Reference no: EM132607552
Questions -
Q1. Partnerships - Michael and George have been in partnership for several years, sharing profits and losses in the ratio 3:4. At 1 January they had the following credit balances on their capital and current accounts:
Capital $ Current $
Michael 65,000 11,486
Donald 80,000 9,637
The partnership statement of profit or loss for the year to 31 December shows a net profit of $28,595, and the partners had made drawings of $16,500 each.
Required: Calculate the balance of Michael's current account at 31 December
Q2. Payables and Accruals - At 31 October the balance on the payables control account in Mark's general ledger is $79,850 and the total of the list of balances on the personal accounts is $79,310. Mark has discovered that the difference is because a payment for $60 was entered correctly in the day book but was recorded as $600 on the supplier's account.
Required: Calculate the correct value of creditors to be reported on Mark statement of financial position at 31 October.
Q3. Corporations and Dividends - Zeus Ltd declared a final dividend to its shareholders at the Annual General Meeting on 31.12.2017 of $1,200,000.
The amount was finally paid on 31.3.2018.
Required: Prepare the Journal Entries for the declaration and distribution of the dividends in 2017 and 2018.
Q4. Corporations and type of stock - Compare and contrast (5 points) common stock and preferred stock.
Q5. Accrued Expenses - On January 13, 2018 Astra Ltd is preparing to close its financial statements for the year 2017.
At that date is has calculated the following accruals for 2017:
Electricity for December 2017 $2,000
Water for December $650
Audit fees for the year 2017 $5,500
On March 13 2018, it has paid the above expenses in full, however audit fees actually paid were $5,000 since the auditors decided to give a discount to the company.
Required: Prepare the journal entries for 2017 and 2018 taking into account the above.
Q6. Contingent Liabilities - Describe what is termed as "contingent liabilities" and discuss their accounting treatment.
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