Final Accounts SectionAppropriation account2011FebCurrent Account:D. DiriF32011108 000 Feb28GJCurrent Account:T. Tash28Profit and Loss GJGJ72 000180 000ACTIVITY 1.72aS Traders commenced business on I July 2010 with partners: D. Rayatola andS. Dlamini.O 000Required:1 Prepare the necessary closing transfer entries in the General Journal on 30June 2011.O 002. Prepare the relevant accounts in the General Ledger.1. D. Rayatola and S. Dlamini contributed R500 000 and R250 000 capitalrespectively to start the business.O 00Information:2. During the financial year the partners' drawings amounted to:D. Rayatola: R120 000S. Dlamini: R84 000+ 0003. The Profit and Loss account showed a net profit of R270 000 for the yearending 30 June 2011.4. The partnership agreement stipulates that profits/losses must be shared inthe ratio of 2:1.7 000Unit 5 Financial Accoum

Partnership is a form of business in which two or more than two partners invest money, run business…

DS Traders commenced business on 1 July 2010 with partners: D. Rayatola and S. Dlamini. Required: 1 Prepare the necessary closing transfer entries in the General Journal on 30 June 2011. 2. Prepare the relevant accounts in the General Ledger. Information: 1. D. Rayatola and S. Dlamini contributed R500 000 and R250 000 capital respectively to start the business. 2. During the financial year the partners' drawings amounted to: D. Rayatola: R120 000 S. Dlamini: R84 000 3. The Profit and Loss account showed a net profit of R270 000 for the year ending 30 June 2011. 4. The partnership agreement stipulates that profits/losses must be shared in the ratio of 2:1.

DS Traders commenced business on 1 July 2010 with partners: D. Rayatola and S. Dlamini. Required: 1 Prepare the necessary closing transfer entries in the General Journal on 30 June 2011. 2. Prepare the relevant accounts in the General Ledger. Information: 1. D. Rayatola and S. Dlamini contributed R500 000 and R250 000 capital respectively to start the business. 2. During the financial year the partners' drawings amounted to: D. Rayatola: R120 000 S. Dlamini: R84 000 3. The Profit and Loss account showed a net profit of R270 000 for the year ending 30 June 2011. 4. The partnership agreement stipulates that profits/losses must be shared in the ratio of 2:1.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.3DC

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Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) this part was completed and is provided in the image belowhelp needed for questions below Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
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