2.5 Use the table below and the bank statement to prepare journal entries to close the...
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2.5 Use the table below and the bank statement to prepare journal entries to close the partners' Drawings accounts at 30 June 2022 to their Current accounts. General Journal of NeoZone for Kids Date Particulars Profit shared among partners Debit Credit Owners Equity James, Capital 15,000.00 add: Profit share for the period 5,500.00 less: Drawings Leona, Capital 1,500.00 19,000.00 15,000.00 add: Profit share for the period 5,500.00 less: Drawings 1,500.00 19,000.00 Brady, Capital 15,000.00 add: Profit share for the period 5,500.00 less: Drawings 1,500.00 19,000.00 Total Equity 57,000.00 2.5 Use the table below and the bank statement to prepare journal entries to close the partners' Drawings accounts at 30 June 2022 to their Current accounts. General Journal of NeoZone for Kids Date Particulars Profit shared among partners Debit Credit Owners Equity James, Capital 15,000.00 add: Profit share for the period 5,500.00 less: Drawings Leona, Capital 1,500.00 19,000.00 15,000.00 add: Profit share for the period 5,500.00 less: Drawings 1,500.00 19,000.00 Brady, Capital 15,000.00 add: Profit share for the period 5,500.00 less: Drawings 1,500.00 19,000.00 Total Equity 57,000.00
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Based on the information provided the Owners Equity can be calculated as follows James Capital 15000... View the full answer
Related Book For
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
Posted Date:
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