Homework Help is Here – Start Your Trial Now!
Business
Accounting
Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Furniture Telephone Opening stock of Raw Material Carriage inwards Salaries (Including sales manager salary) Repairs to Buildings Bad debts Carriage Outwards Vehicle Drawings Vehicle running expenses Travelling expenses Advertising Expenses Plant and Machinery S K P Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Particulars 19,320 Capital Accounts 900,000 Outstanding Office expenses Outstanding Telephone expenses 40,800 27,720 Commission Received 114,000 Sundry Creditors 7,200 Sales 38,400 19,200 1,800 70,800 288,000 43,200 2,400 9,600 10,800 15,600 28,800 26,400 25,200 1,798,800 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information 13,200 16,800 21,960 57,600 S K P Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 69,600 40,800 38,400 14,400 75,600 1,560,000 1,798,800 14,400 24,000 19,200 16,800 101,040 2,160 600 20% 12.50% 10.00% 2.50% 5.00%

Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Furniture Telephone Opening stock of Raw Material Carriage inwards Salaries (Including sales manager salary) Repairs to Buildings Bad debts Carriage Outwards Vehicle Drawings Vehicle running expenses Travelling expenses Advertising Expenses Plant and Machinery S K P Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Particulars 19,320 Capital Accounts 900,000 Outstanding Office expenses Outstanding Telephone expenses 40,800 27,720 Commission Received 114,000 Sundry Creditors 7,200 Sales 38,400 19,200 1,800 70,800 288,000 43,200 2,400 9,600 10,800 15,600 28,800 26,400 25,200 1,798,800 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information 13,200 16,800 21,960 57,600 S K P Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 69,600 40,800 38,400 14,400 75,600 1,560,000 1,798,800 14,400 24,000 19,200 16,800 101,040 2,160 600 20% 12.50% 10.00% 2.50% 5.00%

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 52PSA
See similar textbooks
icon
Related questions
Question
Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Furniture Telephone Opening stock of Raw Material Carriage inwards Salaries (Including sales manager salary) Repairs to Buildings Bad debts Carriage Outwards Vehicle Drawings Vehicle running expenses Travelling expenses Advertising Expenses Plant and Machinery S K P Particulars 19,320 Capital Accounts 900,000 Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at 40,800 27,720 Commission Received 114,000 Sundry Creditors 7,200 Sales 38,400 19,200 1,800 70,800 288,000 43,200 2,400 9,600 10,800 15,600 28,800 26,400 25,200 13,200 16,800 21,960 57,600 S K P 1,798,800 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Outstanding Office expenses Outstanding Telephone expenses Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 69,600 40,800 38,400 14,400 75,600 1,560,000 1,798,800 14,400 24,000 19,200 16,800 101,040 2,160 600 20% 12.50% 10.00% 2.50% 5.00%
Transcribed Image Text:Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Furniture Telephone Opening stock of Raw Material Carriage inwards Salaries (Including sales manager salary) Repairs to Buildings Bad debts Carriage Outwards Vehicle Drawings Vehicle running expenses Travelling expenses Advertising Expenses Plant and Machinery S K P Particulars 19,320 Capital Accounts 900,000 Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at 40,800 27,720 Commission Received 114,000 Sundry Creditors 7,200 Sales 38,400 19,200 1,800 70,800 288,000 43,200 2,400 9,600 10,800 15,600 28,800 26,400 25,200 13,200 16,800 21,960 57,600 S K P 1,798,800 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Outstanding Office expenses Outstanding Telephone expenses Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 69,600 40,800 38,400 14,400 75,600 1,560,000 1,798,800 14,400 24,000 19,200 16,800 101,040 2,160 600 20% 12.50% 10.00% 2.50% 5.00%
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS