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wishes57

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Active 8 months ago
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Viewing 3 posts - 1 through 3 (of 3 total)
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  • October 9, 2024 at 11:23 am #712183
    01e9e79c68ba0f69fc8c1f155dd4de61ae4853ea8a68616ed4b8019f51d57bcf 80wishes57
    Participant
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    partnership

    October 9, 2024 at 11:20 am #712182
    01e9e79c68ba0f69fc8c1f155dd4de61ae4853ea8a68616ed4b8019f51d57bcf 80wishes57
    Participant
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    Ken and Oscar have been in parnership for some years as estate agents.The partnership
    agreement states that they share profits and losses in the ratio 3:2.Interest on capital is
    payable at the rate of 4%per annum;whilst interest on drawings is charged at the rate of 5% per annum.A salary of K15,000 is paid to Ken and a salary of K10,000 is paid to Oscar.
    The following Trial Balance has been extracted from the books at 31 July 2021.

    Sales commission received
    Electricity
    Wages and salaries
    Repairs
    General expenses
    Capital accounts:Ken at 1 June 2020
    Oscar at 1 June 2020
    Current accounts:Ken at 1 June 2020
    Oscar at 1 June 2020
    Office Premises
    Provision for depreciation of premises
    Office equipment
    Provision for depreciation of office equipment
    Receivables
    Payables
    Bank
    Drawings:Ken
    Oscar

    Dr
    K
    7,000
    16,500
    9,800
    20,000

    2,500
    60,000
    44,000
    45,000
    65,000
    20,000
    25,000
    314,800

    Cr
    K
    139,100

    60,000
    50,000
    5,000
    15,200
    13,500
    32,000

    314,800

    Additional information:
    1.Electricity owing at 31 July 2021 amounted to K1,200
    2.Included in the general expenses is an item of office cquipment purchased during the
    year for K5,000.This item has not yet been included in the office cquipment account. 3.Repairs include an amount of K9,000 which relates to extension of office premises. 4.Wages and salaries of K16,500 include an eror of K2,000 salary paid to Ken and
    K1,000 salary paid to Oscar.

    5.Depreciation is to be provided as follows:

    OfTice equipment:10%per anmum on cost using the straight line method.A full year’s depreciation is provided on all office cquipment held on 31 July 2021,regardless of the date of purchase.
    Office Premises:2″%per annum by the straight line method.The rate applies
    to the cost value at the year end,regardless of the date of any additions during the year.
    Required:
    Prepare for Ken and Osear:
    a)The Statement of Profit and Hoss (Profit and Loss and Appropriation Account)for
    the year ended 31 July 2021. (6 marks)
    b) The Current Accounts for the year ended 31 July 2021. (4 marks)
    c)The Statement of Financial Position as at 31 July 2021. (5 marks)
    d)Identify two (2)typical contents of the partnership agrecment. (2 marks)
    e)Bricfly state three advantages of a partnership (3 marks)

    May 17, 2021 at 4:14 am #620783
    01e9e79c68ba0f69fc8c1f155dd4de61ae4853ea8a68616ed4b8019f51d57bcf 80wishes57
    Participant
    • Topics: 1
    • Replies: 3
    • ☆

    Notes

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