Partnership Final Accounts Title 3-Books Pdf

Partnership Final Accounts Title 3
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Prepared by D El Hoss,Examiner s, 3 Frankie and Johnny are in partnership Their financial year ends on 31 August After the. preparation of their Trading and Profit and Loss Account for the year ended 31 August 2003. the following balances remained on the books,Capital Accounts Frankie 50 000. Johnny 30 000,Current Accounts Frankie 15 000,Johnny 5 000 Dr. Fixed assets at cost 85 000,Provision for depreciation of fixed assets 10 000. Stock 8 000,Debtors 14 000,Bank balance 5 000 Dr,Creditors 12 000.
Prepare the Balance Sheet of the partnership as at 31 August 2003 Show the working. Frankie and Johnny,Balance Sheet as at 31 August 2003. www igcseaccounts com,0452 02 O N 03 Turn over, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, 5 Ruth and Lucy Lebengo formed a partnership on 1 October 2003 They share profits and. losses 2 1 They agreed that a current account and a capital account would be kept for. each partner, The Profit and Loss Account for the year ended 30 September 2004 showed a net profit. Lucy has very little knowledge of bookkeeping but attempted to prepare a Balance Sheet as. at 30 September 2004 The Balance Sheet she prepared containing errors is shown below. Balance Sheet as at 30 September 2004,Premises at cost 35 000.
Motor vehicles at cost 15 000,Less depreciation 1 500 13 500. Office equipment 3 000,Stock 9 300,Debtors 5 900,Capital Ruth 30 000. Lucy 20 000 50 000,Net profit 12 000,Less drawings Ruth 4 000. Lucy 4 400 8 400 3 600,Bank overdraft www igcseaccounts com. The following matters were then discovered, 1 No adjustment had been made in the Balance Sheet for the following.
Depreciation of office equipment 300,Provision for doubtful debts 200. These items had been correctly charged in the Profit and Loss Account. 2 Cash in hand 100 had been omitted from the Balance Sheet. 3 The overdraft shown on the bank statement had been entered in the Balance Sheet. instead of the overdraft of 5300 shown in the cash book. UCLES 2004 0452 03 O N 04, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, a Taking the above matters into account prepare a corrected Balance Sheet for Ruth and. Lucy as at 30 September 2004, The Balance Sheet should be shown using a suitable form of presentation showing the. different types of assets and liabilities the working capital and the capital and current. accounts of each partner,Ruth and Lucy Lebengo,Balance Sheet as at 30 September 2004.
www igcseaccounts com,UCLES 2004 0452 03 O N 04 Turn over. All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, b On 1 October 2004 Ruth and Lucy decided to admit their brother Paul to the partnership. Ruth Lucy and Paul agreed to share profits and losses 2 1 1. Goodwill was valued at 9000 on 1 October 2004 but did not appear in the books The. partners agreed that adjustments should be made for Goodwill but that a Goodwill. account was not to be maintained on the books permanently. Complete the following tables to show what entries are required It is not necessary to. prepare the ledger accounts,i To enter the Goodwill on the books. account s to be debited account s to be credited,ii To write off the Goodwill. account s to be debited account s to be credited,www igcseaccounts com.
Every reasonable effort has been made to trace all copyright holders where the publishers i e UCLES are aware that third party material has been reproduced. The publishers would be pleased to hear from anyone whose rights they have unwittingly infringed. University of Cambridge International Examinations is part of the University of Cambridge Local Examinations Syndicate UCLES which is itself a department of. the University of Cambridge,UCLES 2004 0452 03 O N 04. All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, 1 James and Susan Mokobi are in partnership sharing profits and losses equally. On 1 May 2004 the balances of their current accounts were as follows. James 400 debit,Susan 2 000 credit, During the year ended 30 April 2005 the partners made the following drawings. James 6 000,Susan 10 000, The partners prepared the following Profit and Loss Appropriation Account for the year. ended 30 April 2005,James and Susan Mokobi, Profit and Loss Appropriation Account for the year ended 30 April 2005.
