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please can you solve all three question Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3.

please can you solve all three question
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Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Particulars Cash at Bank 58,000 16,100 Capital Accounts S 750,000 Purchase of Raw Material K 34,000 Discount (Dr) 34,000 P 32,000 Rent and Insurance 23,100 Commission Received 12,000 Factory Expenses 95,000 Sundry Creditors 63,000 Office Expenses 6,000 Sales 1,300,000 Sundry Debtors 32,000 Furniture 16,000 Telephone 1,500 Opening stock of Raw Material 59,000 Carriage inwards 240,000 Salaries (Including sales manager salary) 36,000 Repairs to Buildings 2,000 Bad debts 8,000 Carriage Outwards 9,000 Vehicle 13,000 Drawings 24,000 22,000 21,000 Vehicle running expenses 11,000 Travelling expenses 14,000 Advertising Expenses 18,300 Plant and Machinery 48,000 1,499,000 1,499,000 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. 12,000 Additional Information Partner S's salary 20,000 Partner K's salary 16,000 Partner P's salary 14,000 Closing stock was valued at 84,200 Outstanding Office expenses 1,800 Outstanding Telephone expenses 500 Depreciation on Vehicle 20% Depreciation on Plant and Machinery 12.50% Depreciation on Furniture 10.00% Baddebts 2.50% Interest on capital 5.00% You are required to prepare Final Accounts of the Partnership Firm. S K P Q2 The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) Assets Amount (RO) 90,000 Creditors 120,000 Cash at Bank Bills Payable 48,000 Stock 150,000 General Reserves 60,000 Debtors 180,000 Capital Accounts A 240,000 Furniture 48,000 B 210,000 Land and Buildings 360,000 C 150,000 828,000 828,000 They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital 150,000 Provision is be made for outstanding expenses 126,000 Goodwill already appears in the books 120,000 Furniture is to be written down by 12.50% Stock is to be depreciated by 7.50% Land and Buildings is to be appreciated by 15.0% Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted. Q3 X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as follows Liabilities Amount (RO) Assets Amount (RO) 10,000 Creditors 40,000 Cash at Bank Bills Payable 20,000 Stock 30,000 General Reserve 30,000 Debtors LESS Provision Capital Accounts 80,000 RO 1000 40,000 Y 60,000 Vehicle 50,000 Z 40,000 Machinery 140,000 270,000 270,000 It was agreed among the partners Goodwill of the firm to be valued at 48,000 2,000 Provision for Doubtful debts to be increased by Outstanding expenses to be brought into account Vehicle is to be depreciated by 3,800 17.5% Stock is to be depreciated by 12.5% Machinery is to be appreciated by 7.5% Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z. X

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