Drawings 90000 Jan 1 Bank 400000 Dec 31 Profit and loss appropriation Dec

Drawings 90000 jan 1 bank 400000 dec 31 profit and

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Drawings 90,000 Jan 1 Bank 400,000 Dec 31 Profit and loss appropriation — Dec 31Profit and loss appropriation — Interest on drawings 4,500 Interest on capital 20,000 31 Share of profit Capital: Chan (2/3) 515,000 Share of profit 515,000
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Capital: Ng 2015 $ 2015 $ Profit and Loss Appropriation 2015 $ 2015 $ Fluctuating capital accounts Page: 7 Dec 31 Interest on capital Capital: Chan 20,000 Capital: Ng 15,000 Dec 31Profit and loss (net profit) 90,000 Capital: 3,000 31 Salary to partner — Capital: Ng 100,000 31Interest on drawings — Capital: Chan 4,500 31 Share of profit Capital: Chan (2/3) 515,000 Capital: Ng (1/3) 257,500 Page: 7 Jul 1 Drawings 60,000 Jan 1 Bank 300,000 Dec 31 Profit and loss appropriation — Dec 31Profit and loss appropriation — Interest on drawings 3,000 Interest on capital 15,000 Salary to partner 100,000 Share of profit 257,500
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Profit and Loss Appropriation 2015 $ Fluctuating capital accounts Page: 7 Dec 31 Interest on capital Capital: Chan 20,000 Capital: Ng 15,000 Dec 31Profit and loss (net profit) 90,000 Capital: Ng 3,000 31 Salary to partner — Capital: Ng 100,000 31Interest on drawings — Capital: Chan 4,500 31 Share of profit Capital: Chan (2/3) 515,000 Capital: Ng (1/3) 257,500 907,50 0 907,50 0
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Capital: Chan 2015 $ 2015 $ Page: 7 Jul 1 Drawings 90,000 Jan 1 Bank 400,000 Dec 31 Profit and loss appropriation — Dec 31Profit and loss appropriation — Interest on drawings 4,500 Interest on capital 20,000 Share of profit515,000 935,00 0 935,00 0 31 Balance c/f 840,500 2016 Jan 1Balance b/f 840,500 Fluctuating capital accounts
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Capital: Ng 2015 $ 2015 $ Page: 7 Jul 1 Drawings 60,000 Jan 1 Bank 300,000 Dec 31 Profit and loss appropriation — Dec 31Profit and loss appropriation — Interest on drawings 3,000 Interest on capital 15,000 Salary to partner 100,000 Share of profit 257,500 672,50 0 672,50 0 31 Balance c/f 609,500 2016 Jan 1Balance b/f 609,500 Fluctuating capital accounts
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(i) (i) Capital Capital contributed contributed (ii) (ii) Drawings made Drawings made (iii) (iii) Transfer of Transfer of year-end year-end balances of balances of drawings drawings (iv) (iv) Interest on Interest on drawings drawings Dr Bank / Cash / Other assets account Cr Partners’ capital accounts Dr Partners’ drawings accounts Cr Bank / Cash / Other assets / Purchases account Dr Partners’ capital accounts Cr Partners’ drawings accounts Dr Partners’ capital accounts Cr Profit and loss appropriation account Fixed capital accounts (with current accounts)
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(v) (v) Interest on Interest on capital capital (vi) (vi) Salaries to Salaries to partners partners (vii) Share of (vii) Share of profit profit Dr Profit and loss appropriation account Cr Partners’ current accounts Dr Profit and loss appropriation account Cr Partners’ current accounts Dr Profit and loss appropriation account Cr Partners’ current accounts Fixed capital accounts (with current accounts)
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Fixed capital accounts (with current accounts) With the exception of capital contributions, all items affecting the capital balance of a partner are recorded in his current account.
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  • Spring '07
  • Smith
  • partner, current account

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