Net Profit 16 350,Interest on drawings James 300,Interest on drawings Susan 500 800. Interest on capital James 1 050,www igcseaccounts com. Interest on capital Susan 1 650 600,Partner s salary Susan 7 000 8 650. Profit available for distribution to the partners 8 500. UCLES 2005 0452 03 M J 05, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, a Prepare the partners current accounts as they would appear in the ledger for the year.
ended 30 April 2005, Where traditional T accounts are used they should be balanced and the balances. brought down on 1 May 2005, Where three column running balance accounts are used the balance column should. be up dated after each entry,www igcseaccounts com. UCLES 2005 0452 03 M J 05 Turn over, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, On 1 May 2005 James and Susan decided to admit their sister Anna to the partnership On.
that date the balances on their capital accounts were as follows. James 35 000,Susan 20 000, It was agreed that the profits and losses of the new partnership should be shared in the. following proportions,James 4 6 Susan 1 6 Anna 1 6. Anna paid 26 000 into the firm s bank account on 1 May 2005. Goodwill was valued at 12 000 on 1 May 2005 but did not appear in the books The. partners agreed that the capital accounts should be adjusted for Goodwill on the admission. of Anna but that a Goodwill account was not to be maintained on the books. www igcseaccounts com,UCLES 2005 0452 03 M J 05, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, b Prepare the capital accounts of James Susan and Anna as they would appear in the. ledger immediately after Anna was made a partner, Where traditional T accounts are used they should be balanced and the balances.
brought down on 2 May 2005, Where three column running balance accounts are used the balance column should. be up dated after each entry,www igcseaccounts com. UCLES 2005 0452 03 M J 05 Turn over, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, 5 Ebor and Olicana are in partnership trading in sports goods Their financial year ends on. 31 July After the preparation of their Trading and Profit and Loss Account for the year ended. 31 July 2005 the following errors were discovered, 1 Olicana had taken goods costing 500 for her own use This had not been recorded.
2 15 paid for carriage inwards had been debited to the carriage outwards account. 3 The purchase of computer paper 30 had been debited to the purchases account. 4 Motor vehicle repairs of 200 had been debited to the motor vehicles account Motor. vehicles are depreciated by 25 on the cost of motors held at the end of each financial. a Complete the following table to show the effect of correcting the errors on the gross. profit and the net profit If the correction of the error does not affect the profit write no. The first one has been completed as an example,Effect of correcting the error. on the gross profit on the net profit,www igcseaccounts com. You may use the space below for your workings,UCLES 2005 0452 03 O N 05. All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, Ebor and Olicana maintain a full set of books of account. The following transactions took place on 31 August 2005. 1 Olicana took further goods costing 400 for her own use. 2 Ebor brought his own computer valued at 900 into the business. 3 Ebor s current account showed a credit balance of 10 000 It was agreed that he. should transfer half of this to his capital account. b Prepare the necessary journal entries to record the above transactions. Narratives are required,Ebor and Olicana,Debit Credit.
www igcseaccounts com,UCLES 2005 0452 03 O N 05 Turn over. All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, Ebor and Olicana have invited Lindum to join the partnership and have given him their final. accounts for the year ended 31 July 2005, Lindum is aware that these final accounts will not provide all the relevant information he. c State and explain two limitations Lindum should be aware of when he is studying the. set of final accounts Ebor and Olicana have provided. www igcseaccounts com,UCLES 2005 0452 03 O N 05, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, 5 David and Janet Szabo are in partnership Their financial year ends on 28 February Use.
On 1 March 2005 the credit balances on their capital accounts were as follows. David Szabo 19 000,Janet Szabo 14 000, On 1 January 2006 David transferred the 3000 debit balance on his current account to his. capital account On 1 February 2006 Janet paid an amount of cash into the business so that. her capital was equal to David s, a Write up the partners capital accounts as they would appear in the ledger for the year. ended 28 February 2006, Where traditional T accounts are used they should be balanced and the balances. brought down on 1 March 2006 Where three column running balance accounts are. used the balance column should be up dated after each entry. www igcseaccounts com,UCLES 2006 0452 03 M J 06 Turn over. All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s, David and Janet Szabo own a fashion store David manages the department dealing in Use.
men s clothes and Janet manages the department dealing in ladies clothes. David suggested that it would assist in the management of the business if the results of. each department were shown separately, The following information is available for the year ended 28 February 2006. Men s Clothing Ladies Clothing,Department Department. Stock 1 March 2005 1 000 2 200,Stock 28 February 2006 1 500 1 800. Purchases 12 000 26 700,Carriage inwards 50 150, The total sales for the year were 48 000 which was split between the departments for. Men s Clothing and for Ladies Clothing, The total expenses for the year were 4260 These are apportioned between the.
departments in proportion to the total sales made by each department. www igcseaccounts com,UCLES 2006 0452 03 M J 06, All questions copyright of Cambridge International Examinations. Prepared by D El Hoss,Examiner s,REQUIRED Use, b Prepare a columnar Trading and Profit and Loss Account for David and Janet Szabo for. the year ended 28 February 2006 to show the gross profit and net profit earned by each. department Total columns are not required,David and Janet Szabo. Departmental Trading and Profit and Loss Account for the year ended 28 February 2006. www igcseaccounts com,UCLES 2006 0452 03 M J 06 Turn over. All questions copyright of Cambridge International Examinations.

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