amount is to be written off against the partnership's capital accounts. The amount due to/from Valda was settled in cash. The new partners Taj, Ula and Wade are to share profits and losses in the ratio 3:3:1 respectively. Wade transferred a motor vehicle and office equipment worth $30,000 and $10,000 to the partnership. The capital account balances of Taj, Ula and Wade were adjusted through contribution of cash or reimbursement by the partnership so that their capital account balances are in proportion to the profit sharing ratio of 3:3:1. Required: (i) Prepare journal entries in general journal form (with narrations) to record the above transactions. (ii) Prepare the following ledger accounts to show the changes in the partnership: - Revaluation Account - Goodwill Account - Capital Accounts of the partners - Retirement Account - Bank Account (iii) Prepare a balance sheet of the new partnership of Taj, Ula and Wade after the changes have been made. 1 2 Tutorial Q5 Karen, Larry and Murray decided to form a partnership on 1 March 2017. Karen and Larry dissolved their sole trader businesses and transferred the assets and liabilities of their businesses to the partnership. The value of the net assets transferred by Karen was considered as her capital contribution to the partnership. An amount of $50,000 of the value of net assets transferred by Larry was considered as loan to the partnership and the balance as capital contribution. Murray paid cash of $40,000 as capital contribution to the partnership. The balance sheets of the sole trader businesses of Karen and Larry prior to transferring the assets and liabilities to the partnership are as follows: Fixed Assets Karen Sole Trader Balance Sheet as at 1 March 2017 $ 140,000 Current Assets: Stock Accounts Receivable Cash 5,000 25,000 60,000 90,000 Current Liabilities: Accounts Payable Working Capital 51,000 39,000 179,000 Financed By; Capital Account: Fixed assets $ 140,000 179,000 Larry Sole Trader Balance Sheet as at 1 March 2017 $ 100,000 Current Assets: Stock Accounts Receivable Cash $ 100,000 10,000 50,000 28,000 88,000 Current Liabilities: Accounts Payable Working Capital 60,000 28,000 128,000 Financed By; Capital Account: 128,000 The assets of Karen Sole Trader and Larry Sole Trader were transferred to the partnership at the following values: Karen Sole Trader 2 Larry Sole Trader 3 Fixed Assets Stock $120,000 $7,000 $110,000 $8,000 Bad debts to be written off from accounts receivable are as follows: Karen Sole trader Larry Sole trader $5,000 $15,000 The cash transferred and paid to the partnership was deposited into a Bank Cheque account with ASB. The bank account was used for all cash transactions of the partnership. Required: (a) Prepare journal entries (with narrations) in general journal form to account for the formation of the Karen, Larry and Murray Partnership (b) Prepare a balance sheet for the Karen, Larry and Murray Partnership as at 1 March 2017 immediately after the formation of the partnership. Tutorial Q6 Ross, Sally and Trent have been in partnership for several years, sharing profits and losses in the ratio of 5:4:1 respectively. The last balance sheet of the partnership prepared on 31 March 2016 is as follows: Ross, Sally & Trent Partnership Balance Sheet as at 31 March 2016 $ 80,000 (30,000) Non-current assets at cost Less accumulated depreciation Stock Accounts receivable $ 50,000 20,000 50,000 120,000 Capital Account: Ross Sally Trent 20,000 16,000 14,000 50,000 Current Account: Ross Sally Trent 2,000 6,000 1,600 9,600 Current Liabilities Bank Overdraft Accounts Payable 20,400 40,000 120,000 On 31 March 2016 the partners agreed to dissolve the partnership. The following transactions are related to the dissolution: 3 4 The stock was sold for a cash consideration of $10,000 Non-current assets were sold for $16,000 except for a vehicle with a book value of $10,000 was taken over by Trent at an agreed valuation of $8,000 Bad debts of $30,000 were fully written off and the remaining debtors settled amounts due in full. The cost of dissolution was $4,000. Discounts of $2000 were received from creditors and the balance of amounts owing was settled in full. Ross was declared a bankrupt and was not able to pay amounts he owed and meet his joint obligation to the partnership. Required: Prepare general journal entries (without narrations) to close the books and dissolve the partnership of Ross, Sally and Trent. 4 Tutorial 1 Week 3 beginning 13 March 1. Why do you think Management students learn law? Is it something you see as necessary if so why? If not, why not? (the class will be divided into two one side arguing it is necessary the other saying it isn't) 2. How is statute law and common law created? Why is there more statute law than common law in New Zealand? Is this a good thing? 3. How does unicameral government work in New Zealand? What are the advantages and disadvantages of a unicameral system of Parliament? 4. How does the present MMP system of Coalition Government affect the process of passing a Bill through parliament? Why was this process easier under the old \"first past the post system\"? Discuss the advantages and disadvantages of MMP. 5. List the key points of difference between \"civil law\" and \"criminal law"? Discuss why there are differences. Tutorial 2 Week 4 beginning 20 March 1. Discuss how precedent is formed. Outline the court hierarchy in New Zealand. What is the role of the Supreme Court as a final court of appeal for New Zealanders? Find a case (online) that has recently gone to the Supreme Court and outline the facts and why there had been an appeal. 2. What is a jury? What are the advantages and disadvantages of juries? Do you think a jury trial brings greater fairness to the legal process? If you were accused of a crime would you want a jury for your trial? 3. What is a challenge to a juror, why is it used and by whom? 4. Give examples of 'administrative tribunals', how they are established, and what type of powers they exercise? Find how to lodge claim with the Disputes Tribunal and the Tenancy Tribunal via their respective websites. Explain the steps that need to be taken to do so. 5. Which areas of law are most relevant to the following situations? First decide whether it is criminal law or private law and then see if you can pinpoint which specific area of law it involves: a. Your mobile phone is stolen from your bag b. You sign a rental agreement for a new flat c. Someone posts something untrue about you on Facebook d. Someone posts and unflattering photo of you on Instagram e. The local pony trekking club takes a shortcut across your land without your permission f. You discover that someone has used your poetry as song lyrics g. A friend asks you to lie for them in court h. Your aunt dies leaving you her Porsche