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Q1

Prepare the following for the partnership (Ignore GST and tax implications):

Balance day journal adjustments in general journal form for the year ended 31 March 2016.

An Adjusted Trail Balance as at 31 March 2016

Q2

Prepare the following financial statements for the partnership

An Income Statement for the year ended 31 March 2016

A Profit and Loss appropriation statement for the year ended 31 March 2016

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.

1 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 Total 1,946,000 1 Credit 50,000 60,000 156,000 71,000 40,000 1,530,000 9,000 18,000 12,000 1,946,000 2 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 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 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