Questions and Answers Accounting Assignment

Added on - 21 Apr 2020

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Running head: ACCOUNTSAccountsName of the Student:Name of the University:Authors Note:
ACCOUNTS1Table of ContentsAnswer to Question 15: Partnership HJK........................................................................................2Answer to Question 19 Primary Production Joe Lambi..................................................................3Answer to Question 11: Chapter 7 Primary Producer.....................................................................5Answer to Question 15 Rob and Roy..............................................................................................6Answer to Question 9: Partnership Marry and Elle.........................................................................6Answer to Self-Test exercise 4 ratio................................................................................................7Answer to Question 15: ratio Chiara Industries..............................................................................8Answer to Question 7: Ratio Lens Industries..................................................................................8Answer to Question 13 Bill and Coo...............................................................................................9Answer to Partnership Q 19 K and L.............................................................................................10Answer to Question 17 Chapter 6: Leilani Social Club................................................................10Answer to Question 11: Chapter 6 Sydney Sports Club................................................................12Answer to Question 25: Chapter 7 Wood Agricultural Company.................................................13Answer to Question 13: Partnership O and P................................................................................13Answer to Question 13 Song, Sung and Blue................................................................................16Answer to Question 3: Partnership Abel, babel and Capel...........................................................18Answer to Question 7: Partnership P and Q..................................................................................19Bibliography..................................................................................................................................21
ACCOUNTS2Answer to Question 15: Partnership HJKRealization AccountParticularsAmountParticularsAmountInventory$18,000.00Allowance for doubtful debt$500.00Accounts Receivable$4,000.00Accounts Payable$3,000.00Freehold$100,000.00Mortgage$35,000.00Plant Machinery$14,000.00Goodwill$10,000.00Bank$100,300.00Partners’ Capital( H: Inventory taken)$6,000.00Bank$4,800.00Partners’ Capital (loss)$6,000.00Total$150,800.00Total$150,800.00Bank AccountParticularsAmountParticularsAmountOpening Balance$1,500.00RealizationRealizationCreditors$2,800.00Freehold$83,000.00Expenses$2,000.00Plant and machinery$13,900.00Accounts Receivable$3,400.00Partners’ CapitalH$37,000.00J$40,000.00K$20,000.00Total$101,800.00Total$101,800.00
ACCOUNTS3H$37,000.00J$40,000.00K$20,000.00$0.00Total$101,800.00Total$101,800.00Partners capital Account (current)ParticularsHJKParticularsHJAnswer to Question 19 Primary Production Joe LambiJoe LambiSheep working AccountParticularsDebitCreditNumberAmountNumberAmountOpening Stock 01/07/201820000$120,000.00Purchase10000$122,500.00Natural Incresae25000$150,000.00Sales- Sheep26000$390,000.00Ration General200$1,200.00Dead and Missing150Weighted Average costNumberAmount20000$120,000.0010000$122,500.00
ACCOUNTS425000$150,000.0055000392500Cost$7.14Journal EntryParticularsDebitCreditRation$1,800.00Sheep Working$1,200.00Wool Working$600.00(Being 300 sheep’s killed for ration recorded)Profit or loss Account$1,800.00Ration$1,800.00(Being ration expenses transferred to PL)Wool Working$600.00(Being 300 sheeps killed for ration recorded)Profit or loss Account$1,800.00Ration$1,800.00(Being ration expenses transferred to PL)Answer to Question 11: Chapter 7 Primary ProducerA
ACCOUNTS5Statement showing cost per head for Inventory ValuationParticularsNumberAmountOpening Balance3000$ 18,000.00Purchase4500$ 38,250.00Natural Increase3000$ 12,000.00Total10500$68,250.00Average Cost per head$ 6.50BPurchase4500$ 38,250.00Natural Increase3000$ 12,000.00Total10500$68,250.00Average Cost per head$ 6.50BSheep working AccountParticularsDebitCreditBalanceNumberAmountNumberAmountNumberCJournal EntryParticularsDebitCreditRation$325.00Sheep Working$325.00(Being 50 sheep’s killed for ration recorded)Profit or loss Account$325.00Ration$325.00(Being ration expenses transferred to PL)
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