Business, 03.06.2021 01:00 stefancvorovic1
At the end of year three the partners decided to dissolve the partnership business. They shared profits and losses in the ratios 3:2:1 respectively.
The statement of financial position of the partnership immediately before dissolutions is shown in Table 2
Assets $
Premises 40 000
Furniture 10 800
Motor vehicles 11 600
Inventory 17 400
Trade Receivables 24 400
Cash 700
104 900
Equity and Liabilities
Capital Chiedza 30 000
Rutendo 20 000
Chenai 10 000
60 000
Current accounts
Chiedza 2 950(credit)
Rutendo 2 420 (credit)
Chenai (1 170(debit)
4 200
Non Current Liabilities
4 % Loan : Chiedza 6 000
Current Liabilities
Trade Payables 27 400
Bank overdraft 7 300
34 700 104 900
Notes
i. Some of the assets were sold as follows
$
Premises 41 600
Furniture 4 700
Motor vehicles 3 400
Inventory 16 200
ii. The partners took over the assets not sold as follows
Assets Value$ Partner
Furniture 4 000 Chiedza
Motor vehicles 4 700 Rutendo
Furniture 1 000 Chenai
Inventory 400 Chenai
iii. Trade Receivables owing $16 000 paid $15 040 in full settlement. Chiedza will collect the outstanding debts subject to a provision of 10% for the possible bad debts
iv. Trade payables amounts of $18 000 were paid $17 100 in full settlement. The balance due to the remaining trade payables was to be paid in due course
v. Chiedza was paid the loan plus the interest due
vi. The dissolution expenses amounted to $660
Figures should be rounded off to the nearest dollar
Required
Prepare the
i. Relisation account [10 marks]
ii. Partners’ capital accounts in columnar form [10 marks]
iii. Bank account [5 marks]
Answers: 2
Business, 21.06.2019 16:00, wasscrackin
Jelly has joined drakes team drake sends kelly an email explaining details of the project that she will be working on which of these is good etiquette
Answers: 3
Business, 22.06.2019 02:10, dakodahepps
Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.
Answers: 1
Business, 22.06.2019 05:10, russboys3
The total value of your portfolio is $10,000: $3,000 of it is invested in stock a and the remainder invested in stock b. stock a has a beta of 0.8; stock b has a beta of 1.2. the risk premium on the market portfolio is 8%; the risk-free rate is 2%. additional information on stocks a and b is provided below. return in each state state probability of state stock a stock b excellent 15% 15% 5% normal 50% 9% 7% poor 35% -15% 10% what are each stock’s expected return and the standard deviation? what are the expected return and the standard deviation of your portfolio? what is the beta of your portfolio? using capm, what is the expected return on the portfolio? given your answer above, would you buy, sell, or hold the portfolio?
Answers: 1
At the end of year three the partners decided to dissolve the partnership business. They shared prof...
Mathematics, 11.02.2021 21:20
Mathematics, 11.02.2021 21:20
Mathematics, 11.02.2021 21:20
Chemistry, 11.02.2021 21:20