{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-06T12:01:40-04:00", "answer_date": "2024-06-06 12:01:40", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2363127", "url": "\/study-help\/questions\/marks-20-question-5-the-following-information-was-taken-from-2363127", "question_creation_date_js": "2024-06-06T12:01:40-04:00", "question_creation_date": "Jun 06, 2024 12:01 PM", "meta_title": "[Solved] (Marks: 20) Question 5 The following info | SolutionInn", "meta_description": "Answer of - (Marks: 20) Question 5 The following information was taken from the books of Newcastle Enterprises. Balances in the ge | SolutionInn", "meta_keywords": "marks,20,question,5,information,books,newcastle,enterprises,balances,general,ledger,financial", "question_title_h1": "(Marks: 20) Question 5 The following information was taken from the books of Newcastle Enterprises. Balances in the general ledger of Newcastle Enterprises for the", "question_title": "(Marks: 20) Question 5 The following information was taken from the books", "question_title_for_js_snippet": "(Marks 20) Question 5 The following information was taken from the books of Newcastle Enterprises Balances in the general ledger of Newcastle Enterprises for the financial year ended 29 February 2020 Account Capital M Manchester(1 March Fol Debit(R) Credit(R) 50 000 2019) Capital L Liverpool (1 March 2019) Current M Manchester (1 March 2019) 18 000 Current L Liverpool (1 March 2019) Drawings M Manchester Drawings L Liverpool Replacement Reserve Profit and Loss Property, plant and equipment 5000 4 000 70 000 8 000 65 000 420 000 670 000 Appropriations according to the partnership agreement for the financial year ended 29 February 2020 1 Interest on capital must be appropriated at 5 per annum Capital account balances remain constant 2 Interest on drawings must be appropriated at 12 per annum Assume drawings were made 3 months prior to the end of the financial year 3 Interest on current accounts must be appropriated at 7 per annum (on opening balances) 4 5 6 7 Both partners must receive an annual salary at the end of the financial year as follows M Manchester R65 000 L Liverpool R45 000 L Liverpool must receive an annual bonus of R10 000 at the end of the financial year R35 000 must be transferred to the replacement reserve at the end of the financial year The remaining profit must be split between the partners in the following ratio M Manchester 5 L Liverpool 3 Required Open, post to and balance the appropriation account in the general ledger of Newcastle Enterprises for the year ended 29 February 2020 (Round to 2 decimal places) (20) 201 Question 5 (Marks 20) General ledger of Newcastle Enterprises 29 February 2020 Appropriation Account Date Details Fol Amount Date Details Fol Amount Workings", "question_description": "\"image\"image\"image (Marks: 20) Question 5 The following information was taken from the books of Newcastle Enterprises. Balances in the general ledger of Newcastle Enterprises for the financial year ended 29 February 2020. Account Capital: M. Manchester(1 March Fol. Debit(R) Credit(R) 50 000 2019) Capital: L. Liverpool (1 March 2019) Current: M. Manchester (1 March 2019) 18 000 Current: L. Liverpool (1 March 2019) Drawings: M. Manchester Drawings: L. Liverpool Replacement Reserve Profit and Loss Property, plant and equipment 5000 4 000 70 000 8 000 65.000 420 000 670 000 Appropriations according to the partnership agreement for the financial year ended 29 February 2020: 1. Interest on capital must be appropriated at 5% per annum. Capital account balances remain constant. 2. Interest on drawings must be appropriated at 12% per annum. Assume drawings were made 3 months prior to the end of the financial year. 3. Interest on current accounts must be appropriated at 7% per annum (on opening balances). 4. 5. 6. 7. Both partners must receive an annual salary at the end of the financial year as follows: M. Manchester-R65 000 L. Liverpool - R45 000 L. Liverpool must receive an annual bonus of R10 000 at the end of the financial year. R35 000 must be transferred to the replacement reserve at the end of the financial year. The remaining profit must be split between the partners in the following ratio: M. Manchester: 5 L. Liverpool: 3 Required: Open, post to and balance the appropriation account in the general ledger of Newcastle Enterprises for the year ended 29 February 2020. (Round to 2 decimal places) (20) 201 Question 5 (Marks: 20) General ledger of Newcastle Enterprises 29 February 2020 Appropriation Account Date Details Fol. Amount Date Details Fol. Amount Workings", "transcribed_text": "", "related_book": { "title": "Fundamentals Of Digital Logic With Verilog Design", "isbn": "978-0073380544, 0073380547", "edition": "3rd Edition", "authors": "Stephen Brown, Zvonko Vranesic", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/6481903c8fe36_14110.jpg", "uri": "\/textbooks\/fundamentals-of-digital-logic-with-verilog-design-3rd-edition-9780073380544", "see_more_uri": "" }, "free_related_book": { "isbn": "0679743871", "uri": "\/textbooks\/the-company-of-wolves-1st-paperback-edition-978-0679743873-343778", "name": "The Company Of Wolves", "edition": "1st Paperback