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The two queens of Lockdown Kingdom, Queen Corona and Queen Coxid came together to form a business. The Lockdown Enterprise, to better the economic stance

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The two queens of Lockdown Kingdom, Queen Corona and Queen Coxid came together to form a business. The Lockdown Enterprise, to better the economic stance of the kingdom. In this business, they agreed to share profits and losses in the ratio of their opening capitals. Trial Balance as at 31 March, 2020 Particulars Debit (GHC) Credit (GHC) Land & Premises 2,000,000 Furniture 120.000 Inventory (1/04/19) 80,000 Import duty on goods 4.000 Wages of contract workers 46000 Salaries & wages of staff 64,000 Carriage for goods purchased 5,200 Carriage for goods sold 12.400 Discounts 24000 25,080 Purchases & Sales 005 200 2375220 Rent 11,200 13,000 Commission 15.600 17400 Bills receivable 108,000 12% Investment (1/10/19) 136,000 Donation to National Pandemic Fund 12.000 10% Bank Loan 112.000 Factory rent 64,000 Receivables and Payables 920,000 240.000 Bank 728000 Bad debts 66.000 140 13,000 Race Brokerage Capital Accounts Queen Corona Queen Covid Current Accounts Queen Corona Queen Cavid 500 000 500 000 20.000 128 000 4.658.700 4.658.700 Additional Information: i. Due to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts. Hence, they wrote off additional debts of GH15,000 and agreed to maintain provisions for doubtful debts at 5%. ii. They agreed to provide for discount on receivables at 5% iii. All property, plant and equipment are to be depreciated at 10% iv. The business claimed insurance of GH21,000 for goods that were lost due to fire. The insurance claim, though admitted, had not been paid as at the year end. V. Queen Corona took goods amounting to GH17,400 for personal use. vi. Goods worth GH24,000 bought on 24/04/19 on credit were not recorded in the books. vii. Outstanding salaries were GH32,000 whereas wages of GH24,600 were paid in advance. viii. The partners agreed to charge interest on capital at 6% and on drawings at 7% 13,000 Race Brokerage Capital Accounts Queen Corona Queen Covid Current Accounts Queen Corona Queen Cavid 500 000 500 000 20.000 128,000 4.658.700 4.658.700 Additional Information: i. Due to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts. Hence, they wrote off additional debts of GH15,000 and agreed to maintain provisions for doubtful debts at 5%. ii. They agreed to provide for discount on receivables at 5% iii. All property, plant and equipment are to be depreciated at 10% iv. The business claimed insurance of GH21,000 for goods that were lost due to fire. The insurance claim, though admitted, had not been paid as at the year end. V. Queen Corona took goods amounting to GH17,400 for personal use. vi. Goods worth GH24,000 bought on 24/04/19 on credit were not recorded in the books. vii. Outstanding salaries were GH32,000 whereas wages of GH24,600 were paid in advance. viii. The partners agreed to charge interest on capital at 6% and on drawings at 7% receivables may not be able to settle their debts. Hence, they wrote off additional debts of GH15,000 and agreed to maintain provisions for doubtful debts at 5%. ii. They agreed to provide for discount on receivables at 5% All property, plant and equipment are to be depreciated at 10% iv. The business claimed insurance of GH21,000 for goods that were lost due to fire. The insurance claim, though admitted, had not been paid as at the year end. Queen Corona took goods amounting to GH17,400 for personal use. vi. Goods worth GH24,000 bought on 24/04/19 on credit were not recorded in the books. vii. Outstanding salaries were GH32,000 whereas wages of GH24,600 were paid in advance. viii. The partners agreed to charge interest on capital at 6% and on drawings at 7% ix. Bills receivable of GH 12,600 was dishonored. The inventory count at the year-end revealed goods worth GH300,000 V. X Queen Corona's share of profit is The two queens of Lockdown Kingdom, Queen Corona and Queen Coxid came together to form a business. The Lockdown Enterprise, to better the economic stance of the kingdom. In this business, they agreed to share profits and losses in the ratio of their opening capitals. Trial Balance as at 31 March, 2020 Particulars Debit (GHC) Credit (GHC) Land & Premises 2,000,000 Furniture 120.000 Inventory (1/04/19) 80,000 Import duty on goods 4.000 Wages of contract workers 46000 Salaries & wages of staff 64,000 Carriage for goods purchased 5,200 Carriage for goods sold 12.400 Discounts 24000 25,080 Purchases & Sales 005 200 2375220 Rent 11,200 13,000 Commission 15.600 17400 Bills receivable 108,000 12% Investment (1/10/19) 136,000 Donation to National Pandemic Fund 12.000 10% Bank Loan 112.000 Factory rent 64,000 Receivables and Payables 920,000 240.000 Bank 728000 Bad debts 66.000 140 13,000 Race Brokerage Capital Accounts Queen Corona Queen Covid Current Accounts Queen Corona Queen Cavid 500 000 500 000 20.000 128 000 4.658.700 4.658.700 Additional Information: i. Due to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts. Hence, they wrote off additional debts of GH15,000 and agreed to maintain provisions for doubtful debts at 5%. ii. They agreed to provide for discount on receivables at 5% iii. All property, plant and equipment are to be depreciated at 10% iv. The business claimed insurance of GH21,000 for goods that were lost due to fire. The insurance claim, though admitted, had not been paid as at the year end. V. Queen Corona took goods amounting to GH17,400 for personal use. vi. Goods worth GH24,000 bought on 24/04/19 on credit were not recorded in the books. vii. Outstanding salaries were GH32,000 whereas wages of GH24,600 were paid in advance. viii. The partners agreed to charge interest on capital at 6% and on drawings at 7% 13,000 Race Brokerage Capital Accounts Queen Corona Queen Covid Current Accounts Queen Corona Queen Cavid 500 000 500 000 20.000 128,000 4.658.700 4.658.700 Additional Information: i. Due to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts. Hence, they wrote off additional debts of GH15,000 and agreed to maintain provisions for doubtful debts at 5%. ii. They agreed to provide for discount on receivables at 5% iii. All property, plant and equipment are to be depreciated at 10% iv. The business claimed insurance of GH21,000 for goods that were lost due to fire. The insurance claim, though admitted, had not been paid as at the year end. V. Queen Corona took goods amounting to GH17,400 for personal use. vi. Goods worth GH24,000 bought on 24/04/19 on credit were not recorded in the books. vii. Outstanding salaries were GH32,000 whereas wages of GH24,600 were paid in advance. viii. The partners agreed to charge interest on capital at 6% and on drawings at 7% receivables may not be able to settle their debts. Hence, they wrote off additional debts of GH15,000 and agreed to maintain provisions for doubtful debts at 5%. ii. They agreed to provide for discount on receivables at 5% All property, plant and equipment are to be depreciated at 10% iv. The business claimed insurance of GH21,000 for goods that were lost due to fire. The insurance claim, though admitted, had not been paid as at the year end. Queen Corona took goods amounting to GH17,400 for personal use. vi. Goods worth GH24,000 bought on 24/04/19 on credit were not recorded in the books. vii. Outstanding salaries were GH32,000 whereas wages of GH24,600 were paid in advance. viii. The partners agreed to charge interest on capital at 6% and on drawings at 7% ix. Bills receivable of GH 12,600 was dishonored. The inventory count at the year-end revealed goods worth GH300,000 V. X Queen Corona's share of profit is

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