The information given below was extracted from the accounting records of Vampesy Traders, a partnership business with Vam and Pesy as partners.

QUESTION 2         FINANCIAL STATEMENTS OF A PARTNERSHIP        (20) The information given below was extracted from the...

QUESTION 2         FINANCIAL STATEMENTS OF A PARTNERSHIP        (20) The information given below was extracted from the accounting records of Vampesy Traders, a partnership business with Vam and Pesy as partners. REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2018 INFORMATION BALANCES IN THE LEDGER ON 29 FEBRUARY 2018 DEBIT CREDIT R R Capital: Vam 400 000 Capital: Pesy 300 000 Current a/c: Vam (01 March 2017) 40 000 Current a/c: Pesy (01 March 2017)...

QUESTION FOUR                                         &

QUESTION FOUR                                                                                                                [20] Mat and Will are partners in a business that offers their services as Top Debt Collectors. Their business is very successful and the following information was extracted from their accounting records for the year ended 28 February 2020. The statement of profit and loss and other comprehensive income has been completed and the following needs to be considered to prepare the statement of changes in equity. Balances as at 28 February 2020              R Capital: Mat...

QUESTION 5 The following information for the year ended 28 February 2015 relates to Zimba Traders:...

QUESTION 5 The following information for the year ended 28 February 2015 relates to Zimba Traders: R Trading inventory (01 March 2014) 42 000 Trading inventory (28 February 2015) 50 000 Purchases 734 000 Sales 1 196 000 Carriage on purchases 18 000 Import duties 10 000 The cost of sales for the year ended 28 February 2015 amounts to ___________: A R754 000 B R744 000 C R452 000 D none of the above (3) 1.7 QUESTUION 5 Which...

1.      A, B, C and D decided to form a partnership to conduct restaurant business. On...

1.      A, B, C and D decided to form a partnership to conduct restaurant business. On 01/01/2015, A contributed 100,000 cash. B contributed 30,000 worth of inventory and B has expertise that is worth 20,000, recognized by all the partners. C contributed by PPE with market value of 100,000 and loan of 50,000 which will be transferred to the partnership. D contributes some patents with market value of 100,000. Below are the rules to divide the profits (losses) each year....

On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the...

On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $32,000, $60,000, and $62,000, respectively. Over the next three years, the business reported net income and (loss) as follows: 2017 $ 72,000 2018 44,000 2019 (27,000 ) During this period, each partner withdrew cash of $13,000 per year. Krause invested an additional $4,000 in cash on February 9, 2018. At the time that the partnership was created, the three partners agreed to...

The Blossom Partnership reported profit of $62,700 for the year ended February 28, 2021. Salary allowances...

The Blossom Partnership reported profit of $62,700 for the year ended February 28, 2021. Salary allowances are $54,800 for H. Mills and $26,900 for S. Stone. Interest allowances of 6% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2020, were as follows: H. Mills $72,400 (Cr.) and S. Stone $47,600 (Cr.). Any remainder is shared equally. Calculate the division of profit to each partner. H. Mills S. Stone Profit allocated to partners $enter...

The following information was taken from the books of Fox & Trot: Balances in the general...

The following information was taken from the books of Fox & Trot: Balances in the general ledger of Fox & Trot at the financial year end 30 June 2017.                                                                                    Accounts   Debit(R)    Credit(R) Capital: H Fox 60 000.00 Capital: M. Trot 55 000.00 Current: H Fox (1 July 2016) 12 000.00 Current: M. Trot 11 000.00 Drawings: H Fox 6 000.00 Drawings: M. Trot 5 500.00 Net profit for the year( profit and loss) 345 000.00 Property, plant and equipment 447...

Given information for questions 11 to 12: Thabo and Zonke were in a partnership, trading as...

Given information for questions 11 to 12: Thabo and Zonke were in a partnership, trading as Nazo Flawless Professionals. The partners shared profits/losses in the ratio of 3:2 respectively. They agreed to admit Mkhaya as a partner with effect from 1 February 2020. It was decided that Mkhaya must contribute R150 000 in cash on 1 February 2020 for a 20% share in the fair value of the new partnership. Thabo and Zonke relinquished the 20% share to Mkhaya according...

The following trial balance extract has been extracted from Kalorie Limited’s accounting records at 31 March...

The following trial balance extract has been extracted from Kalorie Limited’s accounting records at 31 March 2018: Buildings 3 994 600 Buildings – accumulated depreciation – 1 April 2017 1 766 400 Property, plant and equipment – at cost 1 516 600 Property, plant and equipment – accumulated depreciation – 1 April 2017 429 770 On 1 December 2017 a factory building that originally cost $1 350 000 carrying amount of $911 450 was severely damaged in a fire and...

The following trial balance extract has been extracted from Kalorie Limited’s accounting records at 31 March...

The following trial balance extract has been extracted from Kalorie Limited’s accounting records at 31 March 2018: Buildings 3 994 600 Buildings – accumulated depreciation – 1 April 2017 1 766 400 Property, plant and equipment – at cost 1 516 600 Property, plant and equipment – accumulated depreciation – 1 April 2017 429 770 On 1 December 2017 a factory building that originally cost $1 350 000 carrying amount of $911 450 was severely damaged in a fire and...