Edition" }, "question_posted": "2024-06-06 12:01:40", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/you-plan-to-invest-150000-in-a-retail-business-the", "description": "You plan to invest $150,000 in a retail business. The projected 10-year cash flows are as follows: Year 1 . $20,000 Year 2 . $21,000 Year 3 . $22,000 Year 4 . $24,000 Year 5 . $30,000 Year 6 ....", "stars": 3 }, { "url": "\/study-help\/financial-accounting-information-for-decisions\/identify-whether-the-employer-or-employee-or-both-incurs-each-1535957", "description": "Identify whether the employer or employee or both incurs each of the following: (a) FICA taxes, (b) FUTA taxes, (c) SUTA taxes, and (d) withheld income taxes. lop7 . ....", "stars": 3 }, { "url": "\/study-help\/psychology\/4-invent-at-least-three-agreements-that-allow-mutual-gain-1984395", "description": "4. Invent at least three agreements that allow mutual gain. Brainstorm, focus on goals, think creatively, and make sure everyone has power to invent solutions.", "stars": 3 }, { "url": "\/a-nursing-home-employs-attendants-who-are-needed-around-the", "description": "A nursing home employs attendants who are needed around the clock. Each attendant is paid the same, regardless of when his or her shift begins. Each shift is 8 consecutive hours. Shifts begin at 6...", "stars": 3 }, { "url": "\/study-help\/questions\/answer-part-b-only-dont-post-the-screenshot-of-the-9907898", "description": "answer part b only (dont post the screenshot of the answere kindly post it in text form) HASF PVT.LTD BUDGETED INCOME STATEMENT FOR 1 st QUARTER 1999 Description JANUARY FEBRUARY MARCH Sales 285,000...", "stars": 3 }, { "url": "\/study-help\/questions\/-1882049", "description": "Cash Receipts TransactionsZebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.Dec. 1 Received payment on account from Michael Anderson,...", "stars": 3 }, { "url": "\/study-help\/questions\/draw-the-kinematic-diagram-of-the-following-linkages-and-find-1024326", "description": "Draw the kinematic diagram of the following linkages and find their mobility using Gruebler's equation. 1 B 2 3 -O- D 6 C 4 Point C is not a joint. It is a significant point on link 5.", "stars": 3 }, { "url": "\/study-help\/questions\/the-canadian-tire-trying-to-expand-into-the-usa-company-1005671", "description": "The Canadian Tire trying to expand into the USA Company: The Canadian Tire What are the sustainable strategic goals of the company? What aspects about the country could be good for the company on the...", "stars": 3 }, { "url": "\/study-help\/questions\/a-300n-f-30-d-2-m-1024383", "description": "A 300N F 30% d 2 m \n \n \n \n Answered: 1 week ago", "stars": 3 }, { "url": "\/study-help\/questions\/gateway-sold-a-bigscreen-tv-to-charlis-for-2000-on-1005996", "description": "Gateway sold a big-screen TV to Charlis for $2,000 on credit. Charlis signed a promissory note and gave Gateway a security interest in the TV. Gateway filed a financing statement in the appropriate...", "stars": 3 }, { "url": "\/study-help\/questions\/case-study-to-flag-or-not-to-flagand-if-so-1008641", "description": "CASE STUDY To Flag or Not to Flagand if So, Which Flag? Amanda and Jason Smith are contemplating turning their inn into a franchise. The 75-room Cozy Inn is located in a picturesque New England town,...", "stars": 3 }, { "url": "\/study-help\/questions\/exercise-1113-wells-fargo-company-headquartered-in-san-francisco-7029210", "description": "Exercise 11-13 Wells Fargo & Company, headquartered in San Francisco, is one of the nation's largest financial institutions. Suppose it reported the following selected accounts (in millions) as of...", "stars": 3 }, { "url": "\/study-help\/leadership-and-management\/being-onstrategy-means-a-complying-with-the-application-of-the-1552877", "description": "Being on-strategy means: a. Complying with the application of the triple constraint to the project b. Ensuring that there is (and continues to be) alignment between the strategy of the organization...", "stars": 3 }, { "url": "\/study-help\/leadership-and-management\/opportunistic-projects-are-initiatives-that-organizations-work-on-because-of-1552872", "description": "Opportunistic projects are initiatives that organizations work on because of: a. Emergent strategy b. Bad projects c. Deliberate strategy d. Naughty projects", "stars": 3.5 }, { "url": "\/study-help\/leadership-and-management\/all-of-these-are-financial-criteria-to-align-projects-with-1552873", "description": "All of these are financial criteria to align projects with strategy, and may be used with a Balanced Scorecard, except: a. ROI b. ROA c. VPN d. Payback Period", "stars": 3.5 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/recording-entries-and-adjusting-entries-fset-rhoades-tax-services-began-2363126", "next": "\/study-help\/questions\/jurvin-enterprises-is-a-manufacturing-company-that-had-no-beginning-2363128" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "(Marks: 20) Question 5 The following information was taken from the books", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/marks-20-question-5-the-following-information-was-taken-from-2363127" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } }