Draw up the appropriation account of the partnership

Assignment Help Financial Accounting
Reference no: EM132499250

Gow, Short and Hill are partners. They share profits and losses in the ratios of 3/11, 4/11 and 4/11 respectively. For the year ending 31 July 2019, their capital accounts remained fixed at the following amounts :

                £

Gow     120,000

Short      80,000

Hill         50,000

Question 1: They have agreed to give each other 4 per cent interest per annum on their capital accounts. In addition to the above, partnership salaries of £70,000 for Short and £40,000 for Hill are to be charged. The net profit of the partnership, before taking any of the above into account was £230,000. You are required to draw up the appropriation account of the partnership for the year ending 31 July 2019.

Reference no: EM132499250

Questions Cloud

Describe posts or conversations in which you have engaged : Describe the posts or conversations in which you have engaged that might be considered inappropriate based on the professional standards of nursing.
Identify the nursing framework or theoretical perspective : Identify the research components, listed on the template. Select a nursing research article from the list below and address each of the following criteria.
Identify business actions cathy take to improve cash flows : Identify two business actions Cathy might take to improve cash flows from operations. omment on the ethics and possible consequences of Cathy's
Identify in detail your professional development goals : Clearly and accurately state in detail how to accurately and appropriately align one or more of your professional development goals with the University's.
Draw up the appropriation account of the partnership : Draw up the appropriation account of the partnership for the year ending 31 July 2019. Gow, Short and Hill are partners. They share profits and losses
CIS114-6 Network Systems and Administration Assignment : CIS114-6 Network Systems and Administration Assignment help and solution, University of Bedfordshire - assessment writing service
Describe the role of nursing informatics : In addition to the work you completed in the last four weeks, your assignment should also: Describe the role of nursing informatics.
Describing the chronically ill group you selected : Provide a brief introduction describing the chronically ill group you selected and rationale for selecting this illness and the participants.
What are some ways that financial institutions : What are some ways that financial institutions can keep their customer's information safe?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd