question archive The information below relates to questions 1 - 10 Junior and Owami are the partners of JO Suppliers and the following information is presented to assist in the preparation of the financial statements for the year ended 30 September 20
The information below relates to questions 1 - 10 Junior and Owami are the partners of JO Suppliers and the following information is presented to assist in the preparation of the financial statements for the year ended 30 September 20
Subject:AccountingPrice: Bought3
The information below relates to questions 1 - 10 Junior and Owami are the partners of JO Suppliers and the following information is presented to assist in the preparation of the financial statements for the year ended 30 September 20.4 EXTRACT OF BALANCES AT 20 SEPTEMBER 20.4: R Capitat: Junior (1 August 20,3)CH Capital Owami (1 August 203) Cr Current account: Junior (1 August 20.3) Cr Current account Owami (1 August 20.3) Drawings: Junior Drawings. Owami Allowance for credit losses Equipment Pront for the year Accumulated depreciation Land and buildings Trade receivables control Long-term loan from Junior 992 200 749 090 74 910 46 820 8 330 5210 2 500 99 360 619 460 14 680 1 513 790 93 960 65 970 6% 7% 1 Terms or the partnership agreement 1.1. Interest charged per annum on the opening balances of the partners capital accounts 12 Interest charged per annum on the opening balances of the partners current accounts 13 Partner's monthly salaries are as follows 13 1. Junior Sinary 132 Owami salary 14 Junior and Owami share pronts in the ratio of 3 2 respectively 16 940 12 490 2 Year-end adjustments: 2.1 The long term loan from Junior was acquired at 1 August 202 and bears interest at a rate of 10% per annum payable on 1 September every year. The loan will be repaid in full on 30 September 204 23 On 30 September 204, a bonus amounting to R20 000 was paid to each partners' personal bank account. On the same date, Junior decided to transfer his bonus to the partnership's capital account. This transaction is not recorded 2.4 On 15 September 204, Junior paid R10 000 and R4 000 for entertaining clients and his family respectively using the partnership credit card. This transaction is not recorded QUESTION 5 Which one of the following alternatives represents the correct interest on capital: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 204? - A. 65 600 B. 59 532 C. 146 880 D. 45 100 E. 144 000 F 149 880 Reset Selection Question 6 of 10 1 5 Points QUESTION 6 Which one of the following alternatives represents the correct amount for salary: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 2012 . A 12 240 OB. 144 000 C. 149880 OD. 12000 E. 12 490 OF. 146 880 Reset Selection QUESTION 7 Which one of the following alternatives represents the correct amount for salary: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.42 A. 184 800 ?. 14 000 e 16 940 . D 15 400 E 168 000 F. 203 280 Reset Selection Question 8 of 10 2.5 Points QUESTION 8 Which one of the following alternatives represents the correct drawings: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 204? OA (5 100) B. (25 000) c (25 100) OD. (5000) OE. (25 210) OF. (5210) Reset Selection QUESTION 9 Which one of the following alternatives represents the correct drawings: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.42 . . A. (8 330) B. (32 330) C. (32 160) D. (8 160) E. (32 000) F. (8 000) . Reset Selection Question 10 of 10 3.0 Points QUESTION 10 Which one of the following alternatives represents the correct partner's share of total comprehensive income: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.47 A. 47 900 B. 47 540 C. 60 643 D. 47500 E. 60 400 F. 47 943
