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#gs Review View Tell me F 21 AaBbCcDdEe AaBbCcDdEe Aa Bbc Eve = Normal No Spacing Headin Study Group Question 2 Tian, Anish, and Suet are in a partnership making up financial statements annually to 31 March. Owing to lack of proper accounting knowledge, proper records were not maintained for the year ended 31 March 2021, and the partners request your assistance in preparing the financial statements for that year The statement of financial position on 1 April 2020 was as follows. ASSETS E Cost Non-Current assets Faed plant Motor vehicles Fixtures and fittings Accummulated depreciation 15,000,000 6,000,000 4,000,000 1,000,000 500,000 250,000 19,500,000 7,250,000 Net Book value 9,000,000 3,000,000 250,000 12,250,000 Current assets Inventory Trade receivables Prepayments Cach 19,450.000 10,820,000 250,000 75.000 30.595.000 42,845,000 Total assets OWNERS' EQUITY AND LIABILITIES Owners' equity Capital Tian Aish 10,000,000 10,000,000 2.500.000 22,500,000 Current counts Tia Anish Suet 5,000,000 2.000.000 500.000 Total owners guilty 2.500.000 30 000 000 Currentes Bank overdraft Trade payable Accruals Total abilities Total equity and babilities 579,000 5,350,000 1.125.000 12.345.000 42,845.000 The accruals in the statement of financial position comprised of: Audit fee 600,000 heat and lighting 400,000 and advertising 125,000. The prepayments of 250,000 was in respect of rates A summary of the bank statement provides the following information for the year to 31 March 2021. E Sales revenue banked Purchases Wages Rates and water Heat and light Delivery and travelling Repairs and renewal Advertising Printing and stationery Sundry expenses Bank charges Audit fee 141, 105,000 111,805,000 6,875,000 6,850,000 1,720,000 3,380,000 1,475.000 375,000 915,000 215,000 1,100,000 600.000 . . . The following items were paid from the sales revenue before they were banked: Wages: Cleaners 260,000; Driver assistants 520,000 Casual labour for the year: 555,000 Paraffin for shop heating: 455,000 Advertising: 75,000 Sundry office expenses: 515,000 Purchases for resale: E12,635,000 Hire of delivery vehicle: E1,040,000 Partners' drawings per week: Tian 40,000, Anish 30,000, and Suet 30,000 . . . Additional information at 31 March 2021 1. The partners are allowed interest of 5% per annum on their capital accounts 2. Profits or losses are shared in the ratio Tian 5, Anish 3, and Suet 2. with the provision that Suet is guaranteed by Tian an income of 3,000,000 per annum, excluding his interest on capital 3. Certain goods had been appropriated by the partners during the year. The selling price of these goods was E460,000, allocated as follows: Tian 235,000, Anish 110,000 and Suet 115,000 4. Depreciation om non-current assets is to be provided at the following ratest Powed plant 5%; motor vehides 25%; and fixtures and fittings 10% using the straight-line method S. Accrued charges for heat and light at 31 March 2019 were $450,000 6. Rates of 750,000 were prepaid at 31 March 2019 7 The charges for the 2018/19 audit were estimated at 650,000 B. AL 31 March 2019, inventories were 22,345,000, trade receivables 11,415,000, trade payables 5,920,000 and cash in till 100,000 Required: Prepare the partnership statement of profit or loss, appropriation account, current accounts, and statement of financial position for the year ended 31 March 2021. (Total Marks 20) Create your own tables below #gs Review View Tell me F 21 AaBbCcDdEe AaBbCcDdEe Aa Bbc Eve = Normal No Spacing Headin Study Group Question 2 Tian, Anish, and Suet are in a partnership making up financial statements annually to 31 March. Owing to lack of proper accounting knowledge, proper records were not maintained for the year ended 31 March 2021, and the partners request your assistance in preparing the financial statements for that year The statement of financial position on 1 April 2020 was as follows. ASSETS E Cost Non-Current assets Faed plant Motor vehicles Fixtures and fittings Accummulated depreciation 15,000,000 6,000,000 4,000,000 1,000,000 500,000 250,000 19,500,000 7,250,000 Net Book value 9,000,000 3,000,000 250,000 12,250,000 Current assets Inventory Trade receivables Prepayments Cach 19,450.000 10,820,000 250,000 75.000 30.595.000 42,845,000 Total assets OWNERS' EQUITY AND LIABILITIES Owners' equity Capital Tian Aish 10,000,000 10,000,000 2.500.000 22,500,000 Current counts Tia Anish Suet 5,000,000 2.000.000 500.000 Total owners guilty 2.500.000 30 000 000 Currentes Bank overdraft Trade payable Accruals Total abilities Total equity and babilities 579,000 5,350,000 1.125.000 12.345.000 42,845.000 The accruals in the statement of financial position comprised of: Audit fee 600,000 heat and lighting 400,000 and advertising 125,000. The prepayments of 250,000 was in respect of rates A summary of the bank statement provides the following information for the year to 31 March 2021. E Sales revenue banked Purchases Wages Rates and water Heat and light Delivery and travelling Repairs and renewal Advertising Printing and stationery Sundry expenses Bank charges Audit fee 141, 105,000 111,805,000 6,875,000 6,850,000 1,720,000 3,380,000 1,475.000 375,000 915,000 215,000 1,100,000 600.000 . . . The following items were paid from the sales revenue before they were banked: Wages: Cleaners 260,000; Driver assistants 520,000 Casual labour for the year: 555,000 Paraffin for shop heating: 455,000 Advertising: 75,000 Sundry office expenses: 515,000 Purchases for resale: E12,635,000 Hire of delivery vehicle: E1,040,000 Partners' drawings per week: Tian 40,000, Anish 30,000, and Suet 30,000 . . . Additional information at 31 March 2021 1. The partners are allowed interest of 5% per annum on their capital accounts 2. Profits or losses are shared in the ratio Tian 5, Anish 3, and Suet 2. with the provision that Suet is guaranteed by Tian an income of 3,000,000 per annum, excluding his interest on capital 3. Certain goods had been appropriated by the partners during the year. The selling price of these goods was E460,000, allocated as follows: Tian 235,000, Anish 110,000 and Suet 115,000 4. Depreciation om non-current assets is to be provided at the following ratest Powed plant 5%; motor vehides 25%; and fixtures and fittings 10% using the straight-line method S. Accrued charges for heat and light at 31 March 2019 were $450,000 6. Rates of 750,000 were prepaid at 31 March 2019 7 The charges for the 2018/19 audit were estimated at 650,000 B. AL 31 March 2019, inventories were 22,345,000, trade receivables 11,415,000, trade payables 5,920,000 and cash in till 100,000 Required: Prepare the partnership statement of profit or loss, appropriation account, current accounts, and statement of financial position for the year ended 31 March 2021. (Total Marks 20) Create your own tables below