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-All partners are equal.
-Profits/losses to be shared equally.
-No salaries is to be paid to any partner.
-No interest on capital.
-No interest is to be charged on drawings.
-Prescribed rate of interest is to be paid on loans by partners to the business.
-All partners are presumed to be active.
Kavungya answered the question on September 25, 2019 at 09:01
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Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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- The following balances were obtained from the books of Nakhulo Traders on 31st Dec 2011
Additional information
(i)Closing stock was valued at sh.72,000
(ii)Telephone charges prepaid shs.1100
(iii)Outstanding water...(Solved)
The following balances were obtained from the books of Nakhulo Traders on 31st Dec 2011
Additional information
(i)Closing stock was valued at sh.72,000
(ii)Telephone charges prepaid shs.1100
(iii)Outstanding water bill shs. 1300
(iv)Depreciation on equipment is 10% on cost carried inwards shs.11,000, carried outwards shs.10,000
Prepare;
Trading, profit and loss account for year ended 31st Dec 2011.
Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Additional information;
(i)Stock as at 31st December 2011 shs 52,000
(ii)Rent...(Solved)
The following trial balance was extracted from the books of Bumala traders on 31st Dec 2011
Additional information;
(i)Stock as at 31st December 2011 shs 52,000
(ii)Rent accrued shs. 6,000
(iii)Insurance paid in advanced sh.4,000
(iv)Commission due shs.5,000
(v)Salaries along shs.21,000
Required;
(a)Trading, profit and lost account for the year ended 31st December 2011.
(b)Balance sheet as at that date
Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Buildings sh 200,000, Debtors sh 8,000, creditors sh 32,000, stock sh24,000,...(Solved)
The following assets and liabilities belong to Munyasia stores as at 31st Marc h 2005.
Buildings sh 200,000, Debtors sh 8,000, creditors sh 32,000, stock sh24,000, call at bank sh 120,000, cash in hand sh 40,000 loan from HFCK sh 100,000 and capital sh 260,000.
During the month of April 2005 the following transactions took place
April 1 – sold goods worth sh 2100 cash
2 – Paid creditors sh 8000 cash
10 – Received sh 2000 from debtors cash.
15 – Bought a motor van sh 350,000 paying by cheque.
Prepare a balance sheet as at 15th April 2005
Date posted: September 25, 2019. Answers (1)
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Date posted: September 25, 2019. Answers (1)
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Highlight four reasons why a country would rely more on primary level of production.
Date posted: September 25, 2019. Answers (1)
- Juma Munyacia sells all his goods at 25% above cost. His books gave the following information
as at 31st December 2004.
Stock 1st January 2004 ...(Solved)
Juma Munyacia sells all his goods at 25% above cost. His books gave the following information
as at 31st December 2004.
Stock 1st January 2004 98,720
Stock 31st December 2004 126,000
Sales for the year 600,000
Calculate the profit made by Munyalia
Date posted: September 25, 2019. Answers (1)