Scribd Logo
Upload

Welcome to Scribd!

  • 29 views

    Partnership & Clubs

    Uploaded by

    Gary Ching
    Ben and Tom formed a partnership on February 1, 2014. Ben contributed $90,000 initially and $10,000 more in August 2014. Tom contributed $60,000 initially. Profits and losses are shared 2/3 by Ben and 1/3 by Tom. The profit for the year ending January 31, 2015 was $27,920. The question provides additional financial details and asks to prepare the profit and loss appropriation account and statement of financial position as of January 31, 2015.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Partnership & Clubs

    Uploaded by

    Gary Ching
    29 views8 pages
    Ben and Tom formed a partnership on February 1, 2014. Ben contributed $90,000 initially and $10,000 more in August 2014. Tom contributed $60,000 initially. Profits and losses are shared 2/3 by Ben and 1/3 by Tom. The profit for the year ending January 31, 2015 was $27,920. The question provides additional financial details and asks to prepare the profit and loss appropriation account and statement of financial position as of January 31, 2015.

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Ben and Tom formed a partnership on February 1, 2014. Ben contributed $90,000 initially and $10,000 more in August 2014. Tom contributed $60,000 initially. Profits and losses are shared 2/3 by Ben and 1/3 by Tom. The profit for the year ending January 31, 2015 was $27,920. The question provides additional financial details and asks to prepare the profit and loss appropriation account and statement of financial position as of January 31, 2015.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    29 views8 pages

    Partnership & Clubs

    Uploaded by

    Gary Ching
    Ben and Tom formed a partnership on February 1, 2014. Ben contributed $90,000 initially and $10,000 more in August 2014. Tom contributed $60,000 initially. Profits and losses are shared 2/3 by Ben and 1/3 by Tom. The profit for the year ending January 31, 2015 was $27,920. The question provides additional financial details and asks to prepare the profit and loss appropriation account and statement of financial position as of January 31, 2015.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 8

    Accounting Partnership & Clubs Year 11

    Name: ________________________________________

    Question 1

    Ben and Tom Panesar formed a partnership on 1 February 2014.

    The following information is available.

    1 On 1 February 2014 Ben contributed $90 000 capital and Tom contributed $60 000. On 1
    August 2014 Ben contributed a further $10 000 capital.

    Interest on capital is allowed at the rate of 3% per annum.

    2 Tom was to be entitled to an annual salary of $9000 per annum for the first four months of
    the first financial year. After that date the salary was to increase to $12 000 per annum.

    3 During the year ended 31 January 2015 Ben’s drawings amounted to $9800 and Tom’s
    drawings amounted to $20 800.

    4 Interest on drawings for the year ended 31 January 2015 amounted to $490 for Ben and
    $1040 for Tom.

    5 Profits and losses are shared 2/3 to Ben and 1/3 to Tom.

    6 On 1 February 2014 Tom made a loan of $15 000 to the business. The loan is repayable on 31
    January 2020.

    Loan interest of 4% per annum is to be credited to Tom’s current account.

    7 The profit for the year ended 31 January 2015 (after loan interest) was $27 920.

    REQUIRED

    (a) Prepare the profit and loss appropriation account for the year ended 31 January 2015.

    1
    Accounting Partnership & Clubs Year 11

    Ben and Tom Panesar

    Profit and Loss Appropriation Account for the year ended 31 January 2015

    2
    Accounting Partnership & Clubs Year 11

    Ben and Tom Panesar provided the following information on 31 January 2015.

    REQUIRED

    (b) Prepare the statement of financial position at 31 January 2015.

    The calculation of the current account balances may be shown within the statement of financial
    position or as separate calculations in the space provided below.

    3
    Accounting Partnership & Clubs Year 11

    Ben and Tom Panesar


    Statement of Financial Position at 31 January 2015

    4
    Accounting Partnership & Clubs Year 11

    Question 2

    5
    Accounting Partnership & Clubs Year 11

    6
    Accounting Partnership & Clubs Year 11

    7
    Accounting Partnership & Clubs Year 11

    You might also like