Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

yes answer it with out profit because question not given it then it is zero Q2/ The following information appeared in a partnership books at

yes answer it with out profit

because question not given it

then it is zero

image text in transcribed

Q2/ The following information appeared in a partnership books at 31/12/2018: 1. The partnership consists of three partners and their share in capital as follow: Partner A share in capital 1,000,000 IQD Partner B share in capital 600,000 IQD Partner C share in capital 400,000 IQD 2. Partner A drawing was 90,000 IQD in cash, partner B drawing 50,000 IQD in cash. The average date for partner A drawings 30/4/2018, and the average drawings date for partner B 15/5/2018. 3. According to the company contract partner A has a monthly salary 6,000 IQD it received a half of them during the year. Partners decided that partner C get annual compensation 15,000 IQD. 4. Capital interest calculated according to the rate 8%, and 5% annually on drawing. 5. Profits and losses distributed among partners according to capital percentage (5:3:2). 6. Partner B introduce a loan for the company started on 1/4/2018 amounted 400,000 IQD, the partnership return the loan on 31/12/2018.The interest decided over the loan 6% annually. (8 Marks) Required: record necessary journal entries HHHH

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Cost Analysis

Authors: Roger Hussey

1st Edition

160649239X, 9781606492390

More Books

Students also viewed these Accounting questions

Question

3. An initial value (anchoring).

Answered: 1 week ago

Question

4. Similarity (representativeness).

Answered: 1 week ago