1. Rene and Edith are partners in Allo Allo. Their partnership agreement included the following: Interest...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Rene and Edith are partners in Allo Allo. Their partnership agreement included the following: Interest on drawings is to be charged at 10% p.a. Interest on capital is to be paid at 5% p.a. Rene is to be paid a salary of 8,000 p.a. Profit or loss is to be shared in the same ratio as their capital The following trial balance was extracted AFTER the calculation of the net income for the year ending December 31, 2015: DETAILS Net profit for the year Cash Bank Creditors Debtors Fixtures Provision for depreciation on fixtures Building Provision for depreciation on building Loan Capital Rene Edith Drawings Rene Edith Current account Rene Edith Motor vehicle Provision for depreciation on motor vehicle Commission owing Rent expense owing Closing stock DR 6,200 25,000 60,000 180,000 12,000 24,000 3,600 80,000 5,000 51,500 447,300 CR 28,500 40,350 11,600 12,000 21,500 200,650 75,000 25,000 8,200 16,000 8,500 447,300 Required: Write up the appropriation account and the current account for the year, and the statement of financial position extract showing equity only as at year end. 1. Rene and Edith are partners in Allo Allo. Their partnership agreement included the following: Interest on drawings is to be charged at 10% p.a. Interest on capital is to be paid at 5% p.a. Rene is to be paid a salary of 8,000 p.a. Profit or loss is to be shared in the same ratio as their capital The following trial balance was extracted AFTER the calculation of the net income for the year ending December 31, 2015: DETAILS Net profit for the year Cash Bank Creditors Debtors Fixtures Provision for depreciation on fixtures Building Provision for depreciation on building Loan Capital Rene Edith Drawings Rene Edith Current account Rene Edith Motor vehicle Provision for depreciation on motor vehicle Commission owing Rent expense owing Closing stock DR 6,200 25,000 60,000 180,000 12,000 24,000 3,600 80,000 5,000 51,500 447,300 CR 28,500 40,350 11,600 12,000 21,500 200,650 75,000 25,000 8,200 16,000 8,500 447,300 Required: Write up the appropriation account and the current account for the year, and the statement of financial position extract showing equity only as at year end.
Expert Answer:
Answer rating: 100% (QA)
ANSWER One of the most basic difference between the two bills is that Appropriation Bill deals ... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
Students also viewed these accounting questions
-
Tam Companys net income for the year ending December 31, 2014, was $10,000. During the year, Tam declared and paid $1,000 cash dividends on preferred stock and $1,750 cash dividends on common stock ....
-
Tam Company's net income for the year ending December 31, 2017, was $10,000. During the year, Tam declared and paid $1,000 cash dividends on preferred stock and $1,750 cash dividends on common stock....
-
Tam Companys net income for the year ending December 31, 20X1, was $10,000. During the year, Tam declared and paid $1,000 cash dividends on preferred stock and $1,750 cash dividends on common stock....
-
Suppose treacle is an array of 10 floats. Declare a pointer that points to the first element of treacle and use the pointer to display the first and last elements of the array.
-
To investigate the beta-decay of Mg23 radionuclide, a counter was activated at the moment t = 0. It registered N1 beta-particles by a moment t1 = 2.0s, and by a moment t2 = 3t1 the number of...
-
A 12 V car battery dies not so much because its voltage drops but because chemical reactions increase its internal resistance.A good battery connected with jumper cables can both start the engine and...
-
Dollar/Euro Forwards. Use the following spot and forward bid-ask rates for the U.S. dollar/euro (US$/) from December 10, 2010, to answer the following questions: a. What is the mid-rate for each...
-
The March 31, 2014, adjusted trial balance for sopik Refrigeration Repairs is shown below with accounts in alphabetical order. 1 $5,000 of the long-term note payable is due during the year ended...
-
! Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mini computer on January 1, 2019, at a cost of $34,050. The computer has been...
-
A Job at East Coast Yachts, Part 2 Input area. 10-year annual Bledsoe Large Company Stock Fund 12.15% Standard deviation 24 43% Bledsoe Bond Fund 6.93% 9.96% Risk-free rate Correlation 3.20% 0.15...
-
Identify the point with the given polar coordinates. Choose the correct graph below. A. G B. C. G -10 D.
-
A chemical bond between atoms of different elements is never completely ionic or covalent. The character of the bond depends on how strongly each of the bonded atoms attracts electrons....
-
Directions: Please thoroughly Shepardize each of the following cites, and provide the following for each case listed below. Use Westlaw's KeyCite: 1) List any cases which invalidate the cited case....
-
Br2 HO* Br HO* Predict the product(s) of the following synthetic transformations: Br HO* Br HO*
-
Complete the table below by: Identifying one legislation relevant to each area listed below Identifying one legal consideration for each area based on the identified legislation Explaining how this...
-
Can you draft 10 deposition questions assume that either the coroner or the accident reconstructionist is not going to be available to testify at trial, using the case file below? One night an...
-
xyz is a water retailer. the market price of common stock is $40, its cash dividend (D0) was $3.52, and the growth rate is expected to be 5.5%. Preferred stock has a $30 par value with a 4 percent...
-
Respond to the ethical judgments required based on the following scenarios. Scenario 1. Assume you have collected a sample using MUS and that you have evaluated that sample to calculate a total...
-
The draft final financial statements of RST Ltd for the year ended 30 April 20X9 showed a net profit for the year of 78,263. During the subsequent audit, the following errors and omissions were...
-
In which statement will the following appear, and under which heading will it be included? a. Furniture and fixtures; b. Rent; c. Wages; d. Amounts owing to a supplier; e. Amounts due from a customer.
-
The following is an extract of the cash book for J. Robin: The bank statement of J. Robin in the account with the Bank of ABC is as follows: Required Complete the cash book and prepare the bank...
-
Around the Horn (B). Assume the following bid-ask quotes and calculate how the market trader can now make an intermarket arbitrage profit. Banks Spot Rates Citibank $1.6192-96/ National Westminster...
-
Great Pyramids. Inspired by his recent trip to the Great Pyramids, Citibank trader Ruminder Dhillon wonders if he can make an intermarket arbitrage profit using Libyan dinars (LYD) and Saudi riyals...
-
Bank for International Settlements. The Bank for International Settlements (BIS) publishes a wealth of effective exchange rate indices. Use its database and analyses to determine the degree to which...
Study smarter with the SolutionInn App