Question
In: Accounting
Extract from the ledger of Casper Limited on 30 June 2020: R Capital: Bruce 400 000...
Extract from the ledger of Casper Limited on 30 June 2020:
R
Capital: Bruce 400 000
Capital: Lee 300 000
Current a/c: Bruce (01 July 2019) 45 000 CR
Current a/c: Lee (01 July 2019) 42 000 DR
Drawings: Bruce 95 000
Drawings: Lee 110 000
The following must be taken into account:
1. On 30 June 2020 the Profit and Loss account reflected a net
profit of R940 000.
2. Partners are entitled to interest at 14% p.a. on their
capital balances.
Note: Bruce decreased his capital contribution by R90 000 on 01
July 2019. This capital decrease has been recorded.
3. Partners are entitled to the following monthly salaries:
Bruce R13 000 for the first ten months of the financial year and
R15 000 for the next two months.
Lee R10 000 per month throughout the year.
4. Partner Lee is entitled to a bonus equal to 10% of the net
profit before any of the above appropriations have been taken into
account.
5. The remaining profit/shortfall must be shared equally between
Bruce and Lee.
REQUIRED
Prepare the Statement of Changes in Equity for the year ended 30
June 2020.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Extract from a trial balance as at 30 June 20X6:
£000
£000
Land at cost
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Accum. Depreciation Buildings 30.06.20X5
432.0
A revaluation of the land and buildings on 1 July 20X5 resulted
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The capital structure of Minelli Enterprises Limited as at 31
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$’000
Ordinary shares (par value $1.50)
60,000
5.5% (post-tax) Preference Shares (par value $2.20)
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6.5% (pre-tax) Bonds semi-annual (par value $1000)
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b) As at 30 June 2018, T&P Ltd’s equity accounts are as
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1 000 000
75 000 6% cumulative preference shares, issued at $3 and paid
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The following extract appeared in the financial statements of
Sihle Limited:
Sihle Limited
Extract from the Statement of Comprehensive Income for
the year ended 31 December 2019:
R
Sales
4 140 000
Cost of sales
(3 490 000)
Opening inventory
710 000
Purchases
3 630 000
Gross profit
650 000
Operating expenses
(429 000)
Operating profit
221 000
Interest expense
(35 000)
Profit before tax
186 000
Taxation
(52 800)
Profit after tax
133 200
Additional information:
Dividends paid during the...
The cash account of Concord Corporation shows a ledger balance of $3,968.70 on June 30, 2020....
The cash account of Concord Corporation shows a ledger balance
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1.
There were bank service charges for June of $30.
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A bank memo stated that a note from Bao Dai for $880 and
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The Statements of Financial Position for Lexington Limited as at 30 June 2019 and 30 June...
The Statements of Financial Position for Lexington Limited as at
30 June 2019 and 30 June 2020 are provided below:
Lexington Ltd
Statement of Financial Position as at 30
June
2020
2019
Assets
$
$
Cash at bank
64,580
38,400
Accounts Receivable
82,800
35,000
Inventory
112,500
102,850
Prepaid Advertising
14,400
14,000
Machinery
310,000
282,500
Less: Accumulated Depreciation
(50,000)
(52,000)
Total Assets
$534,280
$420,750
Liabilities
Accounts Payable
157,000
59,300
Dividends payable
15,000
-
Wages payable
20,700
25,000
Loan
125,000
130,000
Total...
The Statements of Financial Position for Kiwi Limited as at 30 June 2019 and 30 June...
The Statements of Financial Position for Kiwi Limited as at 30
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Kiwi Limited
Statement of Financial Position as at 30
June
2019
2020
Assets
$
$
Cash at Bank
68,000
56,000
Accounts Receivable
121,000
139,000
Inventory
44,000
41,000
Land
241,000
241,000
Plant and Machinery
319,000
414,000
Less: Accumulated Depreciation
(10,000)
(89,000)
Total Assets
$783,000
$802,000
Liabilities
Accounts Payable
55,000
54,000
Tax Payable
16,000
23,000
Loan
536,000
362,000
Total Liabilities
$607,000
$439,000...
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You are an auditor in
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Biotech Limited Financial year end 30 June 2020 You are an auditor in Smit & Chandra,...
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incumbent auditor on Biotech Ltd, a pharmaceutical company. Since
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Financial year end 30 June
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Smit & Chandra, a mid-tier audit firm. Your firm is the
incumbent auditor on Biotech Ltd, a pharmaceutical company. Since
the previous audit, the company has listed on the Australian
Securities Exchange which means the company has to meet additional
reporting regulations. Due to rapid growth, Biotech Ltd is
financially stretched and its accounting systems are struggling to
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